Are Students Loans Preventing You from Deciding to Buy a Home?

Many people have mentioned they would buy a home but their student debts are an obstacle to their homeownership dreams.

If you can relate to these people, there are few things I want you to keep in mind:

• Do you have a repayment plan? 
• Lenders will want to see that you are paying on the loans and, if possible, an income-based repayment plan.
• What's your debt-to-income ratio?
•  It’s not just student debt that will affect your ability to borrow for a home. Your overall monthly debt-to-income ratio must be below 43% to qualify for most mortgages.
• How much can you save for a downpayment? 
• Committing to a larger downpayment will make you more attractive to lenders, but if you can’t afford that, it’s worth investigating whether your individual situation would be a good fit for an FHA loan.

I hope these tips help you in your decision to pursue homeownership. Remember you can reach me on social media at the links below. Don't forget to use the hashtag #RealtyMeDallas

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Peek Dont Speak

Imagine yourself touring a home with your real estate agent and gather in the living area or foyer to discuss the property. You begin to state what you like, what you don't like, personal comments, and strategy on price & terms of a potential offer.

STOP IMMEDIATELY! 🤐

Anytime I show homes I always advise my clients to hold all comments until we've exited the property or are in the car. Why? Two words, IN-HOME SURVEILLANCE.

Surveillance cameras in the home have gained popularity for parents to check on nannies but are increasingly used by homeowners to keep an eye on buyers touring their property. Many owners may be trying to capture incidents of theft or damage but they also are able to hear/see what buyers think of their home.

Video shots on hidden cameras are often legal in all 50 states. In the state of Texas capturing the audio portion of the video is also legal since they require only one-party consent to record audio.

When you are ready to start shopping for a home be cautious that all comments you make while viewing a home -even body language- could be captured on camera and used by homeowners to gain an edge during negotiations. Just imagine the counteroffer the seller would make if they heard how much you loved the property and would be willing to offer more than asking.

Thanks for reading this month's post. Remember you can reach me on social media at the links below. Don't forget to use the hashtag #RealtyMeDallas