Everything That You Should Know about DACA Mortgage Loans in Houston


Are you a Deferred Action for Childhood Arrivals (DACA) recipient? Then, getting a mortgage loan and fulfilling your dream of having your own home might be difficult for you. As you are not classified as a permanent resident of the U.S., many lenders may not be ready to give you a loan. But dreams still have options.

Want to know about this? Well, you can apply for DACA mortgage loans in Houston and buy a home of your choice. But you need to know a few things about these loans to make the entire process smooth for you. Here are some basic things about DACA mortgage loans –

  1. DACA recipient can get conventional loans

If you are a DACA recipient and want to apply for a home loan program to achieve your dream of homeownership, you can easily opt for conventional home loan programs. With this, you can purchase or refinance a 1 to 4 unit home. However, you have to make sure that it is your primary residence and you will live in it. Besides, you need to fulfill some other requirements. You should come with a down payment of 3% for a single-family home. Moreover, you should have a good credit score. If your score is low, you should take steps to improve it. You also need to have a stable employment history of 2 years, and it would be better if it is from the same employer.

  1. You need some documents to get a home loan as a DACA recipient

In order to verify your residency and work status, you should come with a few documents. The primary one is your Social Security Number that proves your residency status in the US. Besides, you should have the current Employment Authorization Document (EAD card) issued by the U.S. Citizenship and Immigration Services (USCIS) with C33 category. You will also require your previous expired EAD card. Mortgage lenders will assume that the USCIS will continue to renew your residency status.  Like other borrowers who apply for a mortgage, you can handle the monthly mortgage payments. Regarding income documents, the lender will want copies of your pay stubs, W-2 statements, and federal income tax returns.

  1. Every lender does not offer DACA home loans

Every lender that you come in contact with can’t offer you DACA loans. So, asking any lender can’t help you. So, before you apply, ask the lender whether he or she offers DACA mortgage loans or not. The best option will be to search online for lenders who offer DACA mortgage loans. Then, ask for quotes for these lenders, compare them, and then go for the one that will be the right choice for you.

  1. You can use gift funds to buy your home

You can use gift funds for the whole or a part of a down payment or closing costs. The only people from whom you can accept the gift funds are your partner, children, relatives, and dependants. But make sure, they are ready to pay the amount.

So, start looking for lenders who offer DACA home loans and apply for the loan today. Your home buying dream is just a few steps away from you.

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