The First Step to Take for the DACA Mortgage Loans in Houston: Read Here

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If you are a DACA status holder, you know how valuable the program is. After entering the U.S. as a child, you have grown up with American dream in your eyes. However, the loan requirements have not been in the favor of them. Since the mortgage aimed at helping people brought into the country as children, there has been a controversy. The Trump administration took strict measures against immigration, and many people faced severe consequences against deportation. Amid the tumultuous situation, DACA loans exist in Houston.

As a DREAMer, you would like to know how to prepare for the DACA mortgage process. So, you need to find out the most important factor for your loan application. And what could it be other than credit scores? If you want to walk through the loan process with peace of mind, you need to look at your credit scores at first. The initial things you need to do are clean up your credit report and improve your scores. The lenders do not generally offer lenient requirements for the credit scores.

When you are expected to appear with a good credit score, you must remember a few things. The article explains the credit score required for the DACA mortgage loans in Houston. Let’s take a look below.

How to Pull Your Credit Score

For buying a house and securing a loan, the credit score is important. After overcoming financial challenges, you would want to unlock great rates. Only excellent FICO scores can leave you with the best mortgage rates. To strengthen your credit score, you should start paying bills on the dot. It is better not to spend more than 30% of the credit limit. Meanwhile, watch out for your credit utilization. Make sure credit cards are open. The moment you close a card, the credit utilization goes up and hurts the score. Also, pay heed to the credit mix. When there are only credit cards, include other types to maintain a stable payment record.

Keep an Eye out on Credit

When your focus is on getting a DACA loan, check your progress. The lenders gather different versions of the credit score. If you want to know where your credit score is, you must check the FICO report. A few credit reporting agencies provide you with free reports. When you are near an excellent credit score, you can prepare for the paperwork. It will also give you confidence in estimating the interest rate and monthly mortgage payments later.

After preparing for your credit scores, put your focus on the documents. The documentation process for DACA mortgage loans in Houston is more extensive than the conventional home loans. You need to acquire proof of an Employment Authorization Document provided by U.S. Citizenship and Immigration Services. Along with it, a valid SSN is necessary for determining your eligibility. The DACA lenders also need to meet other regular requirements imposed for U.S. citizens. So, talk to your lender and understand the eligibility requirements before taking the final step.

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