Top 3 Tips for Buying a House with Student Loan Debt
A recent Bankrate.com survey shows that, even as millennials grow older, 61% of them still don’t own a home. And nearly 25% of them state that the reason is their student loan debt.
Following are three tips on buying a home with student loan debt:
1. IMPROVE YOUR DTI RATIO
2. INCREASE YOUR CREDIT SCORE
To find out more on where to safely get your credit report, click here.
3. CONSIDER DOWN PAYMENT ASSISTANCE AND FIRST-TIME HOME BUYER PROGRAMS
Housing Channel provides guidance on a number of downpayment assistance programs in the Dallas-Fort Worth area including:
The City of Arlington Homebuyer Assistance Program (AHAP)
The City of Fort Worth Homebuyer Assistance Program (HAP)
The City of Irving and Plano Homebuyer Assistance Programs
For a full list of our DPA programs, visit ourDownpayment Assistance page.
To find out more about other statewide programs, visit TSAHC’s DPA website.
If you’re thinking about buying a home, we recommend registering for Housing Channel’s Homebuyer Orientation, found on our Classes page. It’s an hour full of information on qualifying for mortgage and downpayment assistance programs; plus, you’ll qualify for a free credit report analysis upon completion of our intake application.