{"id":128,"date":"2022-09-06T09:16:25","date_gmt":"2022-09-06T07:16:25","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/?p=128"},"modified":"2022-09-06T12:26:06","modified_gmt":"2022-09-06T10:26:06","slug":"how-student-loan-financial-obligation-can-impact-buying-a-home","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/how-student-loan-financial-obligation-can-impact-buying-a-home\/","title":{"rendered":"How Student Loan Financial Obligation Can Impact Buying a Home"},"content":{"rendered":"<p><span style=\"font-weight: 400\">It\u2019s no secret that student loan debt is a major issue. As of 2022, there are more than 44 million people with outstanding <a href=\"https:\/\/oxfordwisefinance.com\/blog\/pros-and-cons-of-paying-off-trainee-loans-early\/\" target=\"_blank\" rel=\"noopener\">student loans<\/a>.\u00a0 The <\/span><span style=\"font-weight: 400\">average student loan balance<\/span><span style=\"font-weight: 400\"> is $39,487, so it\u2019s no wonder that people are struggling with their debt.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you\u2019re one of the millions with education debt, you know how burdensome they can be. But do student loans affect buying a house? The answer is yes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a <\/span><span style=\"font-weight: 400\">study<\/span><span style=\"font-weight: 400\">, researchers found that the decline in homeownership among young adults \u2014 individuals between 24 to 32 \u2014 was partially due to increased student loan debt. There are multiple reasons why student loans can affect homeownership, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><a href=\"https:\/\/oxfordwisefinance.com\/blog\/whats-forbearance-on-a-student-loan\/\">Student loan<\/a> debt can damage your credit.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Your debt-to-income ratio may be too high.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You may struggle to come up with a down payment.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Let\u2019s take a look at each of these in more detail.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How Do Student Loans Affect Buying a House?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If you dream of becoming a homeowner, you may wonder, \u201cdoes student debt affect getting a mortgage?\u201d While having student loan debt doesn\u2019t make it impossible to buy a home, it can be more difficult for the following reasons:\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Student Loans and Debt-to-Income Ratio<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Your debt-to-income ratio (DTI)\u00a0 is one of the key factors lenders look at when you\u2019re applying for a mortgage. DTI is a calculation that measures how much of your monthly income goes towards debt payments. The higher your DTI, the less likely you are to get <a href=\"https:\/\/oxfordwisefinance.com\/blog\/how-to-get-your-loan-approved\/\">approved for a loan<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For example, let\u2019s say your monthly income is $4,000. Your monthly student <a href=\"https:\/\/oxfordwisefinance.com\/same-day-payday-loans\/\" target=\"_blank\" rel=\"noopener\">loan payment<\/a> is $400, your car payment is $350, and you pay $250 per month toward your credit cards, giving you a total of $1,000 in monthly debt payments. Divide that number by your monthly income \u2014 $4,000 \u2014 to get your DTI. In this case, your DTI is 25%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In general, mortgage lenders look for a DTI of <\/span><span style=\"font-weight: 400\">43%<\/span><span style=\"font-weight: 400\"> or lower. Even Federal Housing Administration (FHA) loans, which have less-stringent requirements, require a fairly low DTI. If you have a substantial amount of student loan debt, your monthly payments may cause you to have a much higher DTI, making it difficult to qualify for a home loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">To improve your chances of getting a loan, look for ways to <\/span><span style=\"font-weight: 400\">lower your debt-to-income ratio<\/span><span style=\"font-weight: 400\">, such as paying off debt or increasing your income.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Student Loans and Credit Score<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Your <a href=\"https:\/\/oxfordwisefinance.com\/online-payday-loans-for-bad-credit\/\" target=\"_blank\" rel=\"noopener\">credit score<\/a> is another important factor that mortgage lenders will look at when you\u2019re applying for a loan. A good <a href=\"https:\/\/oxfordwisefinance.com\/blog\/what-is-credit-history-all-the-information-you-need\/\">credit score shows lenders that you\u2019re a responsible borrower and that you have a good history<\/a> of making on-time payments.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you have student loan debt, there\u2019s a chance it could impact your credit score. The most common student loan-related issue is missed payments. If you miss a student loan payment, the delinquency is reported to the credit bureaus, and a single late payment can dramatically damage your credit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Before <a href=\"https:\/\/oxfordwisefinance.com\/blog\/applying-for-a-no-credit-history-loan\/\">applying for a mortgage,\u00a0 it\u2019s a good idea to check your credit<\/a> score and see where you stand. You can get a free credit report from <\/span><span style=\"font-weight: 400\">AnnualCreditReport.com<\/span><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Student Loans and Saving for Down Payment<\/span><\/h3>\n<p><span style=\"font-weight: 400\">In addition to having a good <a href=\"https:\/\/oxfordwisefinance.com\/blog\/improve-your-credit-score-with-a-credit-builder-loan\/\">credit score<\/a> and DTI ratio, you also need to have money saved up for a down payment on a house. The usual recommendation is to save 20% of the desired home\u2019s value, but there are some mortgage options that require less.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you have student loan debt,\u00a0 it can be more difficult to come up with a down payment. That\u2019s because you have less money available each month after making your loan payments, making it hard to decide between <\/span><span style=\"font-weight: 400\">saving or paying off debt<\/span><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the Federal Reserve, the typical payment is <\/span><span style=\"font-weight: 400\">$200 to $299 per month<\/span><span style=\"font-weight: 400\">, which may take up a significant amount of your discretionary income. Over the course of five years, you\u2019d <a href=\"https:\/\/oxfordwisefinance.com\/blog\/what-happens-if-you-dont-pay-off-a-payday-loan\/\">pay between $12,000 and $17,940 toward your loans<\/a> \u2014 depending on where you live, that\u2019s enough to be a decent down payment on a house.