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.
About Lennar
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.
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SOURCE Lennar Corporation