Can You Buy a Home While Having Student Debt?
Student debt is certainly a burden but you can still buy a house.
Is it possible to buy a home if you have student loan debt? 51% of non-homeowners said that their student loans were delaying their home purchases, but your goal may be closer than you think. Homeownership is entirely possible even with student debt.
Recent data from the National Association of Realtors shows that 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. Meanwhile, 43% percent said they believe the delay is necessary even though they've never applied for a mortgage.
“Homeownership is possible even with student debt.”
Nearly a quarter of all buyers and 37% of first-time buyers have student loan debt. The average amount is close to $30,000. This 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 do the same, especially if you have a steady source of income.
You don't have to figure it out on your own; lean on the experts to get the information you need to make an informed decision. Many other buyers with student loan debt are already achieving their homeownership dreams. It's time to take the next step toward making your dreams a reality.
Give us a call or send us an email if you have questions about this or any other real estate matter. We'd love to discuss your options.