Buying a Salt Lake City Home With High Student Loan Debt
Today I’m here with Jayson Kisselburg from Veritas Funding with some good news for those buying a home with a lot of student loan debt.
Student loan debt in America is incredible, as college is not cheap. If you have a lot of student debt, it can be daunting to purchase a home. However, Fannie Mae, one of the mortgage giants in our country, actually allows you to do a cash-out loan on your property.
Basically, your home will be appraised and then you can take out a substantial amount of equity to pay off those student loans.
When you pull the equity out to pay off your student loans, the loan is then tied against the house, which turns it into a tax deduction. When the time comes to sell your house, you can actually sell your home student-loan free.
Another benefit of this program is that if you qualify for another Wasatch Front home now, then you don’t have to report that debt against your income. Before, you would have to include a payment all the way up to 1%, no matter what the credit bureaus were reporting. Now, we can go off the exact payment from your student loan company.
As a loan officer, Jayson sees a lot high student loan debt. Fannie Mae offers a way for more people to qualify to buy a home.
This is great because student loan debt is a real problem in the U.S. Finally, the government stepped in with the Fannie Mae program to actually help people with student debt get into a home.
If you have any questions about how to qualify for a home loan, make sure you contact Jayson at 801-638-1005 or firstname.lastname@example.org.
As always, if you have any Salt Lake City real estate questions, please don’t hesitate to reach out to the Stern Team. We would be happy to help you!