Pictured above are Lennar-constructed homes. Lennar and Eagle Home Mortgage are now offering a student loan repayment benefit.
Eagle Home Mortgage, a full-service mortgage lender, recently debuted a new mortgage program that will assist qualified customers in paying off their student loan debt.
The new initiative was announced through a press release issued on September 26th, 2017.
Consumers that take out a home mortgage through the Eagle Home Mortgage Student Loan Debt Program will now have the ability to direct up to three percent of the home purchase price towards their student loan debt. The borrowers will have the capability to direct up to $13,000 towards their educational debt, depending on the sale price of the home.
Consumers will also have to buy their new home from Lennar, one of the country’s biggest homebuilding companies. Lennar will be contributing the three percent. Eagle Home Mortgage is part of the Lennar company umbrella. The three percent contribution does not drive up the price of the home or tack onto the mortgage loan balance.
The President of Eagle Home Mortgage, Jimmy Timmons, offered the following statement for the press release: "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."
There are qualifications that potential homebuyers must meet in order to qualify for the Eagle Home Mortgage Student Loan Debt Program. Potential customers must meet the credit and income requirements and must be able to qualify for loans that have down payments as low as three percent. As it stands today, the program is being conducted as a trial with all new Lennar homes across the country.
The Eagle Home Mortgage Student Loan Debt Program will have Lennar pay up to three percent of the purchase price in order to chip away at any educational debt the student debtor incurred while attending college or university. The loan program is not meant for any parents that took out loans to help pay for their child’s education. The maximum student loan amount is $424,100.
For both Lennar and Eagle Home Mortgage, this program is certainly a wise business decision. Student loan debt continues to grow in the U.S., and as it grows, it also continues to slow down young Americans from doing the things they want to do. According to The Student Loan Report, the national student loan debt currently stands at $1.41 trillion. That collective debt is owed by roughly 44,179,100 student loan borrowers, or 70 percent of all college students. The average debt per student borrower is currently $27,857.
In a poll-oriented study, The Student Loan Report found that 63 percent of college graduates with student debt said student loan debt was impacting their ability to buy a home. Another 73 percent of respondents admitted that student loan debt was affecting their decision to save for retirement. 47 percent of poll participants stated that their educational debt was having an affect on their ability to purchase a car, while an additional 41 percent said their student loan debt had a significant impact on their choice of employment. Further, 28 percent of college graduates with student debt said that their debt is forcing them to delay marriage, while 34 percent of all respondents said their student loan debt was forcing them to delay starting a family.
Hopefully, the new initiative established by Lennar and Eagle Home Mortgage will assist student loan borrowers throughout the U.S. that are trying to move forward with their life and achieve many of life’s milestones.
Image Copyright © Daniel Oines