MISCONCEPTION ABOUT BUYING A HOME?
💰 Debt shouldn't hold you back from your 🏡 dream of homeownership.
Many people think that if they have a lot of debt, like 🎓 student loans or 🚗 car payments, they can't afford to buy a home.
But here's the truth: when you apply for a home loan, the lender only looks at the total of your minimum monthly payments, not the total debt amount. This means that even if you have a lot of debt, as long as your monthly payments aren't too high relative to your 💰 income, you can still qualify for a home loan.
For example, 🏥 doctors with hundreds of thousands of dollars in medical school debt can buy a home out of college as they can buy with very low money down and their incomes are very high so they have a low debt to income ratio.
So don’t think you can’t buy a home if you have debt, understand how to leverage debt to your benefit. 💪
If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area contact me today!📥