A new loan from a mortgage originator is designed to rescue student loan–burdened millennials struggling to save up for a down payment on a home or qualify for a mortgage. Developed by Burkey Capital, the new loan wants to help move college graduates into home ownership by rolling their student loan debt into a 30-year fixed mortgage.

The “BurkeyLoan,” said by the company to be the first of its kind, is expected to roll out this fall.

The loan reportedly is to be geared to the top 20 percent or so of earning households — those with stellar credit and at least three to four years of work experience, earning a minimum of $150,000 a year. The company expects the criteria to be popular with college grads in fields such as medicine and others known to have more job stability.

In the beginning, the program will be offered only for jumbo loans, which start at $417,000. Eventually, the loan program will help with the purchase of properties in the mid-$200,000s, John Burkey, the CEO of BurkeyLoan and Burkey Capital, told realtor.com®.

Borrowers who participate will also need to be able to come up with a 10 percent down payment on the price of the home and the outstanding student debt added up together.

“We want them to have skin in the game,” Burkey says.

There are some risks to the loan. But if a home appreciates enough, the borrower could potentially have his or her student loan debts wiped out when it comes to selling the home. But borrowers will need to weigh whether taking out a second mortgage instead to pay off their student loans would be a safer bet, in case the property doesn’t appreciate as quickly.

Source: “Could a Mortgage for Debt-Ridden Millennials Be Too Good to Be True?” realtor.com® (June 3, 2016)