Have to come to the U.S. in your early childhood? Don’t you have any legal documents that prove your legal residency status? Then, it will be difficult for you to apply for a home loan program and buy a home? What to do? Well, DACA mortgage loans are there to help you.
DACA mortgage loans in Houston are specially-designed home loan programs that help individuals who come to this country unlawfully, buy a home of their dreams. But to get this loan, you need to fulfill the loan requirements. Here are these –
1. A decent down payment
Coming with a down payment is a must for home loan programs. And it is applicable for you too when you apply for a home loan program as a DACA recipient. Generally, being a DACA recipient, you could not apply for FHA home loan programs but can get approval for conventional loans. For conventional loans, the down payment requirement is 20%. But the higher the percentage, the better it would be for you. So, you should save as much as possible or opt for a down payment assistance program to offer the down payment amount.
2. A good credit score
Your credit score is the representative of your creditworthiness. The higher the score, the better creditworthy you will be. And so, with a higher score, you can easily get approval for a home loan with a DACA status. Check your credit score from three major credit bureaus. If you find that the score is not good enough, then take steps such as paying debts on time, not applying for new credits and rectifying mistakes to improve your credit score.
3. Documents
Receiving DACA home loans will be possible when you come with some specific documents. These documents will verify your employment and residency status and help you get approval for this loan. When you apply for a home loan as a DACA recipient, you need to provide your current Employment Authorization document, Social Security number, previously expired EAD card, bank statements, and additional income documents.
While the EAD given by USCIS verifies your ability to work in the U.S. and to receive an income, the Social Security number verifies how many years you have spent in the workplace. A previous expired EAD will show a potential lender that you have qualified for renewal in the past. Along with establishing your work history, bank statements will show the lender that you will be able to maintain your payment schedule. Besides, you will need to provide additional income-related documentation, such as federal income tax returns, W-2 statements, pay stubs, etc.
These are the basic requirements and the lender you are opting for can ask for something else. So, ask the lender about the loan requirements and move accordingly. Your dream home is just a few steps away from you.