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Every time student loans make headlines, I get the same question from buyers. “Brad, should I even bother looking right now? I’ve still got this debt hanging over me.”
Short answer: no. Don’t put your plans on hold because of it.
The Myth That Won’t Die
Here’s the misconception I run into constantly. First-time buyers eyeing Playa Vista, Mar Vista, or anywhere along the Westside assume they need to pay off their student loans before they can buy.
That’s just not how it works.
Lenders don’t single out student loans and slap a red flag on your file. Instead, they look at your debt-to-income ratio, the same way they’d look at a car payment or a credit card balance. In other words, your student loan is one line item in that calculation, not a dealbreaker on its own. So if your income supports the rest of your obligations plus a mortgage payment, you’re in the game.
You’ve Got Company
This isn’t some rare exception. In fact, National Association of Realtors data shows roughly a third of first-time buyers nationally are still carrying student loan debt when they close. Their median balance sits in the $30K range. That’s not an outlier profile. That’s a normal buyer.
I see it locally all the time too. Young professionals, teachers, and people early in their careers often assume a mortgage is years away because of their loan balance. But once we run the numbers, they’re usually already close, sometimes closer than they expected given how competitive Westside rents have gotten.
Stop Disqualifying Yourself Before Anyone Else Does
The buyers who lose the most ground aren’t the ones a lender turns down. They’re the ones who never ask. Instead, they talk themselves out of it based on a number they saw online, not their actual financial picture.
Your income, your credit, your savings, and your specific loan terms make up a unique combination. That deserves a real conversation, not a guess.
Bottom Line
Student loan debt may be the only thing standing between you and calling me about a house on the Westside. So let’s find out if it actually is. Fifteen minutes with a lender will tell you more than another month of scrolling headlines. Reach out, and we’ll run your numbers together.
Brad Cole Coldwell Banker Realty 310.774.1422
