Are you a Houston home buyer with student loan debt?

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Are you a Houston Texas home buyer with student loan debt? If so, you're not alone.

59% of non-owners are not comfortable taking on a mortgage with their student debt according to the Aspiring Home Buyers 2017 survey. It is estimated that the college graduates have an average of $37,172 in student debt.

Fannie Mae Offers Low Down Payment Options

Fannie Mae, who has loan programs with as little as three to five percent down payments, has announced changes to how student loan debt is treated that could make the difference in qualifying for a mortgage.

For the 5 million borrowers who participate in the reduced payment plans, actual payments are considered for calculating debt-to-income ratio rather than maximum payment amount.

Non-mortgage debts paid by another party for at least 12 months won’t be included in calculating debt-to-income ratio.  For example, payments being made on a student loan by the parents would not be counted against the DTI ratio for the student.

Don't Wait Years To Buy A Home After You Graduate College 

These changes can make it possible for would-be buyers with student debt to get a home now instead of waiting for years. Being pre-approved by a trusted mortgage professional is the best way to confirm that these changes apply to your situation. Call today for a recommendation of a trusted mortgage professional.

Search For Homes In Houston

To get started with searching for homes in Houston Texas contact me, Kim Buish, Realtor(R) with Red Door Realty & Associates by calling me at (713) 819-1642 or click here to connect with me online. 

Categories: Home BuyingGeneralEducation
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