Housing Market Update
Buying a Home with Student Loans
- Many people believe they are ineligible of purchasing a new home due to student loan debt
- Understand that debt-to-income ratio compares your monthly reoccurring debt to your income
- Ideally you don’t want your debt to be more than 45% of your income
- Student loans will not exclude you from buying a home, but go over it with a mortgage advisor first
- To improve your DTI, you can pay your debt as much as possible including credit cards and any other loan you have
- Wait to make any large purchases, such as a new car, until after you purchase your home
- Consider all loan types to improve your chances of qualifying including a Conventional loan, an FHA or a VA loan
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