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Can I buy a house with student loan debt?

February 11, 2016 by Eric Lowry

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Can I buy a house with student loan debtCan I buy a house with student loan debt?

Not sure if you can buy a house with student loan debt? Well don’t count yourself out from buying a home just because you have student loans.

Qualifying for a home loan is based on several factors; one of which is your Debt to Income Ratio (DTI). This is is based on exactly what it sounds like – your income and your total amount of debt. Your DTI is determined by things like car loans, credit card debt, student loans, etc. As long as your DTI falls under the maximum level, you are likely good to go.

The following chart shows average DTI ratiosbuy a house with student loan debt based on loan type. For all loans, the average is 39% – which means that for all buyers who got a home loan, their total debt monthly payments were only 39% of their monthly income. For FHA, it’s even a bit higher at 41%.

So just because you have student loans doesn’t mean that you won’t qualify to buy a house. You just need to make sure the total amount of your monthly debt payments doesn’t exceed 41% of your monthly income.

Contact us today to discuss your ability to buy a house. Call or text 513-368-3751

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Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer Tagged With: buying a house in Cincinnati, buying a house in Liberty Township Ohio, buying a house in Mason Ohio, buying a house in West Chester Ohio, Can I buy a house with student loan debt, Can you buy a house if you have student loan debt?, Eric Lowry, Keller Williams Realty West Chester, Liberty Township Ohio Homes For Sale, LowryTeam.com, Mason Ohio Homes For Sale, The Lowry Team, West Chester Ohio Homes For Sale

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