Eliminate Expensive Debt. Your student loan debt might not be the only stumbling block to saving for a down payment. If you have high-interest debt such as credit card debt, you need to focus on paying that off before you start saving to buy a house, said Carla Dearing, CEO of online financial wellness service SUM180.
· Reducing Your Student Loan Debt. If you want to buy a home in the near future and your DTI is too high to qualify for a mortgage, there are several steps you can take to reduce your student loan debt. Pay more toward your student loan every month. Cut back on discretionary spending, such as eating out or buying new clothes, and put the extra money toward your student loan payments.
You’re young, have a good job and want to buy a home. But you don’t think you can afford a home because you’re weighed down with student loans. You might be in luck. There are ways to afford.
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5 Tips for Buying a Home When You Have Student Loan Debt With $28,000 in student loan debt when he graduated from college last spring, Patrick O’Keefe took a step that not many students would take when looking to get out of debt: He signed up for a 30-year mortgage to buy a house.
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According to a 2018 Student Loan Hero survey, 43% of college-educated Americans with student loans said they postponed buying a home because of their debt. But student loans don’t have to keep you from buying a house, as long as you’re comfortable with taking on additional debt.
HOW TO BUY A HOUSE WHEN YOU HAVE CRIPPLING STUDENT LOAN DEBT. purchased a house while also dealing with some pretty significant student loan debt. Turns out the government has tons of programs.
· If you have a high ratio of student loan debt, it could be challenging to get the financing needed to buy a house in the first place. Mortgage companies look at your income to debt ratios, and if your student loan debt is too high, you may not qualify for financing. You will likely need a 43 percent debt-to-income ratio to qualify.