Don’t Let Your Student Loans Delay Your Homeownership Plans

Are you looking to buy a home in the Kansas City area, but are wondering how student loan debt could affect your plans? Many KC homebuyers feel they need to wait until they pay off their loans before purchasing their first home. But could you still qualify for a home loan even with that debt? Let's look at recent real estate information to answer this question.

Bankrate article explains:

"Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent."

These decision-making delays include one of the most significant purchases many individuals will ever make: buying a home. It's essential to understand that waiting to buy a Kansas City home may not be necessary, even with student loans. No two homebuyer situations are the same, but your homeownership dreams could be closer to reality than you think.

Qualifying for a Home Loan with Student Loan Debt

An annual report from the National Association of Realtors (NAR) states that 38% of first-time homebuyers had student loan debt, with a national average of $30,000.

What does this mean for you? Other buyers in a similar situation qualified for a loan and bought a home in the current housing market. You may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says:

". . . you can have student loans and a mortgage at the same time. . . . If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for . . ."

The key takeaway is this: Kansas City homeownership is achievable even with student loans. 

You don't have to navigate the homebuying journey on your own. The Just Say Home buyer's agents will help you clarify your goals, understand your budget, and connect you with a trusted Kansas City lender. These KC professionals can explain the financial options available based on your current situation and share what's worked for others in similar circumstances.

Bottom Line

Many first-time homebuyers are making the dream of KC homeownership a reality, even with student loan debt. The Just Say Home KC real estate experts can connect you with a trusted Kansas City lender, help you explore your options in the area, and navigate you through the homebuying process from start to finish.

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