Are you a DACA recipient trying to get a home loan? Due to the political climate, you can find news for or against them. However, you cannot let the discussions shatter your dreams when you still have time! If there is a way to choose the mortgage, you can leave no stone unturned. Being a DACA recipient, the United States is the only home they have always known. When you entered the country during a tumultuous situation, you were too little to understand reality. Gradually, along with the DACA program, the aspiration of living the American dream grew on you. Just like any other average American, you might face a problem with acquiring a house without any hassle. After living years in small apartments, you deserve to live a cozy life. That’s why; DACA program might be the ultimate gateway!
Unfortunately, the world does not talk much about DACA mortgage options. Needless to say, people are still left in the dark. Therefore, DACA recipients can purchase a house. It does not matter what the residential status is, there is no exact restriction on purchasing homes. Also, you should remember other things about DACA mortgage loans in Houston right before applying. Go through the article to know everything.
Getting a DACA Mortgage in this Market Condition
Contradicting your belief, it is not super hard to get hold of a DACA mortgage. When you have found a lender and home, you need to start the application right away. The application asks for mandatory information about income, employment, and other information. Additionally, you need to disclose the necessary details about property too. Of course, you have to show adequate information for your U.S. citizenship. At this time, you must provide evidence of legal residency status and employment in the United States. By utilizing the information, the lender can proceed for the next step.
Is it possible for DACA recipients to apply for an FHA loan?
In the recent HUD guidelines, it is seen that FHA loans are available for DACA recipients. Due to their unlawful status, DACA applicants are not eligible for this type of mortgage. When you are applying for an FHA loan with a private lender, the professional needs to assure that the loan must meet FHA standards. In the meantime, remember that HUD is in charge of making rules for the FHA mortgage program. Since the U.S. Congress confers DACA status, the authority can confirm whether you can get an FHA loan. However, there’s good news for the Dreamers! Congress is working on declaring FHA loans for DACA homeowners as well.
In the end, you should remember that homeownership is possible for the DACA title-holders. The search might not be easy but gradually the dream might come true. When you are able to find the perfect home, you can take advantage of the loan benefits right away. Also, make sure you have enough in the bank for making down payment. In any case, you wish to ask for more help, the lenders are always there.
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.