$\"Don\u2019t$ \n

Did you know? According to a recent study, 72%<\/strong> of people with student loans think their debt will delay their ability to buy a home. Maybe you\u2019re one of them and you\u2019re wondering:<\/p>\n

\n
Do you have to wait until you\u2019ve paid off those loans before you can buy your first home?<\/li>\n
Or is it possible you could still qualify for a home loan even with that debt?<\/li>\n<\/ul>\n
Having questions like these is normal, especially when you\u2019re thinking about making such a big purchase. But you should know, you may be putting your homeownership goals on the backburner unnecessarily.<\/p>\n
Can You Qualify for a Home Loan if You Have Student Loans?<\/strong><\/h4>\n
In the simplest sense, what you want to know is can you still buy your first home if you have student debt. Here\u2019s what Yahoo Finance<\/em> says:<\/p>\n
\u201d . . . student loans don\u2019t have to get in your way when it comes to becoming a homeowner. With the right approach and an understanding of how debt impacts your home-buying options, <\/em>buying a house when you have student loans is possible.<\/em><\/strong>\u201c<\/em><\/p><\/blockquote>\n
And the data backs this up. An annual report<\/a> from the National Association of Realtors <\/em>(NAR), shows that 32%<\/strong> of first-time buyers had student loan debt (see graph below<\/em>):\u00a0<\/p>\n
$\"a$ <\/a>While everyone\u2019s situation is unique, your goal may be more doable than you realize. Plenty of people with student loans have been able to qualify for and buy<\/a> a home. Let that reassure you that it is still possible, even as a first-time buyer. And just in case it\u2019s helpful to know, the median student loan debt was <\/strong>$30,000<\/strong><\/a>. As an article from Chase <\/em>says:<\/p>\n
\u201c<\/em>It\u2019s important to note that student loans usually don\u2019t affect your ability to qualify for a mortgage any differently than other types of debt <\/em><\/strong>you have on your credit report, such as credit card debt and auto loans.\u201d<\/em><\/p><\/blockquote>\n
If your income is steady and your overall finances are solid, homeownership can still be within reach. So, having student loans doesn\u2019t necessarily mean you have to wait to buy a home.<\/strong><\/p>\n
Bottom Line<\/h3>\n
Having student loans doesn\u2019t mean buying a home is off the table. Before you count yourself out, talk to a lender to get a clearer picture of what you can afford and how close you are to taking the first step toward homeownership.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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