Student Loan Debt & Homeownership!

Thinking about buying a home and wondering how your student loan debt would impact those plans?  Do you have to wait until you have paid off your student loans before you can buy your first home or is it possible that you could qualify for a home loan while still carrying all that debt?

Well, let’s take a look at what the data shows and what the experts say so you can know exactly what to expect and what to do next to achieve your American Dream!   While everyone’s situation is unique, homeownership could be closer than you think!

Do You Have To Delay Your Homeownership Plans Because Of Student Loan Debt?

If you are worried that your student loans mean you have to put homeownership on the backburner, you are not alone.  In fact, many first-time buyers believe they have to delay their plans.  According to the National Association of Realtors (NAR):

“When asked specifically about purchasing a home, half of non-homeowners say student loan debt is delaying them from purchasing a home (51%).”

When asked why their student loans are causing them to place their plans on the back burner, here are there three top reasons!

47% said their student loan debt makes it harder for them to save for a down payment

45% said they think they cannot qualify for a home loan because of their existing student loan debt

43% said they believe the delay is necessary even though they have never applied for a mortgage

It doesn't really matter if one or more of these reasons or another reason is holding you back, you should know a delay may not be necessary and there are good reasons why that may not be the case.

Can You Qualify For A Home Loan Even If You Have Outstanding Student Loan Debt?

In that same NAR report, the data shows that many current homeowners have student loan debt themselves.  Let that sink in for a moment and make you even more determined to find out if you can too!

“Nearly one-quarter of all home buyers, and 37% of first-time buyers, had student debt, with a typical amount of $30,000.”

That means that a lot of other people in a similar situation to yours were able to qualify for and buy homes even though they had student loan debt.  You may be able to do the same, especially if you have a steady source of income and consistently pay your other bills on time.

How Do You Determine If Homeownership Is Achievable For You Even If You Have Outstanding Student Loan Debt?

The best way to find out and determine next steps is to talk to a DFWREAdvisors Real Estate Advisor | REALTOR® who will talk with you and understand your specific situation, explain your options, and discuss what has worked for other buyers like you.  

We can also provide you with sources for more information and connect you with other professionals in the industry who can help.  You don’t have to figure this out on your own!  Trust the experts to give you the information you need to empower you to make an informed, confident decision on homeownership!

Bottom Line

There are many home buyers with student loan debt who have already achieved their American Dream!  Maybe it is time for you to consider taking the next steps toward making yours a reality.  Let’s connect to discuss your options and find out how close you are to achieving your American Dream!

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