Are you a DACA recipient and wondering whether you can qualify for a home loan? There is good news – you can apply for a mortgage and build your dream home. After all, DACA recipients are eligible to get loans like any other person in the country. Even a self-employed person can apply for this mortgage when the need arises. As long as you can meet essential requirements, you are good to go. As a permanent shelter is a basic need for everyone, the need for home loans among DACA receivers is soaring high.
As you can apply for a home mortgage under the DACA program, you should know that the financial options are restricted. There is a high chance that DACA status can even make you ineligible. In any case, you have to prove that you are a legal US resident for passing the residency criterion. There are other things related to Home Loans for DACA recipients that you do not know yet. Go through the following questions and answers to prepare further.
What is the regular paperwork involved?
Documentation is necessary as any other mortgage application. Apart from your DACA documentation proof, you need to submit employment verification card and tax returns. In addition to it, the tax returns should prove the last two years of employment. Also, do not forget to add bank statements and W-2s. In case, the lender asks, you can add social security card along with the paperwork.
How does an individual benefit out of it?
Of course, the best part of the whole loan program is to utilize an opportunity to find a secure place to live for life. Now, if you delve deeper into the loan program, you can find plenty easily. One of the lucrative parts is that the loan limits are higher than FHA loans. There is no mortgage insurance when the down payment is 20% or above. In case, you choose to go with a lower down payment (less than 20% down payment); you can use flexible PMI options. Even if you are not a first-time user, you can apply the loan for your second home.
Is it possible to apply with low credit score?
It is absolutely normal not to have a high or adequate credit score. Due to several reasons, your credit score has headed downhill. If you start to focus on payment history, outstanding balance, or available score, you can still fix things with the help of a professional. The professionals find easy solutions to review the path of recovering credit score.
How to apply for DACA home loan?
DACA home loans are believed to be complex procedures. It is best to seek help from the professional lenders who can walk you through the encrypted pre-approval form online. Only in this way, you can get full information regarding the loan program, interest rate, and more.
If you still have other queries in the back of your mind, you need to look out for the best company with the exclusive home loan program for every DACA recipient.
Author Bio: Joan Gallardo, a Senior Loan Officer, with 20+ years of experience, here writes on 2 questions to ask the best mortgage lender in Houston when you are about to choose one of the first time home buyer programs in Houston.