Don’t Let Your Student Loans Delay Your Homeownership Plans
If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need.
A Bankrate article explains:
“Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”
This includes one of the biggest financial decisions you’ll ever make, buying a home. But you should know, even with student loans, waiting to buy a home may not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize. Here’s why.
According to an annual report from the National Association of Realtors (NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000.
That means other people in a similar situation were able to qualify for and buy a home even though they also had student loans. And you may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says:
“. . . you can have student loans and a mortgage at the same time. . . . If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for . . .”
The key takeaway is, for many people, homeownership is achievable even with student loans.
You don’t have to figure this out on your own. The best way to make a decision about your goals and next steps is to talk to the professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other buyers.
Lots of other people with student loan debt are able to buy their own homes. Talk to a lender to go over your options and see how close you are to reaching your goal.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Home Run Team, Ltd. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Home Run Team, Ltd. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved.
If you've recently retired or are about to, saving money where you can has a lot of appeal. Downsizing is one way to do that.
Affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget.
When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. But is that still the right strategy for you?
Expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.
If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Here’s a look at the latest information.
Looking to buy a home? Don't navigate the process alone. Here are the top 5 reasons why hiring an agent is a game-changer.
Have you heard the term “Silver Tsunami” getting tossed around recently? If so, here’s what you really need to know.
Are you thinking about making a move? If so, now may be the perfect time to start the process.
We're fortunate to be able to do what we want to do every day, and what we want to do is help clients live a better, more secure life. Whether you're buying a home, looking to sell or relocate, or are an investor, we can help you. No agents will work harder for you, because to us, going to bat for you, isn't work. That's just what you do when you're a team.