Posted by Jace Stolfo on Thursday, February 27th, 2014 at 7:46am.
Many people wonder if they can buy a home in Boise if they have student loan debt, and a couple of days ago, I wrote an article giving first-time home buyers some information about some possible steps to being a home if they have student loans.
The blog post dealt primarily with some alternative means to getting into your first new home. To get you up to speed, you could, like many families looking to buy one of the Boise homes for sale in the area, get a loan from your family. Formalized programs exist that protect the person loaning you the money for the home and allow you to avoid some of the debt-to-income issues that may arise from having too much student debt.
Will Debt Prevent You From Owning Boise Real Estate?
However, a new article on RedFin suggests to people that student loan payments may not be the behemoth people think they are when they're trying to buy their first homes.
What this boils down to for you is, rather than getting help with student loan debt by going to your relatives for a home loan, you can just go through the normal steps to buying a home. According to the article:
"Many young people with student loans delay buying a home because they don't think they can't qualify for a mortgage. Yet, many of them actually can qualify for a mortgage loan. Underwriters generally treat student debt in a more positive light than credit card or auto loan debt."So what's the issue then? Sounds like you'll get that piece of Boise, Idaho real estate that you've had your eye on, right? Maybe. The more likely scenario is that you'll get into a home, but perhaps not the home that you originally had your eye on.