You go to college and receive your degree, perhaps followed by a masters or doctorate degree, as well. You meet someone special and get married. You might want to buy your first house, but you have that “thing” hanging over your head - student debt. You have racked up thousands of dollars while furthering your education and now you are being told that you have too much debt or that you simply can’t save the 20% that is needed for your down payment on a home.
Student Debt Wearing You Down?
When you first obtained that loan to pay for your college tuition, you thought you were moving in the right direction. Many people fail to think about what life will be like after signing that dotted line. After graduation, many people do find a job and start making decent money. It is widely accepted that the average worker with a bachelor’s degree makes more than one without a bachelor’s degree. However, the added expense of paying off one’s loans can quickly become a burden. In these cases, people start to put off buying things that they want and have worked hard for such as a house.
In most cases, the down payment for a house will be about 20% of its total cost. For those who are already paying student loan debt it can be hard to save that kind of money. According to Trulia, 30 of the top 100 markets in the country show that saving for a home can be faster and easier without a degree. Nonetheless, it can be done! Don’t count yourself out just yet!
There is Still Hope!
Student debt can be a burden, but there are many programs that are dedicated to people who are trying to buy a house. In Texas, there are two programs that offers assistance, Loans & Down Payment Assistance and Mortgage Credit Certificate Program.
The Low Interest Rate Loans & Down Payment Assistance program offers assistance to teachers, firefighters, police and correctional officers, veterans, and low and moderate income homebuyers. In some cases, this program provides 3%-5% in down payment assistance that does not need to be repaid. The Mortgage Credit Certificate Program is available to certain individuals such as teachers and low and moderate-income homebuyers and is exclusively for first time home buyers or people who have not owned a home in the last three years.
We Are Here to Help!
Don’t let your student loan debt be the reason why you cannot buy your dream home. There are programs that are available to you. Contact
Lisa Galvan Law, PLLC and I will help you achieve your goal of owning your first home.