{"id":3768,"date":"2024-02-23T09:47:13","date_gmt":"2024-02-23T14:47:13","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3768"},"modified":"2024-04-25T23:16:58","modified_gmt":"2024-04-26T03:16:58","slug":"do-i-have-to-pay-off-my-student-loans-before-buying-a-home","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home\/","title":{"rendered":"Do I Have to Pay Off My Student Loans Before Buying a Home?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"606\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home-1024x606.jpg\" alt=\"\" class=\"wp-image-3769\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home-1024x606.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home-300x177.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home-768x454.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/do-i-have-to-pay-off-my-student-loans-before-buying-a-home.jpg 1432w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This month, 150,000+ people received emails that say some of their student loan debt will be forgiven. The latest $1.2 billion worth of debt forgiveness is a ray of sunshine for many potential first-time homebuyers. It impacts a person\u2019s access to mortgage loans, and therefore the ability to acquire property deeds.<\/p>\n\n\n\n<p>But what about the student debt that the borrowers still have to pay? Some graduates pay off their loans, and must (or choose to) delay home buying to do that.<\/p>\n\n\n\n<p>Others say: Forget waiting. If it\u2019s possible, let\u2019s buy a home today. Yes, having the student loan done and gone would be great \u2014 but there\u2019s a lot to be said for putting a foot on the <a href=\"https:\/\/www.deeds.com\/articles\/homeownership-an-upper-class-thing-now\/\">homeownership ladder<\/a> now.<\/p>\n\n\n\n<p>Each person has to do what\u2019s best in their circumstances. But looking at some specific parts of this question can help readers come to their own sound decisions.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Getting Your Bearings: What Are the Key Financial Factors?<\/h2>\n\n\n\n<p>Having surveyed recent home buyers, the National Association of REALTORS\u00ae reports:<\/p>\n\n\n\n<p><em>[N]early one-quarter of all home buyers, and 37% of first-time buyers, have student loan debt, with a typical amount of $30,000. Even more troubling, 61% of non-homeowning millennials said that student loan debt is delaying their ability to buy a home.<\/em><\/p>\n\n\n\n<p>Many will have no choice but to wait and pay down debt. But many more (that 37% of first-time buyers) will go ahead and take on multiple loan accounts. The factors that go into the weighing of the pros and cons are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How much your total monthly loan payments (including interest) will cost. Will carrying multiple, substantial loans be too stressful?<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The amount of your down payment. The larger the down payment, the easier the monthly payments will be, and the sooner you build home equity if all goes well with your local market. &nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your potential, if you buy now, to continue earning and building home equity. Confidence in your ability to pay off multiple loans in the future will depend on this.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The current mortgage rates. To lock in specific rates that you believe are desirable, you might need to decide on buying a home quickly.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Potential to refinance to a lower mortgage rate in the future. If the rates look like they could drop later, refinancing might play a role in your future plans.<\/li>\n<\/ul>\n\n\n\n<p>Now, the very first question is if you\u2019re ready to buy. If not, then of course delaying and paying off the student debt makes sense.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">At the Threshold: Are You Ready for Homeownership?<\/h2>\n\n\n\n<p>Not everyone is ready to commit to a place for the time it\u2019ll take to break even on the investment. It may be a better idea to rent for now, and that\u2019s OK. If you\u2019re not in the position to commit to a home purchase, you might want to rent and just keep paying off the student debt.<\/p>\n\n\n\n<p>Some people do not consider owning a home a key goal. But if you do want to buy eventually, the strongest way to go into the market is with manageable debt, and ample funds for a down payment, home maintenance and so forth. So you start off by saving up.<\/p>\n\n\n\n<p>Then, when interest rates drop below a certain amount, you might decide to take on a mortgage.