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New rules make it tougher for people with college loans to buy houses

September 18, 2015 /

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Heads-up for millennials and first-time home shoppers carrying student debt: New rules could make it tougher to qualify for a low down payment mortgage from the Federal Housing Administration. New rules on down payment gifts could complicate things for you as well.

The net effect of the changes, say mortgage lenders and analysts, will be to make FHA loans, which traditionally have been the go-to financing source for young, first-time and moderate-income purchasers, less attractive.

By Kenneth R. Harney

Full Story: http://www.washingtonpost.com/realestate/new-rules-make-it-tougher-for-people-with-college-loans-to-buy-houses/2015/09/15/a31a940a-5b0c-11e5-b38e-06883aacba64_story.html