Can You Qualify for a Home Loan if You Have Student Loans? In the same report from NAR, 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: “. . . buying a home with student loans is possible, experts say. The proof is in the numbers, too: Some 40 percent of first-time homebuyers have student loan debt, according to the NAR study.” The key takeaway is, for many people, homeownership is achievable even with student loans. The best way to make a decision about your goals and next steps is to talk to the professionals. A real estate advisor can walk you through your specific situation, your options, and what has worked for other buyers like you. They can also connect you with other professionals, such as a trusted lender, who can help. You don’t have to figure this out on your own – lean on the experts so you have the information you need to make the right decision for you. Bottom Line Many other buyers with student loan debt are already achieving their homeownership dreams. Maybe it’s time to take the next step toward making yours a reality too. Let’s connect to discuss your options and find out how close you are to achieving your goal.
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