Can I Buy a House While Paying Student Loans?

 

More than 2/3 of college graduates have student loan debt with an average balance of $30,000, and an average student loan payment is around $400, which burdens Americans more than credit card debt. Crazy right? The ultimate goal for most people is owning a house, but can you have student loans and a mortgage at the same time? Yes, yes you can! Here’s how:

1. Tip number one to getting a mortgage is not falling behind on your student loan payments. Missing a payment will hurt your credit score and mortgage lenders will see this as a red flag, so stay on top of those payments! If you can, pay a little more than the monthly balance so lenders see that you're making an effort to pay off the loans faster. 

2. Tip number two to getting a mortgage is to get someone to co-sign with you. Make sure this is a trusted person that will help with the payments, so it’s best to do this with your spouse. Combining income to get a mortgage and paying it off eases the stress from those monthly bills.

We understand that buying a home is hard when you have so many bills to pay already. Before you get into this huge responsibility, make sure you are financially stable and are sure you can afford to take on this responsibility. We offer free resources with our GreenPath Partners to help guide you in your financial journey. They can help you set up a financial plan that is unique to you and your financial struggles to help you get out of debt.

If you’re ready to buy a house and are looking for a mortgage, don’t go to the big banks or a mortgage company! We offer affordable loans for your real world needs. Our Home Loan specialists will work closely with you to determine which mortgage product is the best solution for your needs. Check out our mortgage loans here.