Home buyers under the age of thirty who are searching for an affordable Franklin County home or Bedford County home will appreciate recent study results that student loans are not as likely to stand in the way of a mortgage loan as you might think. As a news update on realtor.org states, TransUnion released a report that buyers between 18 and 29 with student loans do well on repayment and building good credit after graduation, both factors in obtaining home loan approval.
This is good news for younger buyers, who are often nervous about the affect student loans will have on mortgage approval. Buyers in this age bracket are usually past renting, thinking about starting a family and interested in purchasing a property for their growing needs. But student loans can linger for several years after graduation, discouraging would-be home buyers from going very far in their property search. What’s more, the college years can take a toll on credit scores, leaving post-graduate buyers with too little credit or mismanaged credit. As credit scoring evolves and lenders learn more about millennial home buyers, things like student loans are seen as a sign of financial responsibility rather than a burden on the holder.
The report is also encouraging for other home buyers, home sellers and real estate investors who have a vested interest in the market economy and its progress. Mortgage approval despite student loans indicates a healthy balance between lenders and loan owners, as well as economic stability.
Millennials who are able to get approved for a loan and become a first-time home buyer support and encourage good economic health, both locally and beyond.
As a seasoned SML realtor, Deb Beran enjoys helping home buyers of all ages navigate issues of loan approval, credit, affordability and searching for a great home. Young, first-time home buyers can get answers and assurance from an experienced area real estate agent like Deb.
If you are a first-time home buyer or a millennial buyer, let Deb Beran Properties know how we can help. We would love to help you buy your dream home.
