Fannie Mae has recently made 3 significant changes that will better allow you to help more home buyers. The following resources should allow you to lead a meaningful discussion that should serve as a good follow-up to either the rent-vs-own or Millennial presentations.
- Timeliness: Non-urgent, but good discussion for sales meeting
- Expiration: 12/31/17, unless updated
- Fannie Mae is now providing relief for home buyers when someone else is paying their student loan or other debt.
- Previously, these debts counted against home buyer even though someone else is paying them.
- 24% of student loan debt is now on a program to reduce the payments. (5 million consumers)
- Previously these programs were ignored in calculating the debt. It’s now calculated on the lower level. This will help DTI ratios.
- Maximum Allowable DTI has been raised from 45 to 50%
(A Great Way To Kick Off Your Presentation or follow-up in email)