Student Loans Don't Automatically Mean You Can't Buy a Home

by Glen Baker

Student loans are back in the headlines, and if you're carrying them, you may be wondering if homeownership just got pushed even farther out of reach.

It probably didn't.

One of the biggest misconceptions I hear is, "I have student loans, so I can't buy a house."

That's simply not how it works.

Student loans are just one part of your financial picture. Lenders look at your income, your credit, your monthly debt, and something called your debt-to-income ratio (DTI). Your student loans matter, but they don't automatically disqualify you any more than a car payment or a credit card would.

In other words, having student loan debt doesn't mean you have to put your life on hold.

In fact, according to the National Association of Realtors, one out of every three first-time homebuyers still had student loan debt when they purchased their home. The median balance was about $30,400.

Think about that for a second.

Thousands of people are buying homes every year while still making student loan payments.

The biggest mistake isn't having student loans. It's assuming you don't qualify without ever asking.

I've had conversations with buyers who were convinced they were years away from owning a home, only to find out they were much closer than they thought. Sometimes it's a matter of choosing the right loan program. Sometimes it's improving one or two areas of their finances. Sometimes they're already ready.

The point is, don't eliminate yourself before you know the facts.

If buying a home is one of your goals, sit down with a lender and have the conversation. Running the numbers doesn't obligate you to buy. It gives you a roadmap. If you're ready today, great. If you're not, you'll know exactly what to work on instead of guessing.

Bottom line: Student loans don't automatically keep you from buying a home. The only way to know what's possible is to have someone look at your complete financial picture. You may be a lot closer than you think.

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