If you’ve been hesitant about purchasing a home due to student loan debt, the SmartBuy Program could be exactly what you’re looking for. Your lender will pay 15% of the purchase price towards the payoff of your student loans up to $40,000. It also comes with a $5,000 deferred loan that can be used for down payment assistance or closing costs. This is a Fannie Mae program that can only be used with a 30-year fixed interest rate.
To qualify, you must have at least $1,000 in student loan debt and be current on payments. Income and purchase price limits are applied. All student loans must be paid off at closing by assistance or in combination with the borrower funds.