{"id":558,"date":"2016-10-25T14:22:55","date_gmt":"2016-10-25T14:22:55","guid":{"rendered":"https:\/\/www.horseproperties.net\/blog\/?p=558"},"modified":"2024-12-18T18:59:09","modified_gmt":"2024-12-18T18:59:09","slug":"difficulties-presented-first-time-home-buyers-student-debt","status":"publish","type":"post","link":"https:\/\/www.horseproperties.net\/blog\/difficulties-presented-first-time-home-buyers-student-debt\/","title":{"rendered":"The Difficulties Presented to First-Time Home Buyers with Student Debt"},"content":{"rendered":"<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">Many Millennials are hesitant to become first-time homebuyers for one reason, student loan debt. According to a nonprofit in Boston, American Student Assistance, more than half of the individuals with student loans delayed buying a home due to their debt. Millennials must consider if they can afford future mortgage payments in addition to their student loan payments.<\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">Yet, many Millennials want to buy homes for many reasons. Interest rates are at all-time lows to encourage home buying. Millennials want to capitalize on these interest rates since they will save money in the long run. Also, the percentage of first-time buyers is lower compared previous years. This is driving up the demand for rentals and therefore, raising rental rates. <\/span><\/p>\n<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">To obtain a mortgage backed by the government, a borrower must have a monthly debt-to-income ratio below 43%. The ratio accounts for all debt; including credit card expenses, student loan payments, etc. If you make $3,000 per month and have debt payments of $1,000 per month, then you income-to-debt ratio would be 33.33%.<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">Besides the debt-to-income ratio, a lender will also evaluate a Millennial\u2019s credit score and the amount they can put down as a down payment. Minor factors that might also be considered include a borrowers citizenship and employment history. <\/span><\/p>\n<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">Millennials must strongly evaluate the amount of money they want to put down as their down payment. They should still have a savings account and enough money remaining to cover their monthly expenses. Plus, home ownership is expensive so they shouldn\u2019t forget about closing costs, moving expenses, and unexpected home repairs.<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"color: #000000; font-family: Cambria; font-size: medium;\">Lastly, if their financials are still not able to cover their dream home and student loans, they should consider buying a less expensive home. A more affordable home will require a smaller down payment plus smaller monthly mortgage payments but will still allow home ownership to be feasible. <\/span><\/p>\n<p><em><span style=\"color: #333399;\">By Anna Hellman<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many Millennials are hesitant to become first-time homebuyers for one reason, student loan debt. According to a nonprofit in Boston, American Student Assistance, more than half of the individuals with student loans delayed buying a home due to their debt. Millennials must consider if they can afford future mortgage payments in addition to their student loan payments.\u00a0 <\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[24,15,61],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Difficulties Presented to First-Time Home Buyers with Student Debt - Welcome to Horse Properties Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horseproperties.net\/blog\/difficulties-presented-first-time-home-buyers-student-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Difficulties Presented to First-Time Home Buyers with Student Debt - Welcome to Horse Properties Blog\" \/>\n<meta property=\"og:description\" content=\"Many Millennials are hesitant to become first-time homebuyers for one reason, student loan debt. 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