A recent study shows the class of 2017 graduated college with an average of $37,172 in student loan debt, a 6% increase from the previous year.
These young people have since started jobs and many are ready to find their starter homes and begin having families. But with a significant amount of student loan debt, the thought of taking the next step to home ownership can be daunting.
Having student loan debt shouldn’t prevent anyone from buying a home. With some advice from experts and some affordable options, you can create a plan that allows you to manage regular mortgage payments and your student loan payments.
Let’s start with your student loan. There are many public and private entities to help you manage a lower monthly payment. From debt consolidation to income-based payments, there are choices that can go a long way to making your payments more manageable. Consulting with an experienced adviser can help you find the program that is suited for your individual situation.
Next, your mortgage payments. Your debt to income ratio will be an important determining factor when it comes to choosing the type of mortgage that’s right for you. Setting aside enough money in savings to help you put down a sizable down payment is one idea, but it’s not the only answer.
At Resource Financial Services, your mortgage banker can provide information on options that meet you where you are. There are down payment assistance programs that can help first time homebuyers purchase a home with little or no money down. Resource also offers FHA loans, requiring a down payment of only 3.5% of the purchase price and the Chenoa Fund Edge Program, which helps responsible homebuyers overcome the challenge of providing a down payment and gives them the opportunity to start building equity for their future now. There are also newly available HomeReady and HomeOne mortgages, which require a minimum down payment of only 3%.
Your consultation is free and the advice you will receive is invaluable. So talk to your mortgage banker today about meeting the qualifications for one of these programs.
Resource Financial Services is here to help first time homebuyers on the road to home ownership. We understand that buying your first home can be a little intimidating. And no matter how many times you ask for advice from parents, family members and friends who are experienced homebuyers, there will still be questions.
That’s why we believe meeting with one of our reputable and experienced mortgage bankers should be your first step. With our guidance and knowledge, you can find a home you can truly afford with a mortgage that works for your budget.
Call us today toll-free at 888.500.6050 to speak with one of our mortgage bankers or visit us online at rfsmortgage.com to learn more.