02/08/2022
Don’t Let Student Loans Delay Your Homeownership Dreams
If you’re looking to buy a home, you may be wondering how your student loan debt could impact those plans. While everyone’s situation is unique, your goal may be more within your reach than you realize.
According to data from NAR, “When asked specifically about purchasing a home, half of nonhomeowners say student loan debt is delaying them from purchasing a home (51%).”
In the same NAR report, data shows many current homeowners have student loan debt themselves. “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 other people in a similar situation were able to qualify for and buy a home even though they also had student loan debt. You may be able to do the same, especially if you have a steady source of income. Apartment Therapy drives this point home...
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?