Lennar doesn’t want student loan debt to stand in the way of the American dream of homeownership. This is a milestone that an estimated 41% of college students have delayed because of their student loan debt. According to New York Federal Reserve, the average balance of outstanding student loans amongst borrowers is $26,700. In order to help combat this hurdle Lennar has rolled out a new Student Loan Debt Mortgage Program through Eagle Home Mortgage, their in-house lender. This program is designed to contribute up to 3% (up to $13,000) of the purchase price of a new home to help pay off outstanding student loans. Coupled with low down payment options, this makes home ownership a more affordable choice for many potential homebuyers. Lennar’s 3% contribution does not increase the purchase price of the home or add on to the balance of the mortgage loan.
Jimmy Timmons, president of Eagle Home Mortgage explains: "Americans are more burdened than ever by student loans, with $1.3 trillion in outstanding student loans spread out among 42 million borrowers. Particularly with millennial buyers, people who want to buy a home of their own are not feeling as though they can move forward. Our program is designed to relieve some of that burden and remove that barrier to owning a home."
The Student Loan Debt Mortgage Program will operate in similar fashion to traditional mortgage programs in that potential buyers will be required to meet both credit and income guidelines. Down payments will begin as low as 3%. This program is intended for students who have borrowed for their education rather than parents who have taken loans to finance their child’s education. There is a maximum loan amount of $424,100. This program does not exclude buyers from participating in other inventive programs Lennar might offer, such as closing cost contributions.
Potential homebuyers in the Charleston area can visit the Welcome Home Center at Stonoview on Johns Island to learn more! This upscale waterfront community is located just off of River Road on Johns Island. The community has incredible views and water access to the Stono River. A selection of Lowcountry-style 1 and 2-story homes that range in size from 1772 to 3200+ SF, all with detached garages. Take advantage Lennar’s Everything Included™ program as well as the option for large porches, shiplap, 10’ceilings in the first floor, gourmet kitchens, home automation, extensive landscaping, outdoor living packages and garage selection with F.R.O.G. The extensive amenities include a deep-water dock with sundeck, separate crabbing dock, floating boat slips, waterfront park, miles of walking/biking trails, pocket parks, 16-aerated ponds, kayak storage, future pool & tennis courts. If you’ve been considering buying a home but have been concerned about what you owe in student loans, this could be the perfect opportunity for you!
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