Summit Funding is excited to announce we now offer the Student Loan Cash-Out Refinance program from Fannie Mae! This innovative program is a cost-effective alternative to use home equity to pay off student loan debt.
This program is a huge advantage not only to homeowners who have their own student loan debt, but also to those who co-signed on student loans. It is designed to allow borrowers to pay off their student loan debt WITHOUT accumulating the additional pricing hits that typically come with cash-out refinances.
Important program highlights include: it is available with Conventional Fannie Mae loans only, is fixed rate only, standard Fannie Mae cash-out refi LTV/CLTV limits apply, and at least one student loan must be paid off with the proceeds from the transaction.
With the number of Americans who have student loan debt around 44 million strong, Fannie Mae is doing its part to address the challenges of student loans and homeownership. Student loans are one of the reasons why many have put off buying a home, a common trend among those burdened with these loans. Read about other changes Fannie Mae has implemented to assist borrowers with debt in today’s market HERE.
Interested in learning more about this program and how it could benefit your financial situation? Talk to a Summit Funding Loan Officer today! Get connected with one in your area by filling out our Get Started form HERE.