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How To Purchase A Home With High Student Loan Debt Levels
Hi,
This is Ron Siegel. If you're carrying a heavy load of student debt, you might think buying your home is out of reach. But that's not necessarily the case. I'd like to share some good news on how you can still purchase a home despite high student loan debt.
Firstly, remember that the size of your student debt doesn't necessarily damage your credit score. Credit cards impact your credit score more than your student loans, especially if you're keeping up with your student loan payments.
Being on the right repayment plan for your student loans helps when it comes to your Debt-to-Income (DTI) ratio. This ratio can influence your ability to get a mortgage. Plus, being on the right plan can also free up some of your income, which can help you save for a down payment on a house.
Speaking of down payments, did you know they can be as low as 4 - 4.5%? That includes closing costs, moving expenses, and other costs associated with buying a home.
So, even with a large amount of student debt, keep pursuing your dream of owning a home. For more information on this, make sure to watch the video above. Remember, carrying student debt doesn't mean you can't start building equity in a home now.
This is Ron Siegel. If you're carrying a heavy load of student debt, you might think buying your home is out of reach. But that's not necessarily the case. I'd like to share some good news on how you can still purchase a home despite high student loan debt.
Firstly, remember that the size of your student debt doesn't necessarily damage your credit score. Credit cards impact your credit score more than your student loans, especially if you're keeping up with your student loan payments.
Being on the right repayment plan for your student loans helps when it comes to your Debt-to-Income (DTI) ratio. This ratio can influence your ability to get a mortgage. Plus, being on the right plan can also free up some of your income, which can help you save for a down payment on a house.
Speaking of down payments, did you know they can be as low as 4 - 4.5%? That includes closing costs, moving expenses, and other costs associated with buying a home.
So, even with a large amount of student debt, keep pursuing your dream of owning a home. For more information on this, make sure to watch the video above. Remember, carrying student debt doesn't mean you can't start building equity in a home now.