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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