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Don’t Let Your Student Loans Delay Your Homeownership Plans
Monday, April 08, 2024
Don’t Let Your Student Loans Delay Your Homeownership Plans
Monday, April 08, 2024
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.
Can You Qualify for a Home Loan if You Have Student Loans?
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.
Bottom Line
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.
Hi, I Am Kim Dorman
Long & Foster Realtor
As your real estate agent, I hope you’ll think of me as your trusted advisor, your practiced negotiator, your skilled house-hunter and your neighborhood expert. Whether you’re buying, selling, renting or just looking, I’ll diligently work for you every step of the way. My goal is to deliver a joyful, seamless experience at every phase of the home buying or selling journey.
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Kim Dorman, with Long and Foster Real Estate, went above and beyond in handling the recent sale of our home! She gave us lots of information on all the steps involved in selling, as well as excellent recommendations for contractors for any needed repairs. She was very knowledgeable about all the steps involved and very willing to explain the whole process. We would definitely recommend her to anyone looking to buy or sell their home!
DONNA
We called Kim, once again, to help us find our home upon our return to the area. She was quickly responsive and strove to understand all of our desires for a new home, and advised us in all aspects of the search. She helped us to quickly find a home we love, answered or sought answers to any questions we came up with, and walked us through the entire process from the search to the closing. Kim is a brilliant advocate and is vastly experienced. We highly recommend her for any real estate need.
JACK
Being a first time home buyer, my boyfriend and I were a little nervous about the home-buying process. Kim right away made us feel at ease and was able to speak to us first about the process before going all in. She discussed the housing market and what we can expect.... We are very happy with Kim and would strongly recommend using her for buying or selling your home.
RACHEL
Kim has truly been a lifesaver for our family - we had a cross-country move in a very tight timeframe (during COVID-19, no less) and she helped us find a home that met our needs even with all of that working against us. She was very professional, extremely responsive, and thorough to ensure we found the right place for us. We really enjoyed working with her on a personal level, too! She is fantastic!
ALYCE
Kim is amazing! She is easy going and full of energy and helped us find our perfect home. She then made dealing with a very difficult seller seem effortless. I would definitely (and have) recommend her to family and friends. Don't hesitate to have Kim Dorman help you with buying or selling!
MATT
Kim puts her clients first and is willing to go the extra mile to assist them. She is very knowledgeable and very thorough in answering questions and providing information we weren't aware that we needed. She is very reliable and accessible, both by phone or email. We have already recommended her to others and will happily do so again. We will gladly work with her again when it comes time to sell our house.
NANCY
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