3 Mistakes to Steer Clear of When Applying for Mortgage Loans in Houston

3 Mistakes to Steer Clear of When Applying for Mortgage Loans in Houston

Finding it difficult to get a home loan approval for your unlawful entry into the country? Are the lenders skeptical about your loan application? Wondering what to do? Well, DACA mortgage loans are there to help you. Designed for DACA buyers, you can easily get approval for this loan when you meet some basic requirements.

Coming with a decent down payment and credit score are often considered enough to get approval for mortgage loans in Houston. But to go the extra mile, you need to be careful and avoid some mistakes when applying for this loan –

Misuse of credit card

Are you short of cash? Then, a credit card can come to your rescue. Are you in need of a thing on an urgent basis but don’t have the requisite cash for this? You can use your credit card and solve the problem. But you should remember that your debt can lower the credit score that you would not want, especially when you are about to apply for a DACA mortgage loan. Your credit score shows your creditworthiness. High debts will lower your score that will ultimately prevent you from getting approval for a loan program. Even if you get the approval, you may need to pay a higher interest rate over the life of the loan. So, you should always try to avoid the misuse of the credit card to ensure loan approval with a lower interest rate.

Not paying your debts on time

It is another grave mistake that homeowners often made. When you apply for a DACA home loan program, the lender will check your financial stability. Your credit record is one of the key things that can badly impact your financial stability. Without paying your previous debts on time, you can’t secure a home loan approval as a DACA recipient. No lender will be ready to sanction the loan approval of a borrower, who is backed by huge debt. They will be afraid of the thought that the borrower might fail to return the loan amount. Therefore, you should clear all your previous debts to make sure of easy approval.

Not coming with the required document

Not coming with the necessary documents is another mistake that you should avoid making. Providing documents to the lender to verify your residency, as well as work status. The documents that you need to come with are your social security number, current Employment Authorization Document (EAD card) that is issued by the U.S. Citizenship and Immigration Services (USCIS) with C33 category, previously expired EAD card, etc. If you don’t come with the documents, you may not get approval.

So, what to wait for? Avoid these mistakes and ensure approval for a DACA home loan – it is as simple as that.

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