If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. Do you have to wait until you’ve paid off your student loans before you can buy your first home? Or could you qualify for a home loan with that debt?
To give you the answers you’re searching for, let’s take a look at what recent data shows. That way, you know what to expect and what to do next to achieve your dream of becoming a homeowner. While everyone’s situation is unique, your goal may be more within your reach than you realize.
If you’re worried your student loans mean you have to put your homeownership goals on hold, you’re not alone. In fact, many first-time buyers believe they have to delay their plans. According to data from the National Association of Realtors (NAR):
“When asked specifically about purchasing a home, half of nonhomeowners say student loan debt is delaying them from purchasing a home (51%).”
When asked why their student loans are putting their plans on the back burner, three key themes emerged:
No matter which reason resonates most with you, you should know a delay may not be necessary. Here’s why.
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I’m Tiffany and I want to be your mortgage advisor. I’ll help strategize the financing of your home by compiling and sharing the best loan for your situation. Whether you’re buying a first home or refinancing an existing one, we’ll make sure to go over all of your options so that you can confidently choose what’s right for you. Along with the best rates for your future goals and helpful advice, my intent is for this process to be as stress-free as possible so that it feels like shopping around at any other store.
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