Many Americans struggle with debt, impacting their ability to qualify for homes. Average household debts include credit cards, auto loans, and student loans, totaling over $25,000 per household. VA loans provide a solution by allowing sellers to pay closing costs and help reduce the buyer's debt, making homes more affordable. However, conventional loan guidelines do not permit this use of seller concessions. Adjusting these guidelines could significantly increase homeownership opportunities for more Americans, especially in today's challenging market.
The average American household faces significant debt, including $8980 in credit card debt and $12,404 in student loans, hindering homeownership.
Using VA loans, buyers can have sellers pay their closing costs and up to 4% of their debt, making homeownership more attainable.
Allowing conventional loans to use seller concessions for debt reduction, like current VA guidelines, could greatly increase homeownership opportunities.
Many builders are offering incentives, yet conventional guidelines restrict using seller concessions for debt repayment, limiting buyer options.
Collection
[
|
...
]