Lennar Targets Millennials With Mortgage That Pays Off Their Student Loans

Eagle Home Mortgage, the lending subsidiary of Lennar which is the nation’s No. 2 home builder in Professional Builder’s 2017 Housing Giants ranking, launched a Student Loan Debt Mortgage Program that offers borrowers as much as $13,000 for paying student loan debt.

The program, which is being offered on a trial basis with Lennar nationwide, directs 3 percent of the purchase price of a home bought from Lennar toward student debt incurred while attending college, community college, trade school, and other certificate-granting programs. That portion is not added to the price of the home or to the mortgage balance.

“Americans are more burdened than ever by student loans, with $1.3 trillion in outstanding student loans spread out among 42 million borrowers,” Jimmy Timmons, president of Eagle Home Mortgage, said in a release. “Particularly with millennial buyers, people who want to buy a home of their own are not feeling as though they can move forward. Our program is designed to relieve some of that burden and remove that barrier to owning a home.”

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