Buying a Home with Student Debt

Transcript

Have you been putting off purchasing a home because of student loans? Well today's video may help. Hi everybody, my name is Marianne Knowles with Knowles Team Tampa Bay at Lipply Real Estate and today we are going to talk about the fact that if you have student loans, you probably are thinking that this is going to be affecting your debt when it comes to purchasing a home.

Today we are going to break down some statistics and see how it could possibly still be in play if you are looking to purchase a home. According to some research about 60% of us American adults put off making some big financial decisions beceause of their student loan debt. And for millennials and gen z, the number has risen to over 70%. And when it comes to purchasing a home that is one of the biggest financial decisions. But according to the National Association of Realtors almost 40% of first time homebuyers have student loan debt and that debt usually averages around $30,000.

So what that means for you that if you are interested in purchasing a home and you have student loan debt you may be able to qualify for a loan after all - especially if you have a steady source of income. So my advice to you is to speak to a lender who can go over options with you. Sometimes lenders have multiple loan programs that you may be able to quality for.

But just don't make that decision and think that you don't qualify for a loan. Speak to a professional who's going to be able to get you to your goal. If you have any questions, please know that I am always happy to help. Otherwise, I will see you soon. Take care.

Marianne Knowles, REALTOR ~ Lipply Real Estate ~ 813-720-9201

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