Student loan debt can be a hurdle to homeownership. Recently, the Supreme Court struck down Biden’s student debt forgiveness program. Consequently, many younger potential homebuyers may feel discouraged about their homebuying goals. 

It’s not a surprise! According to the 2021 NAR Generational Trends Study, student loans were the most significant barrier to homeownership entry for those under 40. For mortgages in 2021, 90% of denied applicants were denied due to high debt ratios, and 20% of those were due to student loans.

Agree or not with the program or decision, we are all looking for ways to help young homebuyers. To that end, I’m sharing information about an innovative program to help with home buying.

College Ave Loans is an excellent program that helps to make three things: lowering student loan payments, increasing the homebuying budget, and providing counseling on loan forgiveness programs.

In a nutshell, this program allows homebuyers with student debt to refinance their student loans into more affordable payments, which helps them with their debt-to-income ratios. 

The program does have a cost. However, it is affordable, and most participants find that they save enough money from the counseling to more than cover the fees. 

We help homebuyers sail over this typical hurdle by increasing their purchasing power. Ultimately, this gets them on the path to homeownership faster. Without a doubt, empowering homebuyers is a win-win for all involved. We are thrilled that we have this tool for our borrowers. Student loan debt should be an obstacle to owning a home. I hope you find this helpful. Feel free to ask me anything about the program.