Is it possible to buy a home if you have student loan debt?
According to research, 51% of non-homeowners said that their student loans were delaying their home purchases. Even though they feel that way, is it really true? Your goal may be more within your reach than you think.
Let’s look at some of the recent data from the National Association of Realtors:
- 47% of non-homeowners said that their student loans make it harder to save for a down payment
- 45% said that they think they can’t qualify for a home loan because of existing debt
- 43% said they believe the delay is necessary even though they’ve never applied for a mortgage
What does the NAR data really show? Nearly a quarter of all buyers and 37% of first-time buyers have student loan debt, the typical amount being around $30,000. That means that many other people in a similar situation were able to qualify to buy their homes when they thought they couldn’t because of their debt. You may be able to get the same, especially if you have a steady source of income.
The key takeaway from this is that homeownership is possible even with student debt. But you don’t have to figure it out on your own; lean on the experts so that you can have the information you need to make an informed, confident decision.
If you think it’s time to take the next step toward making your dreams of homeownership a reality, give us a call or send us an email. We’d love to discuss your options.