College graduation is well in the rearview mirror, you’ve started your career and you’re thinking that undeniably, the next step is home ownership. But how will you ever qualify for a mortgage, as a first-time home buyer, with the student loan debt you now have?

According to data from the National Association of Realtors (NAR), when asked specifically about purchasing a home, half of non-homeowners say student loan debt is delaying them from purchasing a home (51%).  When asked why their student loans are putting their plans on the back burner, three key themes emerged:

•47% say their student loans make it harder to save for a down payment

•45% say they think they can’t qualify for a home loan because of existing debt

•43% say they believe the delay is necessary even though they’ve never applied for a mortgage

Let’s take a look at why waiting to purchase your first home, may not be necessary:

Based on the same NAR report, the data shows many current homeowner’s have student loan debt: “Nearly one-quarter of all home buyers, and 37% of first-time buyers, had student debt, with a typical amount of $30,000.”  

This alone shows that many other people with student loan debt were able to qualify for a mortgage to purchase a home.

“….buying a home with student loans is possible, experts say. The proof is in the numbers, too: Some 40 percent of first-time homebuyers have student loan debt”, according to the NAR study.

What does this all mean? Obtaining a mortgage and joining the other millions of homeowners, is possible, despite student loans.

How do you take the next steps to possible home ownership? Talk to a professional Loan Officer. They are the best resource to discuss your specific situation and what options you may have available to you. You don’t have to figure this out on your own! Lean on the expert sales personnel and preferred lenders here at Berks Homes, so you have the information you need to make an informed, confident decision.