Myth 1: My Student Debt Means I Won’t Qualify
If you have student loans and are looking to buy a home, you may be wondering how that debt could impact your plans. Do you have to wait until you’ve paid off your loans? 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. Do You Have To Delay Your Plans Because of Student Loans? 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 in this situation 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 emerge: • 47% say their student loans make it harder to save for a down payment • 45% say they think they can’t qualify for a home loan because of existing debt • 43% say they believe the delay is necessary even though they’ve never applied for a mortgage No matter which reason resonates most with you, you should know a delay may not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize.
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