Don’t Let Your Student Loans Delay Your Homeownership Plans

Don’t Let Your Student Loans Delay Your Homeownership Plans

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 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.

A Bankrate article explains:

“Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”

This includes one of the biggest financial decisions you’ll ever make, buying a home. But 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. 

You don’t have to figure this out on your own. The best way to decide on your goals and next steps is to talk to professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other buyers.

Learn how to achieve homeownership without letting student loans hold you back. Discover strategies for managing debt and navigating the home-buying process effectively, even with student loans.

• Overcoming student loans for homeownership
• Buying a home with student debt
• Debt management and home buying
• Strategies for homeownership with student loans
• Home buying advice for loan borrowers

Learn more::

• Federal Student Aid - Insightful resources on managing your student loans effectively.
• Investopedia Home Buying Guide - Tips on buying a home and managing finances, including student debt.
• NerdWallet Homeownership - Practical advice on achieving homeownership with student loans.

Bottom Line

Lots of other people with student loan debt are able to buy their own homes. Talk to a lender to go over your options and see how close you are to reaching your goal.