Thinking about buying a home while still dealing with student loans? It's natural to wonder how your debt can impact your plans. Are you wondering if you need to clear those loans before becoming a homeowner? Well, the good news is that you might still be eligible for a home loan even with student debt. Let's dive into the most recent details to give you the insights you're looking for.

A Bankrate article explains in a conversational tone:

““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.”
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— Bankrate

Buying a home can be one of the most significant financial decisions you'll ever make. Some say that having student loans means you should wait before making that big purchase. However, it's worth considering that waiting might not always be the best choice. Your situation is specific to you, and buying a home could be more achievable than you think. Let's explore why that might be the case.

Can You Qualify for a Home Loan if You Have Student Loans?

In the latest annual report from the National Association of Realtors (NAR), they found that 38% of first-time buyers were dealing with student loan debt. On average, these buyers owed around $30,000 from their student loans.

So, what this means is that there are folks out there who, just like you, were dealing with student loans but still managed to qualify for a mortgage and buy a house. The key here is having a consistent income. Bankrate has an article discussing how this is possible, offering some insightful tips.

““. . . 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 . . .”
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— Bankrate

Absolutely! The important thing to remember is that owning a home is within reach for a lot of folks, even if they have student loans.

Don't worry about sorting this all out by yourself. The key to making decisions about your goals and next steps is to have a chat with the pros. A reliable lender can guide you through your choices tailored to your situation and fill you in on what has been successful for other homebuyers.

Bottom Line

Many folks dealing with student loan debt have successfully purchased their own homes. Why not chat with a lender to explore your possibilities and gauge how you're progressing toward your homeownership aspirations?