More College Graduates Will Be FHA Approved In 2016
This year 2016 will see more college graduates receive FHA Loans then ever before. New changes being made in education and financing will make it easier for graduates to get approved. Also, others past students with student loan debt will have a better chance at getting approved for a home loan. The home loan market is growing in Florida, and more college graduates will be FHA approved in 2016 when searching for a mortgage that fits them best.
Why Now? Mortgage Change For College Grads
These changes are coming after reports of the 1.2 million dollars worth of student debt currently in the millennial generation. This is delaying first-time home buyers. Most graduates have deferred loans, which allows them to delay their payment until a certain period of time after graduation. The delay allows them time to find a job, which will then allow them to pay off their debt. However, as convenient as this payment plan might be, it doesn’t give lenders any payment information to make decisions on.
Why Are More College Graduates Becoming FHA Approved
More graduates are being approved in 2016 due to new student loans being lender estimated at one percent. This change might not sound like a big deal, but halving the percentage makes student loans less of a burden on mortgage applications. This is allowing graduates to get approved easier. In 2016, first-time home buying numbers are as low as they were in 1987. That was the lowest number since data began being collected in 1981. It was finally decided that because of student debt, changes need to be made to correct these numbers.
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College Graduates Will Find Themselves As Home Buyers In 2017
These new FHA Loan rules will allow graduates to afford new homes for less because of the low rates. Thus allowing younger people to achieve their home buying goals. The FHA Loan rules have made 2016 a better time for young home buyers, which has led to the new number of graduates approved for loans.
If you are a recent college graduate with student debt, NSH Mortgage lender in Florida is willing to help you. We can advise you in choosing the right mortgage to fit your needs, while also getting you approved faster. The FHA loan is good first-time home buyer mortgage, with only having to place as little as 3.5% down on your home.