Student Loans

Do Student Loans Count As Income – Thanks to NACA: Low income + no down payment + student loans = HOMEOWNER| Why & How I bought a house

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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

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9 Comments

  1. Laterrica Bacon
    July 27, 2021 at 2:09 pm

    Hey what’s the lowest your income can be to get approved for a loan?

  2. Bridget McDonald
    July 27, 2021 at 2:09 pm

    I found out about this program a month ago. I paid my suv last month, I have student loans, and my credit I have worked on but my husband’s is not so good. I signed up two weeks ago and will have a workshop in June. I have a few credit cards but I will have them down to 10 percent by the time workshop happens

  3. lambrusco1970
    July 27, 2021 at 2:09 pm

    Thank you!

  4. Nappy MJay
    July 27, 2021 at 2:09 pm

    hey did naca make you pay off your medical bills ???? Do they count that as debt

  5. Jackie Kay
    July 27, 2021 at 2:09 pm

    I wish you had gone over the process of going through NACA

  6. TT Lynn
    July 27, 2021 at 2:09 pm

    Only 5 mins into the video and I clicked subscribed!!! I am in the beginning stages of NACA… a mother of 3 young boys. Praying hard for this to be successful all the way.

  7. Nisha
    July 27, 2021 at 2:09 pm

    Is it away I can email you? I have a ? I don’t want to share on here

  8. disgurluvsmuzik
    July 27, 2021 at 2:09 pm

    Thanks for the heads up I’m about to go through Naca to get a house myself. I’ll let you know how it goes.

  9. Kabeho Rwagasabo
    July 27, 2021 at 2:09 pm

    What is that program?