The Washington Post writes about five couples/homebuyers and how they became first-time buyers.
In addition to getting a loan from family, living with parents or in spartan apartments to save money, these buyers made it happen by watching You Tube videos about home improvement, applying for a mortgage program that also helps pay student debt, grant assistance, and even a lottery.
For example, with $67,000 in student loan debt and $50,000 in savings, Rija Tofeeq, a 27-year-old nurse, was torn between wanting to buy a home and paying off her loans. A co-worker told her about the Maryland SmartBuy program, which allows buyers to pay off their student loans with a zero-interest second loan when they use the Maryland Mortgage Program to purchase a home.
“I contacted a lender and learned that if we could qualify for a $275,000 loan we might also qualify to borrow 15 percent of the home value, up to a maximum of $40,000, to pay off my student loans,”
Related Stories
Market Data + Trends
Housing is Most Unaffordable in West, Northeast Regions
The National Association of Realtors’ housing affordability index increased 1.2 month-over-month in November, yet affordability remains lower…
Affordability
Housing Affordability’s Biggest Threats
The National Association of Home Builders says home price growth and rising construction costs will be the biggest threats to housing…
Affordability
The 2020 Housing Issues Sticking Around This Year
Low inventory, high home prices, working from home, rising home values—all these factors were a part of the flourishing housing market this year,…