Don’t Let Student Loans Hold You Back from Homeownership
A recent study shows that 72% of people with student loans believe their debt will delay buying a home. Maybe you feel the same way and wonder:
Do I have to pay off my student loans before buying a house?
Or can I still qualify for a home loan even with student debt?
These questions are totally normal when thinking about such a big purchase. But you might be putting your homeownership dreams on hold for no reason.
Can You Buy a Home If You Have Student Loans?
Simply put: yes, it’s possible to buy a home even if you have student loans. Yahoo Finance explains:
“Student loans don’t have to stand in your way of becoming a homeowner. With the right approach and understanding of how debt affects your options, buying a house with student loans is doable.”
Data supports this too. According to the National Association of Realtors, 32% of first-time buyers have student loan debt.
Many people with student loans have successfully qualified for and bought homes. For context, the median student loan debt is about $30,000.
Chase also points out:
“Student loans usually don’t affect your mortgage eligibility any differently than other debts like credit cards or auto loans.”
If your income is steady and your finances are solid overall, homeownership can still be within your reach. Having student loans doesn’t mean you have to wait to buy.
Bottom Line
Student loans don’t mean you can’t buy a home. Before you decide, talk to a lender who can help you understand what you can afford and how close you are to buying your first home.
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.