Southport Oak Island Realty Group, Inc

Do Not Let Your Student Loans Delay Your Homeownership Plans in 2024!

If you have student loans and want to buy a home in Brunswick County North Carolina, you might have questions about how your debt affects your plans to buy your beach home. Do you have to wait until you’ve paid off those loans before you can buy your home at the beach in Oak Island NC? Or is it possible you could still qualify for a home loan even with that and other debt? Here’s a look at the latest information Southport Oak Island Realty Group has compiled so you have the answers you need.

A Bankrate article explains:

Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”

Buying a home in the coastal area of Southport or Oak Island is one of the biggest financial decisions you’ll ever make. But you should know, even with student loans, waiting to buy a home in the North Carolina beach towns of Southport NC or Oak Island NC may not be necessary. While everyone’s situation is unique, your goal of owning a beach home may be more within your reach than you realize. Here’s why. 

Can You Qualify for a Home Loan in Oak Island NC if You Have Student Loans?

According to an annual report from the National Association of Realtors (NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000.

What that means is other people in similar situations were able to qualify for and buy a home in the Southport NC and Oak Island NC area, even though they also had student loans. We at Southport Oak Island Realty Group want you to know that you may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says:

“. . . you can have student loans and a mortgage at the same time. . . . If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for . . .”

The key takeaway is, for many people, homeownership at the North Carolina coast is achievable even with student loans. 

You don’t have to figure this out on your own. The best way to make a decision about your goals and next steps is to talk to the professionals at Southport Oak Island Realty Group. We have trusted lenders that can walk you through your options based on your personal situation, and share what’s worked for other buyers in Brunswick County NC.

Plenty of other people with student loan debt are able to buy their own beach homes and stop renting in North Carolina. Contact us to help connect you with a lender to go over your options and see how close you are to reaching your goal.

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Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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