Student Loans are no longer a barrier for Your Homeownership Goals
Are you weighed down by student loan debt and wondering how that will affect your plans to buy a home? You may be relieved to know that you can qualify for a home loan even with student debt, and with different Student Loan forgiveness and relief programs its easier to get a home loan. So don't delay your dream of homeownership any longer - start shopping for your new home today!
Are you concerned about how your student loan debt will affect your ability to buy a home? You may be wondering whether you need to pay off your loans before purchasing a property, or whether you can qualify for a home loan with existing debt.
There are a few things to consider when it comes to student loan debt and buying a home.
According to a study conducted by National Association of REALTORS concerning First-time buyers:
- 47% say their student loans make it harder to save for a down payment
- 45% say they think they can’t qualify for a home loan because of existing debt
- 43% say they believe the delay is necessary even though they’ve never applied for a mortgage
So The question is, Can you qualify for a home loan if you have student loans?
As data in the NAS report suggests
“Nearly one-quarter of all home buyers, and 37% of first-time buyers, had student debt, with a typical amount of $30,000.”
There are plenty of people out there who have been able to buy a home even with student loan debt. You could be one of them - all it takes is a stable income. The main point here is: Buying a home with student loans is possible and with the new federals program availble, this might be enough to make your dream come true.
All in all, It's a big decision, and you want to be sure you're making the right choice. A real estate professional can help you understand your options, and what has worked for other buyers in your situation. They can also connect you with other professionals and lenders who can help, so you don't have to go through this process alone. Get the information you need to make an informed decision, and feel confident in your choice.
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