The real estate market is hotter than ever with more new buyers wanting to purchase their first home. Many buyers are looking to take advantage of the record low interest rates but there is only one major problem....STUDENT LOANS. The student loan crisis has many millennial aged home buyers limited in their purchasing power. These loans make up a large percentage of buyer debt and often greatly effect important financial numbers like the debt-to-income ratio.
Many buyers also desire to take advantage of programs like those of the Federal Housing Administration. The FHA has popular programs that make home buying more affordable for first timers. To qualify for these programs, applicants must be in good financial standing including a manageable amount of debt. However, recently the FHA has made it easier for those who high student loans to qualify and making their home buying dreams a reality. Check out this great article from Ameris Bank on the most recent FHA guidelines and contact us today if you are ready to get your home buying process started.
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