Working Your Way through DACA Mortgage Loans in Fairfax County, VA

clearlending

Trying to find your way through DACA mortgage loans? Let’s read over the article and kick off preparations now!

 

House loans have undergone changes in recent years, and DACA recipients have witnessed a share of good news at present. You can get FHA loans with affordable rates and flexible terms now. However, many lenders do not provide home loans to Dreamers. Banks turn down their mortgage application for the DACA status, and the road to homeownership turns a wee bit difficult.

This should not come as a hurdle when you are prepared for the DACA mortgage loans in Fairfax County, VA. Let’s take a look below!

Documents Required for DACA Home Loans

Getting a DACA home loan seems possible if you have specific documents with you. The documentation process verifies whether you have an eligible employment and residency status. It is better to prepare a set of documents so that you can walk through the application process easier.

The first thing you need is the current EAD or Employment Authorization Document provided by the USCIS. This document is a testament to your eligibility to work in the United States and become a salaried person. Then you need Social Security Number which authenticates the years you have worked all together.

Similar to regular mortgage applications, lenders want to see your bank statements. Besides proving your work history, you need to submit bank statements for showing consistency in income. Also, lenders figure out whether you maintain a steady payment schedule. But the thing that the regular borrowers do not need to show is that an expired EAD card if it lapses. Potential lenders qualify DACA recipients who are about to renew their EAD cards.

The Type of Property Allowed for Dreamers

Since you have been dreaming of buying your first home, you should know the property type you will be eligible for. This means you must be looking around for a condominium, townhouse, or residential house. Typically, Dreamers choose to finance single-family residences. Lenders with similar experiences have seen a high rate of success for single-family residences. In addition to the context, you can get an FHA loan at a lower rate.

Investing in the right property also helps save money over the years. Of course, every DACA recipient faces a different situation. You should talk to the lender about the home type you will be eligible for. For instance, if you need a multi-unit family residence, you can ask the lender how to be eligible for it.

Everything happens online, so start the process as early as possible. Find a lender who has years of experience in working with DACA recipients.

Comments are closed