Many millennial college graduates have postponed buying a home because of student loan debt, according to a recent study by Apartment List. Millennial graduates with student loan debt spend almost 12 years saving for a 20 percent down payment on a mortgage, while their debt-free counterparts spend eight years working towards the same goal.
But help is available through the area’s largest homebuilder, Lennar Tampa, and its affiliated mortgage lender, Eagle Home Mortgage, which are offering a Student Loan Debt Mortgage Program.
Through this 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 student loans.
Eligible homebuyers may also be able to receive up to an additional 3 percent of their home’s sale price paid toward their closing costs, essentially doubling their overall savings on the home.
Don’t let student debt prevent you from becoming a homeowner
In Florida, approximately 54 percent of college students graduate with student debt, with the average debt being $24,947. At the University of South Florida, the largest public university in the Tampa Bay area and the fourth-largest in the state, 60 percent of students graduate with unpaid loans.
The Student Loan Debt Mortgage Program is designed to ease the burden for college graduates whose debt is discouraging them from becoming homeowners.
The program has no limitations on age or graduation date
The program is available to first-time or repeat homebuyers, and there are no limitations on age or on how long it’s been since you graduated. This is just one of the ways Lennar strives to make the process of buying a home as simple as possible for homebuyers, regardless of circumstances.