• Kimberly Van Hal, REALTOR

Don’t Let Student Loans Delay Your Homeownership Dreams


Are you looking to buy a home and concerned about how your student loan debt could impact on those plans? If you’re worried your student loans mean you must put your homeownership goals on hold, you’re not alone.


Do you have to delay your plans because of student loans?

Many first-time buyers believe they must delay their plans. According to data from the National Association of Realtors (NAR), half of nonhomeowners say student loan debt is delaying them from purchasing a home. When asked why their student loans are putting their plans on the back burner, three key themes emerged:

  • 47% say their student loans make it harder to save for a down payment,

  • 45% say they think they can’t qualify for a home loan because of existing debt, and

  • 43% say they believe the delay is necessary even though they’ve never applied for a mortgage.

No matter which reason resonates most with you, you should know a delay may not be necessary.


In the same NAR report, data shows many current homeowners have student loan debt themselves. Nearly 25% of all home buyers - and 37% of first-time buyers - had student debt, with a typical amount of $30,000. That means other people in a comparable situation were able to qualify for and buy a home even though they also had student loan debt.


The Key Takeaway

Everyone’s situation is unique. For many people, homeownership is achievable even with student loans. The best way to decide about your goals is to talk to the professionals. A mortgage lender can walk you through your specific situation and your options. As a reaI estate specialist, I can show you what your purchasing power can buy in today's market and help you achieve the goal of becoming a homeowner.


Gate City Bank offers The BetterLife™ Student Loan program, the first and only one of its kind in the nation. It was created to help customers consolidate student loan debt into a low, fixed rate interest loan. How can the program benefit you?

  • Consolidate your student loans,

  • Help you buy your first home by decreasing monthly student loan payments,

  • Pay off student loans faster by shortening the repayment period, and

  • Allow you flexibility to purchase more home or upgrade to a bigger home.

You don’t have to figure this out on your own – lean on the experts so you have the information you need to make an informed, confident decision.


Bottom Line

Many other buyers with student loan debt are already achieving their homeownership dreams. Maybe it’s time to take the next step toward making yours a reality. Contact me to discuss your options and find out how close you are to achieving your goal.

 

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