Fannie Mae announced three new features that will help those burdened with student loans to qualify to buy a house, or pay off their student loans via a refinance. The new program is called Student.
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Fannie Mae and freddie mac buy mortgages from banks and other lenders. The lenders can then use the money from those sales to make more loans.
Calculating Deferred Loan Payments. Fannie Mae allows lenders to use one of two methods when determining the required payment on a deferred loan. Even though this payment could be deferred for several years, Fannie Mae wants lenders to make sure the borrower can afford the mortgage payment with the student loan. It makes sense since eventually, you will have to make the student loan payments and the mortgage at the same time.
· WASHINGTON – Homeowners with student loans could eliminate some of that debt by rolling it into a new mortgage with a lower rate through Fannie Mae..
In early 2017, Fannie Mae updated their guidelines to change the way they look at income based repayment plans for student loans. fannie mae took the stance that Freddie Mac had up to that point to allow you to use any payment reported on the credit report, as long as the loan was not deferred or in forbearance. Find the Right Lender.
Fannie Mae, recognizing how this student loan burden impacts so many individuals, has recently made several changes to their policy on student debt, paving the way to make it easier for those borrowers to obtain a home loan.
In many ways this is good, as the Fannie Mae and Freddie Mac requirements are keeping the banks honest with their guidelines, only buying the safer loans. One negative, which is a big negative, is we are putting a lot of faith in Fannie Mae and Freddie Mac, some would say too much. TALK TO A SPECIALIST TODAY ABOUT A HOME LOAN
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Sallie Mae is the nation’s saving, planning, and paying for college company, offering private education loans, free college planning tools, and online banking. Sallie Mae is a student loan company with over 40 years of providing student loans for college, supporting graduate and undergraduate study, and more.