Buying a home with high student loan debt was rough and it ultimately kicked off my debt free journey. It all started with my pre-approval amount. At the time, I wasn’t aware of how student loans affect homebuying but it did in 3 main ways: your pre-approval amount which is impacted by your debt-to-income ratio which is impacted by your debt, savings, income which ultimately impacts how much lenders are willing to loan to you to buy a house. I was also in a high-cost-of-living area and that first pre-approved amount of $210,000 was not enough.

I quickly realized that after only being able to look at the homes in my price range - and they weren’t plentiful. So if you ever wondered how student loan debt affects buying a house, there it is. The process was very challenging for me and my lender/agent at the time encouraged me to pay off some debt and then resume the process. High student loan debt and buying a house were feeling impossible. Instead of lowering the student loan debt, I paid off all of the student loan debt.

In this video, I’m going to answer the burning question “can I buy a house with student loan debt” (and the answer is yes, but it impacts you in many ways. Watch this video for a breakdown of how student loans impact homebuying (my 4 ways). I’m also going to break down how to pay off student loans quickly i.e. how to pay off student loan debt faster because life is only getting more expensive.

I personally followed the debt avalanche method but I’ll discuss the debt snowball method for paying off debt. Lastly, I’ll wrap it up with some personal tips for how to pay off student loans fast with low income. These worked for me and I hope they work for you too!

Relevant videos:

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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