MIAMI, Sept. 26, 2017 /PRNewswire/ -- To help make the dream of homeownership more achievable for buyers with college debt, Eagle Home Mortgage today debuted a mortgage program with a feature that helps pay off outstanding student loans – up to $13,000, depending on sales price.
Borrowers with Eagle Home Mortgage's Student Loan Debt Mortgage Program can direct up to 3% of the purchase price to pay their student loans when they buy a new home from Lennar (NYSE: LEN and LEN.B), one of the nation's largest homebuilders. Eagle Home Mortgage is a full-service mortgage lender and part of the Lennar family of companies. Lennar contributes the 3%, which does not increase the price of the home or add to the mortgage loan balance.
"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."
As research by a variety of academic and financial institutions reveals, a significant majority of college-educated people who want to buy a home feel constrained by outstanding educational loans. According to data compiled by the New York Federal Reserve, the average outstanding balance among borrowers with a student loan is $26,700. For homebuilders like Lennar, working with lenders like Eagle Home Mortgage on innovative programs is essential to putting new homes within reach of more buyers.
"Lennar is proud to offer this unique and groundbreaking program to our buyers," said Jon Jaffe, Chief Operating Officer of Lennar. "From our signature Everything's Included® program to loans that address the concerns of today's buyers, Lennar is committed to helping families realize the dream of owning their own home. Education is an investment in yourself and your community – and Lennar wants to help ensure that college loans don't unnecessarily stand in the way of homeownership."
With the Student Loan Debt Mortgage Program, buyers must meet credit and income requirements and can qualify for loans with down payments as low as 3%. The Student Loan Debt Mortgage Program is being offered on a trial basis with new Lennar homes nationwide. As one of the nation's largest homebuilders, Lennar provides a wide range of single-family residences, townhomes or detached condos to fit almost any lifestyle and price point.
At closing, Lennar contributes up to 3% of the purchase price to pay down student loans incurred while attending universities, colleges, community colleges, trade schools and other certificate-granting programs. It is not intended for parents who may have taken loans to finance a child's education. The maximum loan amount is $424,100. In addition to the 3% contribution to student loan balances, buyers may also be eligible for other incentives – such as credits toward closing costs.
About Eagle Home Mortgage
Founded in 1981, Eagle Home Mortgage is a full-service mortgage lender and proud member of the Lennar family of companies. Lennar is a Fortune 500 company and one of the country's largest homebuilders. Whether you are purchasing a home or looking at options for refinancing your current mortgage, Eagle offers a variety of loan options to suit your needs. Our vision is enriching lives through a dedicated commitment to homeownership and premier customer experience.
Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com.
SOURCE Lennar Corporation