With this new rule change, an FHA loan may now be possible for someone who couldn't qualify months ago, or they "could get tens of thousands to $100,000 more, depending on the scenario,” said Matt Moore of Amerifirst Poland.
Outstanding student debt is the No. 1 thing holding Youngstown Neighborhood Development Corporation clients back from owning their own home, Housing Director Tiffany Sokol said.
But now, recent changes to federal loan requirements mean debt-saddled buyers have a bit more buying power. For those who have struggled to buy a home because of student loan debt or who have been rejected for a loan recently, now might be the time for a second look, local experts said.
“When you see the statistics about the lack of home purchases among young people specifically, a lot of that really is tied to student loan debt,” Sokol said, referencing articles that pose questions like, “Why aren’t millennials buying houses?”
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