You want to buy a house but the bank denied your mortgage application just because you are in the Deferred Action for Childhood Arrivals programs. Well, there is no need to worry. The DACA program will not only protect you from deportation but also help you to get a work permit, a social security card, as well as driver’s license that will ultimately help you to buy a dream house.
Are you still not convinced and wondering whether you can get home loans for DACA recipients in Houston, Tx? Here, we have put together a few questions and answers that can help you to clear your doubt and
- Am I eligible for a mortgage if I am in the DACA program?
Yes, you can get a mortgage if you are in the DACA program. However, your options for financing are limited. Your DACA status makes you disqualified for a few types of loans. A lawful and non-permanent resident is eligible for most types of mortgages. In case you can prove that you are a legal resident of the U.S., then you can easily meet the residency requirement. But DACA is vague; the agencies that set policies for loan programs interpret it differently. So, it is better to ask the agency about this before applying for the loan program.
- Can DACA recipients get conventional loans?
Yes, you can. Being a DACA recipient you are eligible for conventional home loan programs. The Non-Citizen Borrower Eligibility guide offers more details, along with examples of acceptable documentation. DACA recipients can use a conventional loan to purchase or refinance a 1 to 4 unit home. The property should be your primary residence and you must have a higher credit score, a stable employment history and made a down payment of at least 3% for a single-family home.
- What documents do I need for this loan program?
The documents that you have to provide the lender to verify your residency and work status include Social Security Number (SSN), Current Employment Authorization Document (EAD card) issued by the U.S. Citizenship and Immigration Services (USCIS) with C33 category. Previous expired EAD card. Mortgage lenders will assume that the USCIS will continue to renew your residency status. Besides, you should show your income documents to show that you can afford the mortgage payments and bank account balances to confirm that you have enough money to buy a house.
- Where do I find a mortgage lender, who offers DACA home loans?
Before you apply for a mortgage, ask the mortgage lender whether he will approve you with DACA status. By asking up front, you will avoid more significant problems later. Many lenders offer DACA loans, but they are not easy to find. You can search online for DACA mortgage lender, compare them and then choose the right lender for you.
As now, you have a clear idea about the DACA loan programs, without waiting any further, apply for a home loan as a DACA recipient and buy a home that you want.
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.