Don’t Let Your Student Loans Delay Your Homeownership Plans
If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need. A Bankrate article explains: “Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.” This includes one of the biggest financial decisions you’ll ever make, buying a home. But you should know, even with student loans, waiting to buy a home may not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize. Here’s why. Can You Qualify for a Home Loan if You Have Student Loans? According to an annual report from the National Association of Realtors (NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000. That means other people in a similar situation were able to qualify for and buy a home even though they also had student loans. And you may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says: “. . . you can have student loans and a mortgage at the same time. . . . If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for . . .” The key takeaway is, for many people, homeownership is achievable even with student loans. You don’t have to figure this out on your own. The best way to make a decision about your goals and next steps is to talk to the professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other buyers. Bottom Line Lots of other people with student loan debt are able to buy their own homes. Talk to a lender to go over your options and see how close you are to reaching your goal.
Newly Built Homes Could be a Game Changer
Buying a home this spring? You’re probably navigating today’s affordability challenges and dealing with the limited number of homes for sale. But, what if there was a solution that could help with both? If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why. New Home Construction Is an Inventory Bright Spot When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019. So, if you’re looking to expand your pool of options even more, turning to newly built homes can help. As Danielle Hale, Chief Economist at Realtor.com, explains: “The shortage of existing homes For Sale has opened up the possibility of new-home construction to more buyers who may not have once considered it.” And the good news is, there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green): Starts, or homes where builders just broke ground, have seen a big increase lately. And completions, homes that builders just finished, are also up significantly. So, if you want a new, move-in ready home or you want to get in early and customize your build along the way, you have more options right now. Builders Are Offering Incentives To Help with Affordability And to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. Mark Fleming, Chief Economist at First American, explains why you may find builders have more wiggle room to offer more for you than the typical homeowner: “Builders aren't rate locked-in. They would love to sell you the home because they're not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buydown, so that will help the new-home market continue to perform well in the spring home-buying season.” An article from HousingWire also says this about what builders are offering right now: ". . . the use of sales incentives still shows some momentum as 60% of respondents reported using them, up from 58% in February. " Just remember, buying from a builder is different from buying from a home seller, so it’s important to partner with a local real estate agent. Builder contracts can be complex. A trusted agent will be your advocate throughout the process. They’ll be your go-to resource for advice on construction quality and builder reputation, reviewing and negotiating contracts to get you the best deal, helping you decide on which customizations and upgrades are most worthwhile, and a whole lot more. Bottom Line If you’re struggling to find a home to buy, or with today’s affordability challenges, let’s connect to see if newly built homes could be the solution you’re looking for.
Luxury and Elegance Await at 4945 Noble DR NW, Rochester, MN 55901
Welcome to your dream home! Nestled in the The Ponds Of Highland Hills in Rochester, MN, this stunning new construction custom rambler at 4945 Noble DR NW is a masterpiece of craftsmanship and elegance. With a listing price of $779,101, this home offers luxurious features and a truly exceptional living experience. As you step inside, you'll immediately be captivated by the seamless blend of luxury and comfort. The hardwood floors throughout the open-concept living space exude warmth and sophistication. The focal point of the living room is the grand fireplace, perfect for cozying up on chilly evenings or creating a welcoming ambiance for gatherings with loved ones. Prepare to be inspired in the gourmet kitchen, which boasts custom cabinets, a large center island, and high-end appliances. The stylish design and practical layout make this space a haven for culinary creativity. Whether you're cooking for a crowd or enjoying a quiet meal at home, this kitchen will exceed your expectations. One of the highlights of this home is the covered patio off the kitchen, providing the ideal setting for al fresco dining or simply relaxing with a glass of wine. Imagine spending summer evenings enjoying the fresh air and tranquility of your outdoor oasis. The indulgence continues in the eprimary bathroom, where you can pamper yourself and unwind after a long day. Complete with heated floors and a luxurious walk-in shower, this bathroom offers a sanctuary-like experience that will leave you feeling rejuvenated and refreshed. Beyond its impeccable design and luxurious features, this home is situated in a sought-after location in Rochester, MN. With easy access to amenities, shopping, dining, and entertainment options, you'll have everything you need right at your fingertips. Don't miss the opportunity to make this dream home yours. With its unparalleled craftsmanship, elegant design, and exceptional living experience, 4945 Noble DR NW is a true gem in the real estate market. Schedule a showing today to witness the beauty and allure of this exquisite property.
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