DACA status is a visa status. And it is given to the ones who came to the United States without a visa by their parents and have been staying for the majority of their lives. Generally, they are in their adulthood and want to buy a home. This status helps them fulfill their dream of homeownership easily.
You can also opt for DACA mortgage loans in Houston and buy a home. But before that, you should know these things –
Can a DACA recipient get a home loan?
Being a DACA recipient, you can be eligible for a home loan program. It is true that some types of loans are not available to dreamers. However, conventional home loan programs are an option for anyone in the country, even the ones who have DACA status. When looking for a conventional home loan for your purchase, you can enjoy some benefits as an applicant. It includes the high loan limits and reasonable credit requirements.
Can the loan limits diminish as a DACA recipient?
No. With a conventional mortgage loan as a DACA recipient, you will have access to the same loan limits like other U.S. citizen for financing. The proper amount that you can have access depends on your income, credit score, debt-to-income ratio, and other factors.
Is there a huge paperwork?
No, when you compared to any other home loan, you will understand there is not a lot of paperwork for DACA home loans. You will have to prove your status as a DACA recipient, as well as go through the same application process as anyone else. And so, there is not a lot of paperwork related to this loan.
What are the documents that one needs to come with?
To get this loan approval, you will require basic documents on immigration, as well as residency status. Along with your income, debts, and credit information, DACA recipients will need to verify their status in the country. It can be done through a Green Card, an Employment Authorization Document, a Visa, and other information. Besides, you may also need to employment verification, pay stubs, your Social Security card, or bank statements.
Can one get an FHA loan?
No, you can’t. Though the federal policy can change at any time, DACA buyers can’t get FHA loans as they are non-citizens. The Department of Housing and Urban Development that oversees the Federal Housing Administration (FHA), has mentioned that their services are only for the citizens of the U.S. As DACA status holders are not legal residents of this country, they could not get approval for FHA loans.
So, what to wait for? Look for the lenders who offer loans to DACA recipients and apply for the loan today!