Fannie Mae introduced three changes to its underwriting rules that may help those struggling with student loan debt to enter the housing market. The change will also allow the estimated 8.5 million student loan debtors that already have homes to reduce their overall debt burden.
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Fannie Mae is rather liberal when it comes to dealing with student loan deferment. This is good news for college graduates that have a lot of student loan debts.
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Sallie Mae handed off most of its older private loans to Navient after its 2014 split into two arms, but it still services loans, while also offering new student lending products. As in the past, Sallie Mae doesn’t offer up much publicly accessible information about which options are available for struggling borrowers, but it does provide.
Luckily, Fannie Mae is right on top of the issue and has just released new rules allowing millennial borrowers to, among other things, simply exclude student loans, credit cards and auto loans that.
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As a result, an increasing number of homeowners have become saddled with student loan debt. This, in turn, is putting a drag on the housing market. But now, Fannie Mae is making it easier for.
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For Kentucky Home Buyers using Fannie Mae or Conventional Loans that have student loans reporting a payment on the credit report, we can now use the payment reporting on the credit report even if it is income-based repayment plan. FHA and USDA still will use 1% if the student loans are IBR, but Fannie Mae.
Sallie Mae is a student loan company with over 40 years of providing student loans for college, supporting graduate and undergraduate study, and more. Apply for a Sallie Mae student loan today! AlertIcons