You don’t have to let student debt keep you from buying a home.
Did you know that you can buy a home in today’s market even if you have student debt? It’s true! In fact, a quarter of all homebuyers have student loan debt of some kind. Those buyers have an average of about $30,000 worth of debt when they apply for a home loan. On top of that, 30% of them are first-time homebuyers, meaning they aren’t purchasing with any equity either.
There are always opportunities to buy—the key is to get qualified first. When you go through the pre-approval process before you start your home search, your lenders will examine your debt, income, and credit score to match you with the mortgage package that suits your lifestyle and finances. That allows you to shop with total confidence that you’re financially safe and can afford today’s home prices.
“Getting pre-approved will match you with a mortgage that suits your finances.”
Many people believe that they need to put down 20% to purchase a home, but that’s not the case. Lots of loan products allow buyers to purchase for less than that. In some cases, you can even buy with 0% down.
If you’re looking to buy a home, give us a call or send us an email today. We can introduce you to a lender we trust so that you can examine your options and create a plan with confidence.