Tips To Help You Buy A Home Despite Student Debt

Thursday, March 1, 2018

Tips To Help You Buy A HomeDespite Student Debt (NAPSA)—'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 xa debt, with a typical balance of $29,000. WhatYou 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 moneyfor a sizable down payment of 20 percent may seem like a daunting task. Thankfully, most successful buyers cometo 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 amountof $12,350. ‘The more money you can put down, the better. Assess your current financial situation, including total expenses, and start saving as muchas 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 programsavailable for homebuyers with student debt, and many lenders have Following three tips can help you buy a homedespite having student debt. madefavorable 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 paymentaslow as3 percent. 3. Be honest about what you can afford andrely ona realestate profes- sional. When determining how much of a mortgage paymentyou can handle, be sure to factor in both the amount and total time you have left to pay off your studentloans. Don’t get stuck in a situation where your housing costs and student loansare stretching youthin. ‘That’s one reason using a Realtor, a memberof 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 www.realtor.com/realestateagents.

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