Have you ever thought to yourself that you have too much student loan debt and will not be able to purchase a home? You are not the only one to think this and you might be surprised to find out you can purchase a home. According to recent statistics from Forbes magazine nearly 2.2 million student loan borrowers have a student loan balance of at least $100,000. There is 31 billion of student loan debt that is 90 or more days overdue and there is nearly 850 billion of student loan debt outstanding for borrowers age 40 or younger.
You are not the only one with student loan debts and here are the things that you can focus on that directly correlate with your ability to purchase a home.
1. Focus on your credit score. Ideally, you want to be at 640 to be able to qualify for a home mortgage loan but this is only a norm. There are many programs out there that will cater to different scores.
2. When qualifying to buy a home it is important to focus on your debt to income ratio. This is a ratio used by lenders that will help determine your ability to qualify for a loan. The question becomes are you making enough to off-set your debt? There are ways you can improve your debt to income ration by talking with a loan officer.
3. Make sure you are making your payments on time.
4. Take the time to talk with a loan officer about your buying power. Just because you take the time to have a phone call does not mean that you will be forced into buying a home. It just means that you are taking the steps to see what your buying power is and what steps you can take to improve upon it. Then it is up to you what you do with the information you receive.
If you are curious about what your buying power could be, please reach out to me at 602-531-5514 or e-mail me at firstname.lastname@example.org. I would be glad to get you going in the right direction.
Author:Kelley Kemmis Phone: 602-531-5514 Dated: July 31st 2019 Views: 534 About Kelley: Kelley Kemmis obtained her license from Arizona School of Real Estate and Business before joining Am...
View our latest blog posts in your RSS reader. Click here to access.
CLIENT SERVICE GUARANTEE: American Allstar Realty is committed to providing every customer with the highest level of service. As your agent, I promise to always remember that YOU are the most important person in the transaction. At American Allstar Realty, we believe that communication is the cornerstone to a successful transaction. Please feel free to communicate your wants and needs to me as frequently as possible. If I am ever unavailable to receive your call, I promise to return your call as soon as possible; normally in less than one hour.
Buying or selling a home is about much more than just the price you pay for a piece of land. Selecting a property to become your home or place of business is what it is really about, and that's why I enjoy helping my clients buy and sell real estate. My clients come to me because of my knowledge of the industry and my familiarity wi th the area. I can help you find that "dream" home. Call me today and let's get started!
To navigate the complex decisions involved in today's real estate market requires the guidance of a professional. I am committed to service with an emphasis on accountability, reliability, timeliness and enthusiasm. I provide my clients with all the information necessary to help them make real estate investment decisions throughout the changing market cycles.
A successful real estate transaction is built upon the strength of relationships and the experience of how to get things done. I am well respected by my peers, and have developed invaluable working relationships with other professionals in my industry such as title companies, attorneys, lenders and appraisers.
Arizona is seeing record amounts of people moving to our great state a
"Michael was wonderful. He was very patient with me. He helped me sell my Townhouse and purchase my new place. He helped me get more than I expected for my townhouse. I would recommend Michael to anyone that asks."