Buying a home with high student loan debt is possible but it’s not always a guarantee. As a first time home buyer, I remember what it was like and that’s why paying off student loans before buying a house became a priority for me. 

When I first started my homebuying journey, I knew how to get a mortgage with student loan debt. But in a few short months, I knew I needed to step back because my debt-to-income ratio was too high. Back then, I was living in a city that had a high cost of living. So despite making pretty good money, I still struggled to find a house because getting a mortgage with student loans affects everyone differently. I had a low pre-approval amount, which wasn’t helpful but it was due to the high amount of debt I had, the okay credit score I was carrying, and my overall financial profile. 

Despite all that, I knew how to get approved for a house with student loans so I did. I started shopping for homes with my agent but never had an offer accepted. Eventually, my agent and lender at the time encouraged me to take some time to pay off some debt. Doing so would lower my debt-to-income ratio and help me qualify for more once pre-approved again. but I did more than that because getting a mortgage with student loans wasn’t possible at that moment. And I never wanted to be denied again. So I paid all of my student loans off!

In this video, I’ll answer the question “Do student loans impact you from buying a house” and walk you through a few ways that it impacted my experience. This is going to be different for everyone as we all have our own credit scores, debt amounts, and income. But I’d rather you know now, than to get excited about buying when it doesn’t make sense financially to do so at that moment.

I accomplished my homebuying goal a few years later with strategy and determination. But with these tips, you can fast-track that process. Let’s get into it!

Relevant videos:

5 Things I Wish I Knew In My 20s: https://youtu.be/siCJ1cqT53g

5 Money Moves I'm Making In My 30s: https://youtu.be/SJvfzxhdAIQ

Does student loan debt impact you from buying a house? Yes: https://www.youtube.com/watch?v=G8f2_d63a2E&t=0s

My debt free journey: https://www.youtube.com/watch?v=C0Tyt3n7PCY&t=0s

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