Don’t Let Your Student Loans Delay Your Homeownership Plans

<article class="post-1000533 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1000533"><span class="entry-date">April 8, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Don’t Let Your Student Loans Delay Your Homeownership Plans</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Don%E2%80%99t+Let+Your+Student+Loans+Delay+Your+Homeownership+Plans&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fdont-let-your-student-loans-delay-your-homeownership-plans%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Don’t Let Your Student Loans Delay Your Homeownership Plans Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240408-Don-t-Let-Your-Student-Loans-Delay-Your-Homeownership-Plans.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you have student loans and want to <a href="https://www.simplifyingthemarket.com/2024/03/22/3-helpful-tips-for-first-time-homebuyers-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a>, 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 first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need.</p>
<p>A <em>Bankrate </em>article <a href="https://www.bankrate.com/loans/student-loans/financial-milestone-survey/" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“</em><strong><em>Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt</em></strong><em> . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”</em></p></blockquote>
<p>This includes one of the biggest financial decisions you’ll ever make, <a href="https://www.simplifyingthemarket.com/2024/03/25/what-every-homebuyer-should-know-about-closing-costs/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buying a home</a>. But you should know, even with student loans, waiting to <a href="https://www.simplifyingthemarket.com/2024/03/18/4-tips-to-make-your-strongest-offer-on-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a> may not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize. Here’s why. </p>
<h4><strong>Can You Qualify for a Home Loan if You Have Student Loans?</strong></h4>
<p>According to an annual <a href="https://www.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf" rel="noopener noreferrer" target="_blank">report</a> from the <em>National Association of Realtors </em>(NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000.</p>
<p>That means other people in a similar situation were able to qualify for and <a href="https://www.simplifyingthemarket.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a> 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 <em>Bankrate</em> <a href="https://www.bankrate.com/mortgages/mortgage-student-loan-guidelines" rel="noopener noreferrer" target="_blank">says</a>:</p>
<blockquote><p><em>“. . . you can have student loans and a mortgage at the same time. . . . </em><strong><em>If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for</em></strong><em> . . .”</em></p></blockquote>
<p><strong>The key takeaway is, for many people, homeownership is achievable even with student loans. </strong></p>
<p>You don’t have to <a href="https://www.simplifyingthemarket.com/2024/02/26/the-truth-about-down-payments/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">figure this out</a> on your own. The best way to make a decision about your goals and next steps is to talk to the professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other <a href="https://www.simplifyingthemarket.com/2024/03/13/your-home-is-a-powerful-investment/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buyers</a>.</p>
<h3>Bottom Line</h3>
<p>Lots of other people with student loan debt are able to buy their <a href="https://www.simplifyingthemarket.com/2024/03/11/finding-your-perfect-home-in-a-fixer-upper/" rel="noopener noreferrer" target="_blank">own homes</a>. Talk to a lender to go over your options and see how close you are to reaching your goal.</p>
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