5 Biggest Challenges of Buying A Home When You Have Student Loans
Student loan debt continues to soar at alarming rates. In fact, over half of the students in the USA are bogged down with repaying federally-financed student loans. Similarly, many students have defaulted on their own while others are now experiencing wage garnishments from the federal government. While some students have been able to lower payments via refinancing, deferments, and forbearances – most simply cannot make ends meet with high repayment amounts each month. With this in mind, it can be next to impossible to buy a new home due to financial restrictions and economic problems.
Here are five of the biggest challenges of buying a home if you have outstanding student loans.
Student Loan Debt Equals Obstacles to Home Ownership
Student loan debts are truly obstacles to home ownership. In fact, the Federal Reserve released a report a few years ago that highlighted the relationship between student loan debt and decreasing rates of young adult home ownership. While having outstanding student debts can negatively impact your life, there are still ways to buy a home. In fact, Botaniko Weston pre-construction homes combine elements of light, air, and contemporary design. With close proximity to over 2,000 acres of wetland preserves, Botaniko allows you and yours to enjoy Mother Nature at her finest.
Here are some more perks of buying a home at Botaniko Weston:
- Luxurious and spacious interiors with exquisite amenities at every turn.
- Large windows that illuminate all homes with natural light.
- Nautical – aquatic activities, open-green spaces, bike paths, walking trails, canoeing and much more.
- 121 – acres of modern homes with elegant features.
- Smart kitchens, smart appliances, and contemporary interiors – exteriors.
- Wireless, digital and green technologies.
- Hardwood flooring, central AC- heating, built-in entertainment centers, LED TV mounts, and spacious kitchens with smart technologies and high-quality cabinetry.
Botaniko Weston was even named the No. 15 Best Place to Live in America a few years ago. This remains true today with new investors and buyers from all over Florida and the world. As a great place to work and raise a family in, there is always something to do and see at this enchanted residential community.
Turning your Home Ownership Dreams into Realities
If you are burdened with student loan debts, there are still ways to secure homeownership at Botaniko Weston. For one, you need to save your money or consider refinancing your loans to tap into lower rates. For students that have graduated or are entering college, it is essential to start saving to secure optimal cash flow for future property investments. You can also save for college via mutual funds, U.S. savings bonds, Roth IRAs, educational savings accounts and even carefully-planned and managed investments.
For those with student loans, simply set aside some money each month from your income or investments. This is a great way to build your finances for home investments later on in life.
Watching your Credit Scores
Credit scores are important factors in applying for mortgages. They also play crucial roles when looking to buy or invest in a home. To keep your credit scores acceptable and good, make sure to make your monthly loan payments on time. Avoid missed payments which can affect your credit score, as well as increase finances charges and interest rates. A good credit score is 700 or above with 800 or above considered excellent.
Strong credit scores help prospective homeowners secure mortgages with lower interest rates. This turns their homeownership dreams into realities while helping them save money and essentially build equity. Consider Botaniko Weston for your new home with lavish interiors and elegant amenities. Each home is meticulously designed to reflect the nature that encompasses the area. With tall ceilings, large windows, and ample leg and storage room, this oasis of calm and tranquility continues to attract prospective buyers from all over the world.
For more information on buying a home at Botaniko Weston, simply contact us today.