HFA Preferred™ Student Loan Solutions
Obtaining a college degree can increase earning potential, but it often means years of paying back student loans. According to the New York Federal Reserve, more than 44 million borrowers were burdened with student debt in 2016.
We want to help you find innovative ways to serve this large and growing market of creditworthy would-be home buyers.
Fannie Mae offers student loan solutions that can help your borrowers, including those who qualify for HFA Preferred™, a low downpayment conventional mortgage for low- to moderate-income clients.
With changes to Fannie Mae’s student debt policies earlier this year, now lenders can:
- Exclude non-mortgage debts paid by others for the past 12 months from the debt-to-income calculation, with proper documentation. These debts can include credit card, auto, and student loans.
- Accept the monthly student debt payment amount listed on the credit report rather than manually calculating 1 percent of the loan balance.