Homebuyers may receive up to 3 percent of home’s value toward student loans through program with Eagle Home Mortgage
TAMPA, Florida (Sept. 22, 2017) – Buying a home is a life milestone that 41 percent of college-educated non-homeowners in the United States have postponed because of student loan debt, according to Student Loan Hero, an online debt management resource.
To help potential homebuyers in the Tampa Bay area that have student loans accomplish their goal of homeownership, homebuilder Lennar and its in-house lender Eagle Home Mortgage, are offering a first-of-its-kind Student Loan Debt Mortgage Program. It is part of a national pilot program that’s the first of its type for Lennar.
Through the program, Lennar homebuyers may be eligible to have up to 3 percent of their home’s sales price applied toward their student loan debt. This means a homebuyer who buys a $250,000 home could receive up to $7,500 paid toward their student loans.
Eligible homebuyers may also be able to receive another 3 percent of their home’s sale price paid toward their closing costs, essentially doubling the savings.
According to 2017 government statistics, 44.2 million Americans are struggling with student loans that total $1.44 trillion in debt.
In Florida, approximately 54 percent of college students graduate with student debt, with the average amount of debt being $24,947. At the University of South Florida, the largest public university in the Tampa area and fourth largest in the state, 60 percent of students graduate with unpaid loans.
“The amount of debt that today’s college graduates face is astounding, and it’s unfortunate that earning an education sometimes comes at the cost of being able to comfortably afford a home,” said Shaun Owens, Vice President / Division Manager with Eagle Home Mortgage. “Through this program, we hope to provide some relief for those who have let student debt discourage them from becoming a homeowner.”
In the pilot program, Lennar and Eagle Home Mortgage will be giving the student loan assistance to 200 homebuyers with student loan debt around the country. Eligible homebuyers in the Tampa Bay area will be able to participate if they are one of the first 200 to apply nationwide.
The Student Loan Debt Mortgage Program is available to first-time and repeat homebuyers, and there are no limitations on the buyer’s age or how long it’s been since the applicant graduated. Only conventional loans are eligible, and homebuyers must put a down payment of less than 10 percent to qualify.
“It has always been part of Lennar’s mission to make the dream of homeownership achievable for prospective buyers in a wide variety of circumstances,” said Mark Metheny, Division President of Lennar Tampa. “We’re proud to offer this assistance to homebuyers who have worked hard to earn an education.”
For more information about the Student Loan Debt Mortgage Program in the Tampa Bay area, call 877-205-1328. To see available Lennar homes in the area, visit the Lennar Tampa website https://www.lennar.com/new-homes/florida/tampa.
About Lennar
As one of the nation’s leading homebuilders since 1954, Lennar has extensive experience in maximizing the quality of everything it builds. Lennar’s commitment to Quality, Value and Integrity forms the underlying foundation upon which the company was built. Lennar, which operates in 17 states and over 40 markets across the nation, believes in simplifying the home buying experience by including thousands of dollars of extras in the home price, offering a great value and the latest in luxury, technology and efficiency. The entire home buying process is simplified at Lennar, with a family of companies to help with mortgage, title and insurance needs. Lennar Tampa currently builds in 62 communities in the Tampa Bay area.
About Eagle Home Mortgage
Eagle Home Mortgage is one of the Lennar family of companies. 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 other customers. Eagle Home Mortgage offers conforming conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other home mortgage products in states in which Lennar has homebuilding operations, as well as several other states. In 2016, Eagle provided loans to 82 percent of Lennar’s homebuyers.