Whether you recently graduated college, or it’s been a few years, it’s understandable to possess some amount of student loan debt. It seems that news headlines are regularly suggesting that the graduates are suffering from the stress of student debt, and that pressure can be even worse for those who are looking to buy a home and start putting some roots down in the local community.
So – are you worried that past student loan debt will affect the chances of buying a home? Here’s how to overcome it.
But not everyone wants to spend half their money on debts, and deciding what is comfortable for your lifestyle is a good place to start. But remember, what you’re comfortable paying is typically going to be a bit less than what you’ll need to pay to live in the home and area you want. It’s normal and typical for people to increase this number when they start home shopping. Most people understand that even though it might be a little tight the first few years, income typically increases over time, and they’ll be glad they made a stretch early to avoid getting into a house that’s not the right fit for family size or lifestyle.