Myth: I have to pay off my student loan before, so I can buy a house.

Myth: I have to pay off my student loan before, so I can buy a house.

I have to pay off my student loan before I can buy a house. That's today's Myth. Is that Myth true? 

Welcome to another episode of Myth Vs the Truth.

A student loan can affect the qualification. However, you don't have to pay the loan off. It's considered an additional monthly expenses such as a credit card, car payment, etc. Yes, as Chantale says, the lender will consider an expense if you have a student loan. But again, it does not have to be necessarily paid because you might be able to make enough money, you may be able to qualify for your dream home. That is the truth.

You do not have to pay off the student loans. It depends on the income, the condition you are in right now. The best thing to do is checked with a Lender. We have great lenders in our portfolio. We work together. We can definitely suggest to a great lender. Give us a call. Check if you really have to pay it off or in most of the cases you don't have to. I hope you found this information useful to help you with your next real estate venture. See you next week in another episode of Myth vs the Truth.