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, it\u2019s still <a href=\"https:\/\/oxfordwisefinance.com\/blog\/possible-finance-bad-credit-loans-with-no-prepayment-penalties\/\">possible to buy a home even with student loans<\/a>. There may be homebuyer assistance programs in your state that could help you with the down payment or closing costs, or you may <a href=\"https:\/\/oxfordwisefinance.com\/blog\/how-to-qualify-for-an-unsecured-loan\/\">qualify for an FHA loan<\/a> that allows you to put down as little as 3.5%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You can use the <\/span><span style=\"font-weight: 400\">U.S. Department of Housing and Urban Development\u2019s database<\/span><span style=\"font-weight: 400\"> to find homebuyer programs in your area. <\/span><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Paying Off Student Loans Before Buying a Home<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Many borrowers decide to pay off their student loans in full before buying a home. However, that may not be practical for everyone. With rising housing prices, waiting 10 to 25 years to buy a home may not be realistic or financially wise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Even if you have outstanding loans, you can still become a homeowner by taking advantage of homebuyer assistance programs or using an FHA loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, there are some cases where it may not make sense to buy a <a href=\"https:\/\/oxfordwisefinance.com\/blog\/is-a-home-equity-loan-the-best-loan-for-debt-consolidation\/\">home when you have student loan debt<\/a>. For example:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If you\u2019re barely making ends meet due to your student loan payments, you likely can\u2019t afford to add a mortgage, maintenance costs, and property taxes to your budget.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If your debt causes you significant financial stress, taking on a mortgage will only make you more anxious.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">If you may be eligible for loan forgiveness or will pay off your loans in the next six to 18 months, it may be better to wait.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">In these scenarios, waiting to buy a home until after the loans are eliminated may be a better choice.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Refinance Student Loans to Lighten the Burden of Buying a Home<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If you want to buy a home, student loan refinancing could help you accomplish your goal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Refinancing is the process of taking out a new loan to pay off existing loans. The <\/span><span style=\"font-weight: 400\">benefits of student loan refinancing<\/span><span style=\"font-weight: 400\"> can help prospective homebuyers in the following ways:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b><a href=\"https:\/\/oxfordwisefinance.com\/blog\/2-reasons-not-to-open-a-high-yield-savings-account-and-why-theyre-wrong\/\">Savings<\/a><\/b><span style=\"font-weight: 400\">: When you refinance student loans, you may be able to get a <\/span><span style=\"font-weight: 400\">lower interest rate<\/span><span style=\"font-weight: 400\">. With a lower rate, you may have a smaller monthly payment, and you may <a href=\"https:\/\/oxfordwisefinance.com\/blog\/5-tips-for-paying-back-a-personal-loan-early\/\">pay off your loans<\/a> faster, freeing up money for a down payment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Lower DTI: <\/b>You may be able to choose a new student <a href=\"https:\/\/oxfordwisefinance.com\/blog\/refinancing-payday-loans-in-riverside\/\">loan refinancing<\/a> repayment term \u2014 lenders offer terms as long as 20 years \u2014 which will give you a lower monthly payment. You\u2019ll pay more in interest over time, but you will have a lower DTI, making it easier to qualify for a mortgage.<\/span><\/li>\n<li style=\"font-weight: 400\"><b><a href=\"https:\/\/oxfordwisefinance.com\/blog\/consolidating-your-debt-key-advantages-and-disadvantages\/\">Simplifying Debt: <\/a><\/b><span style=\"font-weight: 400\">When you refinance, all of your existing loans are combined into one. With just one loan to manage, it\u2019s easier to stay on track with your payments, so you\u2019re less likely to miss a payment and damage your credit.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Be aware that refinancing has some drawbacks if you have federal loans. If you refinance federal student loans, they are transferred to a private lender, and you\u2019ll no longer be eligible for federal <a href=\"https:\/\/oxfordwisefinance.com\/blog\/7-benefits-of-an-installation-loan-2\/\">loan benefits<\/a>. Carefully consider the pros and cons of refinancing before making a decision.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Refinance Your Student Loans With ELFI and Reach Your Goals\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400\">With <a href=\"https:\/\/www.southeastbank.com\/special-programs\/elfi\" target=\"_blank\" rel=\"nofollow noopener\">ELFI<\/a>, you can refinance federal and private student loans and have up to 20 years to repay your debt. ELFI offers both variable and fixed interest rates. It has a <\/span><span style=\"font-weight: 400\">student loan refinance calculator<\/span><span style=\"font-weight: 400\"> you can use to see how refinancing would affect your monthly payment amount and total repayment cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You can use the Find My <a href=\"https:\/\/oxfordwisefinance.com\/blog\/will-my-credit-rating-decrease-if-i-obtain-a-loan\/\">Rate tool to view your loan options without affecting your credit<\/a>. And if you need more help with student <a href=\"https:\/\/oxfordwisefinance.com\/blog\/making-an-application-for-a-loan-online-vs-in-person-whats-the-best-and-trustworthy-option\/\">loan refinancing, ELFI\u2019s student loan advisors can provide personalized<\/a>, one-on-one assistance.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s no secret that student loan debt is a major issue. As [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","pagelayer_contact_templates":[],"_pagelayer_content":"","iawp_total_views":1,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[142,150],"tags":[],"class_list":["post-128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-business","category-home-buying","col-md-12"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Student Loan Financial Obligation Can Impact Buying a Home - Blog - Oxford Wise Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oxfordwisefinance.com\/blog\/how-student-loan-financial-obligation-can-impact-buying-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Student Loan Financial Obligation Can Impact Buying a Home - Blog - Oxford Wise Finance\" \/>\n<meta property=\"og:description\" content=\"It\u2019s no secret that student loan debt is a major issue. 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