Bad student loans
Working hard and busting your rear to get through college. Then, landing a job and hustling non-stop. Finally, you’re ready to make that big step of buying your first home but you find out you can’t due to your high student loans.
You are not alone. Excessive student loans have held back two potential clients of mine, I was trying to help look for a home, in the past three weeks.
Buying a house with student loans
Depending on how much you owe, there are ways you can help increase your chances of getting pre-approved for buying a house with student loans. Here are a few things you can do.
1. Work on your credit score
Your credit score is a big determinant when buying a home. Start off by paying off any credit card debt you may have. Then, continue using your credit cards but make sure to pay the full balance and on time every time.
2. Keep your expenses down
Another big determinant when buying a home on student loans is your debt-to-income ratio. It is what home lenders use to see that you are able to afford the loan and pay the mortgage.
Again, pay off your debts and keep your expenses down so you do not have to worry about accumulating debt again. Make sure to have a budgeting system in place and stick to it! Your financial stress levels will decrease and your wallet will thank you.
3. Talk to a home lender
The above 2 suggestions are a great start in your pursuit of buying a home. If you want a more precise guide and time-line on when you can buy a home then talk to a lender.
A home lender will review your current financial standing and let you know exactly what you need to do in order to make that big step of buying a home on student loans. Depending on the course of action, both you and your lender can determine a time-frame of when this will be achieved.
Are you ready to make the big step in buying a home?
Hiring the right real estate agent is the next step once you have your financials in place to buy a home!
With over 16 years of experience, we are sure we can make your first time home purchase a success. We will guide you step by step through the whole process.
Call or Text (305) 305-1535 Today!
Categories: Real Estate Blog