Buying a Salt Lake City Home With High Student Loan Debt

Jun 5, 2017

Today I’m here with Jayson Kisselburg from Veritas Funding with some good news for those buying a home with a lot of student loan debt.

Student loan debt in America is incredible, as college is not cheap. If you have a lot of student debt, it can be daunting to purchase a home. However, Fannie Mae, one of the mortgage giants in our country, actually allows you to do a cash-out loan on your property.

Basically, your home will be appraised and then you can take out a substantial amount of equity to pay off those student loans.

When you pull the equity out to pay off your student loans, the loan is then tied against the house, which turns it into a tax deduction. When the time comes to sell your house, you can actually sell your home student-loan free.

“This Fannie Mae program will help more people with student debt qualify for home loans.”

Another benefit of this program is that if you qualify for another Wasatch Front home now, then you don’t have to report that debt against your income. Before, you would have to include a payment all the way up to 1%, no matter what the credit bureaus were reporting. Now, we can go off the exact payment from your student loan company.

As a loan officer, Jayson sees a lot high student loan debt. Fannie Mae offers a way for more people to qualify to buy a home.

This is great because student loan debt is a real problem in the U.S. Finally, the government stepped in with the Fannie Mae program to actually help people with student debt get into a home.

If you have any questions about how to qualify for a home loan, make sure you contact Jayson at 801-638-1005 or sternteamlending@vfund.com.

As always, if you have any Salt Lake City real estate questions, please don’t hesitate to reach out to the Stern Team. We would be happy to help you!

The Stern Team

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Jeremy Martin
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- Paige

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- Paul

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- Phil

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- Roger

"My son had died unexpectedly, leaving a property in Salt Lake City. I’m in Virginia, but we found Josh after going through my son’s paperwork. Josh had sold him the home in Salt Lake back in 2006. We went to Salt Lake City, and Josh gave us a very straightforward presentation. Josh first gave us different ways for us to sell the house to my friend’s kids, and when that didn’t work out, he put the house on the market. I went back to Virginia, and Josh worked with some of my friends in Salt Lake City to sell the house. He kept me updated throughout, and the whole process was so easy, even though it was long distance!"

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"They have friendly customer service, and an extremely quick response time. He was very professional. The first time we worked with him, we just randomly called Keller Williams because we needed an agent. We needed to fly in 24 hours later, buy a house in 24 hours, and fly back. He was very accommodating. He really got us acclimated to Salt Lake City, so he was more than just somebody who showed us through houses!"

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- Kimberly

"I’ve been very pleased. Initially, we went with another real estate firm. We had twelve showings in seven months with them. My wife did some research, and Josh came in. He’s on the ball. He’s sharp. He has a plan, and the passion and energy to execute that plan. He sold the house in three weeks. Any time I brought up some kind of issue, it always impressed me that he had a plan. He just goes right into problem-solving mode."

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- Gary

"Everything was outstanding! The marketing of the home was exceptional. We’ve owned several homes, and it was by far the best marketing plan for selling a home that we’ve ever seen. We were just thrilled with the results!"

- Lee

"Josh was very honest and thorough. He had a lot of experience and he was very well-informed. We listed our house, and it sold within a few days! We had a different agent before, and the biggest problem with them was we never knew where we stood. Josh had great communicatio...

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- Cheryl

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- Ralph

"Immediately, I got a large number of listings that were specifically targeted to me. I had a wide-ranging list of criteria; I was looking in the city and semi-rural areas. My agent, Jacquie Reagh, was very accommodating and gave me a huge variety to look at within my first price point. She was there, looking at the houses with me, offering her opinions and I felt very well supported during that process. When I found a place, I upped my ante and we got the offer going. She worked through a lot of intricacies and negotiating, down to adding bar stools, the surround sound system and the built-in home theater. It was a little bit of a tough negotiation, but everything went really well. At closing, my out-of-pocket costs were about the same because the home was appraised for less. So, that was a good deal for me, but I paid more in closing costs, and she offered to pay the difference herself."

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- Scott

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- Alma

"He is very easy to meet with. He responded quickly to any questions I had. It was good working with him. I got good results, I feel. One of the things that happened to us was with our home. People put in an offer that ended up being higher than what the value of the home was. And we were almost having to back out of the deal because we needed that down payment for our next house. But they ended up taking a cut in their commission so we could go ahead. We were very thankful and it is not something you see everybody do. "

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- Randall

"I actually knew Brett previously. He was very accommodating. I called him very last minute, that's initially how my start of looking to buy a home started. He pretty much dropped everything and was able to come and help me!"

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"The Stern Team actually came recommended by a friend of ours. Michael just happened to be a bonus. We didn't know a specific agent or anything, just that The Stern Team has a good reputation. So, I asked Mike, in particular, why should I choose The Stern Team versus another realty firm. Confidently, but not over-confidently, he told the story of The Stern Team and each process, each person responsible and accountable for each step of the selling process. He made a believer out of me enough that I put four houses up for sale in his hands. He kept his word, everything he said would happen, happened. We were actually out of our house three weeks sooner than we had planned because of the selling approach."

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- Eva

385-999-7273

successteam@sternteam.com

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