My score is 620 nothing outstanding but my student loans are killing me. I cant get approve for a house

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Mine is 643 and it’s about the same. It’s almost impossible to do anything with student loan debt.

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Soooooooo freaking frustrated

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You are not alone! It is really frustrating. So many of us, and almost all the homebuyers we work with, are working on student debt.

Here’s the good news: of all the factors involved in buying a home, credit score is the one that many folks can make big improvements on within a relatively short time period. Everybody’s situation is different, but there may be some small and concrete things you can do to get your score moving in the right direction.

The National Foundation for Credit Counseling has free certified credit counselors you can talk to for more details: https://www.nfcc.org/

In addition, as consumers, every year we are entitled to one free copy of our credit report. I just got mine for the year -- I think it can be a helpful practice to review your report in depth and see if everything is as it should be. You can learn more here: https://www.ftc.gov/faq/consumer-protection/get-my-free-credit-report

Note I am not a financial advisor I recommend seeking advice from a licensed financial professional

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Additional Posts in Homeownership for Teachers

What programs or resources do you have available for Texas teachers?

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Signing off for the day! Looking forward to continuing the conversation tomorrow. Keep the questions coming :)

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I'm in my second year of TFA, and am thinking of sticking with this teaching thing (crazy, I know). I'm wondering if you have savings accounts I can use to work towards a down payment.

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I'm a leader in our union and am finding what you're talking abut here pretty interesting. Do you think we should talk to our unions about including home ownership in negotiations? How cld we do this?

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Ah thank you so much for doing this! My husband and I are planning to dive into this this summer, but frankly it seems impossible. The downpayment thing is pesky

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Other than low salaries and high housing costs, what are some of the biggest barriers teachers face when buying a home?

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What a great conversation so far! I’m headed to a couple meetings but will check back in soon - keep the questions coming!

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I like in Oklahoma where I make 34K per year. Houses aren't that expensive but on top of my other expenses, saving for a house seems nearly impossible.

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What resources are there for single income teachers? I'm wanting to buy a house but struggling with my income being the only source.

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I recently closed on a home and felt like I had to claw for 10% of my downpayment - didn't do 20. Do you think it was a mistake to not do 20? It just seems impossible as a teacher.

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Over the next couple days, my colleague Jess (who heads all our customer experience work) and I will be popping in and out to take questions on the topic of becoming a homeowner. Hope we’re helpful!

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