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home : life : finance
September 18, 2018

Tips To Help You Buy A Home Despite Student Debt

North American Precis Syndicate .

New York , NY .
Photo: NAPS

Following three tips can help you buy a home despite having student debt. (NAPS)

(NAPSI)—There's good news for young people hoping to buy their first home. A recent National Association of Realtors (NAR) survey found that buying a house while carrying student debt is not impossible. In fact, 41 percent of recent first-time buyers had student debt, with a typical balance of $29,000.

What You Need to Do

Here are three tips to help you on your journey to homeownership while paying off your loans:

1. Start saving for a down payment now. After paying rent, student loan bills and other monthly expenses, setting aside enough money for a sizable down payment of 20 percent may seem like a daunting task. Thankfully, most successful buyers come to the closing table with a lot less cash.

NAR's survey found that recent first-timers typically made a down payment of 5 percent. At the current national median existing-home sales price of $247,000, that's a much more manageable amount of $12,350.

The more money you can put down, the better. Assess your current financial situation, including total expenses, and start saving as much as you can.

2. Meet with a lender to find out your options. A lender will check your credit history, current debt obligations and other expenses to determine the amount of money you are qualified to borrow for a mortgage.

There are a number of mortgage loan programs available for homebuyers with student debt, and many lenders have made favorable changes to how this debt is calculated as part of a borrower's overall debt-to-income ratio. Furthermore, many lenders are now offering conventional loans for those with good credit with a down payment as low as 3 percent.

3. Be honest about what you can afford and rely on a real estate professional. When determining how much of a mortgage payment you can handle, be sure to factor in both the amount and total time you have left to pay off your student loans. Don't get stuck in a situation where your housing costs and student loans are stretching you thin.

That's one reason using a Realtor, a member of the National Association of Realtors, is crucial to finding a home that fits your needs. A Realtor will identify homes in your price range and negotiate on your behalf to ensure you stay within your budget.

Learn More

You can start your search today at

"A Realtor will identify homes in your price range and negotiate on your behalf to ensure you stay within your budget."

On the Net:North American Precis Syndicate, Inc.(NAPSI)

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