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How some young people are getting mortgages despite student loan debt

There’s much buzz about how young people are graduating with so much student loan debt that they are foregoing rites of passage like moving out and buying cars. But some are marching forward with mortgages. “A recent report shows that 27 percent of all home buyers have student loan debt and a whopping 40 percent of first-time buyers have student loans,” says Warren Goldberg, president of Mortgage Wealth Advisors in Plainview. Choose the right lender: For buyers with student loans, an FHA loan can be a great option. Before purchasing a home, qualifying first-time home buyers make monthly deposits into their Quontic Bank savings account. Refinance student loans: You can lower your student loan payments through refinancing. You may secure a lower mortgage rate,” says Zack Friedman, founder of Makelemonade.co, a personal finance comparison website. Says Goldberg, “Boost your score by paying down your debt and avoiding late payments.” Get the Biz Briefing newsletter! The latest LI business news in your inbox Monday through Friday. By clicking Sign up, you agree to our privacy policy.