Many people assume that just because they have student loans, they will never be able to buy a home. you are in the early stage of your career, but if you work for a company that offers some type.
· Training to be a dental hygenist or a nursing assistant should not require student loans but it now does. If you borrowed $40K to graduate from one of these programs and are making under 60K a year, you’re going to have a problem paying back your student loan. It is for people like this that Income Based Repayment exists.
Having substantial student loan debt can be a strong deterrent for millennials from achieving important milestones in life such as purchasing a first home. Fortunately with responsible planning and budgeting it doesn’t have to be one or the other. Follow these tips so you can have your degree and buy a home too.
Having student loan debt does not automatically preclude you from qualifying for a home loan. Certain home loan programs weigh student loan debt differently when calculating your Debt To Income. Your GMFS Mortgage Loan Officer can review the best financing options for your situation.
· I’ll let you in on a little secret, if you promise not to hate me. I used to be a telemarketer. *GASP* I know, I know, not the most honorable of professions. But it had flexible hours, decent pay, and I could do my homework while the computer dialed numbers. It was the perfect job for a busy college student.
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Don’t Let Student Loan Debt Keep You From Buying a Home Flexible repayment plans can lower your monthly bill so you can finally afford a place of your own.
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If you’re saddled with student loan debt and want to buy a home, you have your work cut out for you. On average, it would take a college graduate with no student loan debt less than eight years to save enough for a 20 percent down payment on a $220,000 condo – the national median price.