The Smart Team of NOVA® Home Loans

Fannie Moves to Accommodate Student Loan Debt

Posted To: MND NewsWire

At $1.4 trillion, student loan debt represents the U.S.’s second largest debt market behind mortgages and, in several recent surveys, younger respondents have said those loans are a large reason they are unable to save up a downpayment to buy a home. The debt won’t easily go away, but Fannie Mae now says it would like to make those loans a slightly little less painful presence in borrowers’ lives. The company is announcing policies that will assist homeowners and potential homebuyers with student loan obligations to qualify for a mortgage. The company notes the significant increase in that kind of debt over the last decade has created challenges and put up obstacles to homeownership. In acknowledgement that “one size does not fit all.” the new policy provides borrowers three options from which…(read more)

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Source: Mortgage News Daily

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