Did you know that a recent study found that 72% of individuals with student loans believe their debt will postpone their chances of buying a home? Perhaps you're among them and are curious about your options.

• Do you need to wait until your loans are completely paid off before buying your first home?

• Could you still qualify for a home loan despite having that debt?

It's completely normal to have questions like these when you're considering a major purchase. However, keep in mind that you might be delaying your homeownership goals for no good reason.

Can You Qualify for a Home Loan if You Have Student Loans?

You might be wondering if it's still possible to buy your first home with student debt. According to Yahoo Finance, here's what you need to know:

““ . . . student loans don’t have to get in your way when it comes to becoming a homeowner. With the right approach and an understanding of how debt impacts your home-buying options, buying a house when you have student loans is possible.”
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— Yahoo Finance

And the numbers support this. According to a report from the National Association of Realtors, 32% of first-time homebuyers had student loan debt — just take a look at the graph below.

Everyone's situation is different, but your goal of buying a home might be more achievable than you think. Many individuals with student loans have successfully qualified for and purchased a home. This should give you some reassurance, especially as a first-time buyer. It's also worth noting that the median student loan debt is around $30,000. As highlighted in an article from Chase:

““It’s important to note that student loans usually don’t affect your ability to qualify for a mortgage any differently than other types of debt you have on your credit report, such as credit card debt and auto loans.”
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— Chase

If you have a stable income and strong overall finances, owning a home can still be a possibility for you. Having student loans doesn’t automatically mean you need to put off buying a home.

Bottom Line

Having student loans doesn't mean you can't buy a home. Don't write off the possibility before talking to a lender. They can provide you with insights on what you can afford and how close you are to stepping into homeownership.