Do Student Loans Count As Income – Thanks to NACA: Low income + no down payment + student loans = HOMEOWNER| Why & How I bought a house
Do Student Loans Count As Income – Best Deal Right Now?
I just wanted to talk about why and how I bought a house when usually people would recommend against it, especially given my financial situation. The first reason I bought a house is because I eventually wanted to own a house. I had goals for myself and I knew that buying a house was a step towards financial stability. Another reason I did it is because I didn’t want to wait to buy a house. I was looking at the costs of houses and I saw that the prices of the houses were going up, so I decided that if I waited any longer (especially knowing that I did not have a high income), then it would’ve been very hard for me to afford a house. Also, if I was to wait any longer on buying a house, I would’ve gotten increasingly discouraged the longer that I had to wait. Another reason is because I wanted to eventually own the house so I wouldn’t have a housing payment each month for the rest of my life. At some point I will pay off the mortgage loan on this house, so I won’t have such a high housing payment each month.
So, how I bought a house? I looked at my debt to income ratio. I knew that my debt to income ratio couldn’t be over a certain amount, so with knowing that, i I needed to adjust my finances, so I could get the mortgage. I ended up having to pay off some debt. I paid off my SUV very fast so I could qualify for more. Also, I found a program that worked for my situation, as far as me not having a down payment, having so much student loan debt, and not having a high income. I found a specific program where I didn’t have to have a down payment. Another thing I did was, I saved up a small amount of money, just in case I wanted to buy appliances and for closing cost. Do I regret it? The answer is no! I do not regret it buying the house because I have equity on my house. Now, I have about $30,000 in equity in my house that I could use if necessary. Being a homeowner has made me wealthier, so no I do not regret. It was a great financial decision