Has student loan debt held you back from owning a new home? If so, Lennar can change all that. We are extremely excited to launch our new Student Loan Mortgage Program, created by our preferred lender Eagle Home Mortgage. The program allows select homebuyers to receive up to three percent of the purchase price of their new Lennar home to pay off student loans. This will help make the dream of homeownership a reality for so many people.
According to a recent joint study on millennial student loan debt released by the National Association of Realtors® and nonprofit American Student Assistance (ASA), student loan debt is holding back millennials from financial decisions and personal milestones, such as adequately saving for retirement, changing careers, continuing their education, marrying and having children. In fact, only 20 percent of millennial respondents currently own a home. Among the 80 percent of millennials in the survey who said they do not own a home, 83 percent believe their student loan debt has affected their ability to buy. The median amount of time these millennials expect to be delayed from buying a home is seven years, and overall, 84 percent expect to postpone buying by at least three years.
“The tens of thousands of dollars many millennials needed to borrow to earn a college degree have come at a financial and emotional cost that’s influencing millennials’ housing choices and other major life decisions,” according to Lawrence Yun, NAR chief economist. “Sales to first-time buyers have been underwhelming for several years now, and this survey indicates student debt is a big part of the blame.”
Don’t let student debt hold you back any longer. Stop by one of our new home communities in New Jersey or Pennsylvania today to learn how you can take advantage of our new Student Loan Mortgage Program.
Limited Time Only, the availability of student debt assistance through the Student Loan Debt Mortgage Program is limited. Offer available on select and qualifying inventory homes. The Student Loan Debt Mortgage Program is a Fannie Mae pilot program and is currently only available to purchasers of Lennar Homes, LLC (“Lennar”) that finance through Eagle Home Mortgage, LLC (“Eagle”). You are NOT required to use Eagle as a condition for purchase of a Lennar home. However, as a pilot program, the Student Loan Debt Mortgage Program is only available through Eagle. This offer is subject to borrower meeting approval guidelines. The Student Loan Debt Mortgage Program and seller contribution limits are subject to certain Fannie Mae terms, conditions and restrictions. Rates and terms are subject to change without notice. Contact your loan officer for Student Loan Debt Mortgage Program details and your new home consultant for home purchase details. You are free to shop around to determine that you are receiving the best services and the best rate for these services. Lennar and Eagle have business relationships with each other. Lennar and Eagle are, directly or indirectly, wholly owned by Lennar Corporation. For additional information please visit their websites www.Lennar.com and www.eaglehm.com. This offer is subject to change and may be withdrawn or discontinued at any time without notice.