<\/p>\n\n\n\n<p>And at that point, because you\u2019ll need cash reserves, submitting that final student loan payoff before acquiring a home deed might not be possible, but you followed your plan. You\u2019re ready to handle the remaining student loan debt, and buy a home too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Going for It: Why Some People Buy Homes Before Paying Off Student Loans<\/h2>\n\n\n\n<p><em>Thirty-six percent of student loan debt holders say student loan debt delayed their decision to move out of a family member&#8217;s home, a percentage that rises to 52% among Black debt holders.<\/em><\/p>\n\n\n\n<p>\u2014National Association of REALTORS\u00ae<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"542\" height=\"361\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/different-strokes-some-folks-want-to-pay-off-debt-first.jpg\" alt=\"\" class=\"wp-image-3770\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/different-strokes-some-folks-want-to-pay-off-debt-first.jpg 542w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/02\/different-strokes-some-folks-want-to-pay-off-debt-first-300x200.jpg 300w\" sizes=\"auto, (max-width: 542px) 100vw, 542px\" \/><\/figure>\n\n\n\n<p>You might be committed to save, pay down student debt, and later apply for a mortgage when your financial outlook is better.<\/p>\n\n\n\n<p>Then again, you might be able to pay student loans and handle a mortgage at the same time. Many people do.<\/p>\n\n\n\n<p>Potential buyers can sit down with a mortgage consultant. A helpful mortgage specialist can go through hopeful applicants\u2019 financial numbers and offer important guidance. It\u2019s a great way to get oriented, for those with a financial balancing act to plan out.<\/p>\n\n\n\n<p>Perhaps the consultant will say your income is high enough that you can handle mortgage and student debt together. Perhaps keeping your student loan account open and up-to-date will be good for your credit profile.<\/p>\n\n\n\n<p><strong><em>Note:<\/em><\/strong> People who have federal student loan debt may be eligible for a portion of 2023 loan interest tax deductions of up to $2,500. Don\u2019t miss that provision when working on your 2023 IRS return.<\/p>\n\n\n\n<p>For some people, it may be a good idea to partially pay down the student debt, so that it\u2019s not a hardship when combined with a mortgage. For other borrowers, paying only the minimum on the student debt account makes sense, as this frees up more cash to put money down on a home.<\/p>\n\n\n\n<p>Each person\u2019s situation is unique. Yet everyone has the same set of questions to go over with a mortgage specialist. &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Different Strokes: Some Buyers Want to Pay Off Student Debt First<\/h2>\n\n\n\n<p>For those with the income to do it, repaying the student loans could take a mental load off. If the student debt interest is high, all the more so.<\/p>\n\n\n\n<p>Let\u2019s check out some common reasons people decide to delay homeownership and opt to pay their student loans off first.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>My DTI? It\u2019s Too Darned High!<\/strong><\/h3>\n\n\n\n<p>If your goal is to qualify for a mortgage, then your monthly income can\u2019t be overallocated to loans and debts. The percentage of your income that goes to pay off cards and loans becomes your <a href=\"https:\/\/www.deeds.com\/articles\/all-about-dti-how-much-debt-is-too-much-if-i-want-to-buy-a-home\/\">debt-to-income ratio (DTI)<\/a>. If you have a DTI (debt versus income) that\u2019s under 36%, you\u2019ll have an easier time repaying your student loan debt, so you present less risk to lenders. DTI over 43%? It\u2019ll be hard to find a lender at all until you\u2019ve either paid down debt, or boosted your income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Down Payment? I Can\u2019t Even!<\/strong><\/h3>\n\n\n\n<p>Many new home buyers aim to put 20% down on the purchase price. That makes a mortgage easier to handle \u2014 and it means having to pay <a href=\"https:\/\/www.deeds.com\/articles\/a-guide-to-private-mortgage-insurance\/\">private mortgage insurance (PMI)<\/a> never becomes an issue. Other buyers opt for a conventional mortgage with as little as 3% down which they refinance later to drop the PMI charge. Still others opt for government-backed loans, which typically call for at least <a href=\"https:\/\/www.deeds.com\/articles\/thinking-about-an-fha-mortgage-in-2023-heres-what-you-need-to-know\/\">3.5% down<\/a> (with PMI). Regardless of the borrower\u2019s choice of loans, a buyer has to reserve some cash to cover potential emergency costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>These Home Prices! Who Wants to Buy at the Top?