As more millennials are preparing to buy a Boston condo for sale, one issue is — student loans. The Project on Student Debt calculated that just about 7 in 10 college graduates in the Class of 2015 had student loan debt. Additionally, the average student had about $29,000 in loans.

With mortgages often amounting to well over two hundred thousand dollars, many first-time Boston condo buyers may be asking whether they can even qualify for financing.

So, is it possible to buy a Charles River Park condo for sale even with thousands of dollars in student loans? It depends.

What’s Your Debt-to-Income Ratio?

It all comes down to your debt-to-income ratio, or what percentage of your gross monthly income goes toward your mortgage payments.

Lenders recommend a debt-to-income ratio no greater than 36%, with no more than 28% of your monthly income going toward paying off your mortgage. As an example, someone who earns $50,000 in a year and has $1,500 in monthly debt payments would be right at the 36% recommendation.

So even if you are saddled with thousands of dollars in student loans. It is possible to obtain financing for a home if your debt-to-income ratio is right around that recommended ratio.

You Also Need to Consider Credit History

When Charles River Park condo buyer applies for a mortgage, lenders look at whether they pay their bills on time and their employment history. For instance. If you have good credit history, that may further help you qualify for a mortgage.

You can always talk to a reputable lender about whether you can qualify for a mortgage with your student loan debt. Talk with us and we can help you get started with the mortgage pre-qualification process.


If you’re thinking of buying a Beacon Hill home or Boston downtown real estate in the area. We can recommend a reputable local mortgage lender so you can discuss the right mortgage for you, including interest rates and down payments. We even offer a free mortgage calculator on our website that can help you calculate monthly mortgage payments.

Contact us today and we can get started on your Boston condo for sale home search.