Are you a DACA recipient holder? Then, you may be thinking that your loan approval chances are limited as every request for a loan that you make always getting declined. This is why most people holding this kind of visa don’t even dare to apply for a loan as they are in the concept that it is a complete waste of time.
But you will be happy to know this is not always the case. There are lenders, who offer home loans for DACA recipients in Houston, Tx. So, you can apply for a mortgage loan program as a DACA recipient and fulfill your dream of home ownership.
- Can DACA recipients purchase a house?
Yes, being a DACA recipient, you can buy a house. Regardless of what your residential status in the U.S. is, there are practically no limits on who can buy and own property in the U.S. And it means DACA recipients may purchase home in the U.S. That said, a DACA recipient’s capability to secure a mortgage loan in the U.S. is limited and there are a few assistance programs available to help with the purchase of a house.
- How to get a DACA home loan?
Applying for a mortgage is not difficult. Once you have decided which house to buy and a lender, you can start your application. The application can ask for some general information regarding your employment, income, as well as personal information and details about the property in question. Along with your application, you will need to provide some additional information to your lender including proof of your legal status to live and work in the U.S. and earnings-related documentation. The lender will use this information to determine your eligibility for a mortgage and to determine your loan amount, as well as the terms of your loan.
- Documents required for a DACA mortgage
Receiving DACA home loans will only be possible if you give some specific documents. While the Current Employment Authorization Document (EAD) verifies your ability to work in the U.S. and to receive an income, your Social Security Number will verify how many years you have spent in the workplace and your previous earnings. With an expired EAD card, you can show the potential lender that you have qualified for renewal in the past and you will continue to have your EAD renewed. It means you will have to continue working and maintain your payments on your mortgage. Moreover, you need to submit bank statements to establish a history of consistent income when applying for a loan to show the lender that you will be able to maintain your payment schedule.
These are some of the most crucial things that you have to be familiar with before applying for a home loan program as a DACA recipient. Would you like to know more? Or, do you have some other queries regarding a home loan program and how will it work for you? Opt for a mortgage lender and resolve it.
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.