The Truth About Homeownership and Loans

If you’re facing student loan debt, it can seem like homeownership might not be the right step for you until you’re debt free. This can be a daunting and overwhelming feeling, especially if you’re itching to take that next big step! Thankfully, this statement is far from the truth and you can absolutely purchase a home while still having debt.

Wanting to buy a home is one of the biggest financial decisions you can make in your life, and every buyer’s situation and experience will be unique. While it can be tricky to save while also paying off your student loans, it isn’t impossible. Despite the myth you may have heard that a down payment needs to be at least 20% of your desired home’s price, the truth is that it can be as low as 3.5%! Thanks to this lower amount, it may be easier to save and reach the amount you need to have to make a downpayment on your home while paying back those loans.

Still feeling unsure about reaching your goal of homeownership? There are plenty of homebuyer assistance programs that are made specifically for first time buyers. By working with a trusted loan officer, you will have access to information regarding many of these programs, and be able to find which is the best fit for you.

Considering buying a home while paying back a student loan might seem like a scary situation, but with the right team on your side, it isn’t at all! Having a knowledgeable real estate team on your side to help you make the most of your situation and tell you what you can really afford is the difference between owning your own property and paying off someone else’s mortgage. Don’t wait for a “better time” to buy一get in touch with a member of the Shorewest team to get started on your first home buying journey!

Tags: first time buyer, first time home buyer, Home Owner, Homeownership, student debt, student loans