Student Loans Don't Have to Delay Your Homebuilding Dreams

When it comes to building a home, buyers may question how their student loans are going to impact their plan. Do your loans need to be completely paid off before you can build a home? Are you able to qualify for a mortgage with the student loan debt you have? These are questions that a potential homebuyer may ask when deciding to build their dream home.

To answer these questions, we are going to look at data that will help you achieve your dream of building your first home and what you can expect. Everyone has different situations, but the end goal may be closer than you realize.

Will student loans delay your plans?

You are not alone if you believe that your student loans will cause you to have to put your homebuilding dreams on hold. According to the National Association of Realtors data, “When asked specifically about purchasing a home, half of nonhomeowners say student loan debt is delaying them from purchasing a home (51%).”

Some were asked why their student loans are putting their plans on hold, and three main points were shown:

1.     “47% say their student loans make it harder to save for a down payment”

2.     “45% say they think that they can’t qualify for a home loan because of existing debt”

3.     “43% say they believe the delay is necessary even though they’ve never applied for a mortgage”

One or more of these reasons may resonate with you, but you need to know that it is not necessary to put your homebuilding dreams on hold because of student loans.

If I have student loans, will I qualify for a home loan?

According to the same NAR report, it is shown that several homeowners have student loan debt as well:

“Nearly one-quarter of all home buyers, and 37% of first-time buyers, had student debt, with a typical amount of $30,000.”

This proves that other people who were in the same situation still had the ability to qualify for a home and buy one, even though they had student loan debt. If you have a steady source of income, you can do the same. A quote from Apartment Therapy says “buying a home with student loans is possible experts say. The proof is in the numbers, too. Some 40 percent of first-time homebuyers have student loan debt, according to the NAR study."

The main point is that homebuilding is possible with student loans.

 One way to decide is by speaking with a professional about your goals and the next steps that you can take. Whether you speak with a financial advisor, a real estate advisor, etc., there are plenty of people willing to help with your situation and help you better understand your options.

Bottom Line

There are several buyers that are achieving their homeownership dreams even though they have student loan debt. At Faber Builders, Inc. we want to help you decide in building your dream home with us. We have salesman who are ready to answer your questions and guide you through the process. Contact us today to get started towards building your dream home!

The post "Don't Let Student Loans Delay Your Homeownership Dreams" was originally posted on the Keeping Current Matters website.