May 3rd, 2017 9:47 AM by MARGARET MICHELLE WILLIAMSON
Fannie Mae has moved to help the 44 million Americans that have student loan debt and want to own homes or use their homes to lower their student loan burden. It’s no surprise this debt inhibits many borrowers from becoming homeowners, even though homeownership can be an important step toward building wealth. The new policies are designed to help borrowers qualify for a home loan and reduce student debt. The policies are effective immediately and will empower lenders to:
Though the new guidelines are "effective immediately" upon the issuance of Fannie Mae's Lender Letter on April 25, there may a short lag time for pricing changes as the markets adjust. Source: Fannie Mae -- For more information on these changes, feel free to contact us.
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