&nbsp;<\/strong><\/h3>\n\n\n\n<p>It\u2019s no secret. Home prices have risen in recent years. If you\u2019d like to buy, but the market is just too pricey where you are, you might need more time to prepare. That doesn\u2019t mean forgetting all about getting a deed in your name!<\/p>\n\n\n\n<p>Here\u2019s a key point to keep in mind. Once you do take out a mortgage and purchase a home, then every time you pay the monthly mortgage amount, your total debt goes down and markets reach new tops.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><em><strong>This is a big reason why some people go to such great lengths to afford a home: to take advantage of appreciation in the real estate market. Some share costs with housemates and <\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/owning-property-in-unequal-shares-as-tenants-in-common\/\"><strong><em>deed their homes as tenants in common<\/em><\/strong><\/a><em><strong>. Others plan to rent space in their homes to increase income and pay down debt.\u00a0<\/strong><\/em><\/pre>\n\n\n\n<h2 class=\"wp-block-heading\">At the End of the Day\u2026<\/h2>\n\n\n\n<p>Which route to take depends on your own situation and goals. It also depends on the state of the housing market in your area, or in the place you hope to buy. A good mortgage specialist or a financial adviser can offer situation-specific guidance.&nbsp;<\/p>\n\n\n\n<p>Best wishes to all you scholarly deed seekers out there! May your hard work pay off.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">National Association of REALTORS\u00ae: <a href=\"https:\/\/www.nar.realtor\/student-loan-debt\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Debt<\/a> (undated).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Kat Tretina and Christy Rakoczy for <em>LendingTree.com<\/em>: <a href=\"https:\/\/www.lendingtree.com\/student\/pay-off-student-loans-or-buy-house\/\" target=\"_blank\" rel=\"noreferrer noopener\">Should You Pay Off Student Loans or Buy a House<\/a>? (Jul. 14, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">H&amp;R Block\u00ae \/ HRB Digital LLC via <em>HRBlock.com<\/em>: <a href=\"https:\/\/www.hrblock.com\/tax-center\/filing\/adjustments-and-deductions\/student-loan-deduction\/#:~:text=Is%20student%20loan%20interest%20deductible,tax%20return%20per%20tax%20year.\" target=\"_blank\" rel=\"noreferrer noopener\">Student Loan Interest Deduction<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Federal Student Aid: <a href=\"https:\/\/fsapartners.ed.gov\/knowledge-center\/library\/electronic-announcements\/2024-01-31\/loan-servicing-information-reporting-student-loan-interest-payments-2023#:~:text=If%20a%20borrower%20made%20federal,borrower's%202023%20federal%20tax%20return.\" target=\"_blank\" rel=\"noreferrer noopener\">Reporting Student Loan Interest Payments for 2023<\/a> (electronic announcement ID LOANS-24-02; posted Jan. 31, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/buying-a-home-while-interest-rates-are-still-high-the-case-for-yes\/\">Buying a Home While Interest Rates Are Still High? The Case for \u201cYes\u201d<\/a> (Jan. 12, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/?s=Younger+generations\">Younger generations<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/all-about-dti-how-much-debt-is-too-much-if-i-want-to-buy-a-home\/\">Debt-to-income ratio<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/pensive-woman-in-gray-coat-holding-book-3783119\/\" target=\"_blank\" rel=\"noreferrer noopener\">Andrea Piacquadio<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/cheerful-multiethnic-students-having-high-five-with-teacher-5940841\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kampus Production<\/a>,\u00a0 via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This month, 150,000+ people received emails that say some of their student loan debt will be forgiven. The latest $1.2 billion worth of debt forgiveness is a ray of sunshine for many potential first-time homebuyers. It impacts a person\u2019s access to mortgage loans, and therefore the ability to acquire property deeds. But what about the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[131],"tags":[1059,1033,1061,407,1058,443,189,1060,140,1062],"class_list":["post-3768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-debt-forgiveness","tag-debt-to-income-ratio","tag-down-payment","tag-financial-planning","tag-first-time-homebuyer","tag-homebuying","tag-homeownership","tag-mortgage-loans","tag-mortgage-rates","tag-student-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do I Have to Pay Off My Student Loans Before Buying a Home? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore the balance between managing student loans and pursuing homeownership. 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