If you've got student loans and you're dreaming of buying a home, you're probably wondering how your debt will affect your plans. Do you have to wait until you've paid off all those loans before you can even think about buying your first house? Or is there a chance you could still get a home loan even with that debt? Let's break it down.
A recent article on Bankrate mentioned this. It turns out that about 60% of adults in the U.S. who have student loan debt have postponed making important financial decisions because of it. For younger borrowers like those in Gen Z and Millennials, that number increases to 70%. And one of those big financial decisions is, of course, buying a home. But here's the thing: waiting might not be necessary, even if you're dealing with student loans. While everyone's situation is different, your dream of owning a home might be closer than you think. Here's why.
So, can you actually qualify for a home loan if you're still paying off student loans? Well, according to a report from the National Association of Realtors, 38% of first-time buyers had student loan debt, with the average amount being around $30,000. That means a lot of people are in a similar situation but still able to make it happen and buy a home despite having student loans. And you might be able to do the same, especially if you've got a steady income coming in. As that Bankrate article points out, it's entirely possible to juggle both student loans and a mortgage. Plus, there are various home loan programs out there that you could qualify for, even with student debt.
For many people, becoming a homeowner is totally possible, even if you're still paying those student loans. You don't have to go through this on your own, though. The best move is to chat with the professionals. A trusted lender can walk you through all your options based on your specific situation and share what has worked for other buyers.
So, if you're eyeing that dream of homeownership but feeling dragged down by student loans, don't be scared. A lot of other people have been in your shoes and have managed to buy their own homes. Just reach out to a lender, explore your options, and see how close you are to turning that dream into reality.
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