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Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance"
Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance" Mounting Student Loan debt has become a huge concern ... This is true not only for individuals carrying student loan, but for GSE's (Government Sponsored Enterprises) like Fannie Mae that oversees and ensure mortgage liquidity and guidelines to Banks, Lenders, and Mortgage Providers.
In a previous post, I noted that Fannie Mae had revised guidelines as they pertain to treatment of Student Loan Debt when applying for loan. Those changes were favorable for Home Buyers carrying student loan debt, as they allowed Mortgage Underwriters some flexibility in examining and allocating for student loans.
This new more relaxed view removed some financing obstacles and made it easier for Mortgage Lenders to reach mortgage approval for Borrowers. It opened the door for more potential Borrowers with Student Loan Debt to qualify for a Mortgage and buy homes. A very welcomed outcome.
Now, adding to that earlier positive change, another new financing option offers hope to those that hold student loans. It comes in the form of financing called the "Student Loan Cash-Out Refinance Option". The refinance option is backed by Fannie Mae and other wholesale lenders.
A cash-out refinance option has long been an option available for homeowners with home equity. Those homeowners could use ... more
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