Student Loans and Homeownership

Don't let student loans delay your homeownership goals! If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you've paid off those loans before you can buy your home? Or is it possible you could still qualify for a home loan even with that debt? You should know, even with student loans, waiting to buy a home may not be necessary. While everyone's situation is unique, your goal may be more within your reach than you realize. Here's why:

Can You Qualify for a Home Loan if You Have Student Loans?

According to an annual report from the National Association of Realtors (NAR), 38% of first-time buyers had student loan debt and the typical amount was $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 loans. And you may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says:

“. . . 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 . . .”

The key takeaway is, for many people, homeownership is achievable even with student loans. 

Everyone's finances are unique - we can walk you through your options based on your situation, and share what’s worked for other buyers!