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Research conducted by the Institute for College Access and Success found that 56% of Texas college students graduate with student loan debt. Their average loan amount? $27,324.
High student loan balances are forcing many graduates to delay their personal ambitions, particularly when it comes to homeownership. According to a Student Loan Hero survey, student loan debt has forced 41% of graduates to postpone buying a home.
If you’re one of the millions of college graduates burdened by student loans, we have good news for you. Recognizing that student loans are hurting otherwise qualified borrowers, lenders are starting to offer new mortgage products that can also help you pay off your student loans.
At least one state is also helping buyers tackle student loan debt. In November 2016 the Maryland Department of Housing and Community Development announced the Maryland SmartBuy program. The program provides participating home buyers with a forgiveable loan up to 15% of their home’s purchase price to pay off their student loans.
To qualify, home buyers must contribute 5% of the purchase price as a down payment and have at least $1,000 in student loan debt. Participants must also purchase a home owned by Maryland Department of Housing and Community Development and live in the home for at least five years.
Even if you don’t qualify for any of the programs listed above, you may still be able to purchase a home with student loan debt. Click here for a list of home-buying tips geared specifically toward college graduates with student loan debt. We also encourage you to contact a housing and financial counselor, who can help you create a plan to pay off your loans, improve your credit and save for your down payment.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
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