With the company’s new Student Loan Debt Mortgage Program, borrowers are able to channel up to three percent of the purchase price on a Lennar home to pay their student loans. Lennar will contribute the three percent, and the home price and mortgage balance is not affected. Student loans up to $13,000 can be considered, and the maximum loan amount covered in the program is $424,000.
"Americans are more burdened than ever by student loans, with $1.3 trillion in outstanding student loans spread out among 42 million borrowers," said Jimmy Timmons, President of Eagle Home Mortgage. "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."