If you have student loans and want to buy a home, you may be wondering how your debt will affect your plans. Should I wait until my loan is paid off in full before buying my first home? Or can I get a home loan with this debt? Here’s the latest information to help you get the answers you need.
Describe the Bankrate article.
“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 buying a home, one of the biggest financial decisions you will ever make. But you should know that even if you have student loans, you don’t have to wait to buy a home. Everyone’s situation is different, but your purpose may be more than you think. That is why.
Can you get a home loan if you have student loans?
According to the National Association of Realtors (NAR) annual report, 38 percent of first-time homebuyers have student loans, with an average amount of $30,000. This means that other people in similar situations can buy a home even if they have student loans. Maybe you can too. This is especially true if you have a steady source of income.
According to the Bankrate article:
“. . . 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 . . .”
Most importantly, home ownership is possible for most people, even with student loans.
You don’t have to figure it out yourself. The best way to determine your goals and next steps is to consult with a professional. A trusted lender can walk you through options based on your situation and share what has worked for other buyers.
