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Student loan debt may be hindering millennials from buying homes.
But Eagle Home Mortgage, a mortgage lender and subsidiary of Lennar, is rolling out a new mortgage program that aims to solve this problem by helping homebuyers pay off their student debt.
EHM’s Student Loan Debt Mortgage Program would direct 3% of a home’s purchase price toward the repayment of student loan debt, paying off up to a maximum of $13K in student loans for borrowers who purchase a new home from Lennar, the South Florida Business Journal reports.
The program does not increase the price of the home or mortgage amount. Down payments under the program can be as low as 3%.
Only an estimated 20% of millennials own a home in the U.S. While most have an average student debt of more than $41K, their average annual income comes in at about $38K, Housing Wire reports.
The average net worth of a millennial is also only $10,090, which is 56% less than baby boomers at the same period of their lives. Nearly 70% have less than $1K set aside for a down payment for a home.
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