Student Loan DebtHave you ever thought to yourself that you have too much student loan debt and will not be able to purchase a home? You are not the only one to think this and you might be surprised
Student Loan Debt
Dated: July 31 2019
Student Loan Debt
Have you ever thought to yourself that you have too much student loan debt and will not be able to purchase a home? You are not the only one to think this and you might be surprised to find out you can purchase a home. According to recent statistics from Forbes magazine nearly 2.2 million student loan borrowers have a student loan balance of at least $100,000. There is 31 billion of student loan debt that is 90 or more days overdue and there is nearly 850 billion of student loan debt outstanding for borrowers age 40 or younger.
You are not the only one with student loan debts and here are the things that you can focus on that directly correlate with your ability to purchase a home.
1. Focus on your credit score. Ideally, you want to be at 640 to be able to qualify for a home mortgage loan but this is only a norm. There are many programs out there that will cater to different scores.
2. When qualifying to buy a home it is important to focus on your debt to income ratio. This is a ratio used by lenders that will help determine your ability to qualify for a loan. The question becomes are you making enough to off-set your debt? There are ways you can improve your debt to income ration by talking with a loan officer.
3. Make sure you are making your payments on time.
4. Take the time to talk with a loan officer about your buying power. Just because you take the time to have a phone call does not mean that you will be forced into buying a home. It just means that you are taking the steps to see what your buying power is and what steps you can take to improve upon it. Then it is up to you what you do with the information you receive.
If you are curious about what your buying power could be, please reach out to me at 602-531-5514 or e-mail me at firstname.lastname@example.org. I would be glad to get you going in the right direction.
I became a Realtor in 2016 when I had to make a change in careers for my health. While I miss teaching everyday, I am grateful for this professions because in many ways it is an extension of teaching.....