The way of finding a mortgage for the DACA recipients is not always the easiest thing. However, it is not impossible at all! Going by the recent news, the recipients cannot apply for FHA loans. On the contrary, future owners are eligible for conventional loans. So, there is no way to give up on your dreams of owning a house. If you wish to purchase a house and live the ultimate American dream, you still can. However, there are only a few questions to ask the lender before applying for the mortgage.
Before committing to a mortgage, you should remember to ask a few questions. This is the perfect way to prepare against the unanticipated fees for the rest of your life. Needless to say, the answers save your life. While seeking information about the DACA mortgage loans in Houston, you should gather essential information. Go through the following questions and answers before you apply for the mortgage.
How much down payment is required?
The experts suggest that the 20% down payment is ideal for every borrower. However, this is not mandatory when you are well-qualified. Many lenders are willing to offer less than 20% down payment to the DACA recipients in Houston. In the meantime, you should remember that there is private mortgage insurance if you put down less than 20%. There might be higher closing costs and monthly payments.
What are the benefits to look forward?
Did you know that the DACA mortgage loan can be bought for the single-family home units? From approved condos to townhouses, the loan can be purchased or refinanced with the help of a lender. Of course, the seller’s contribution is based on the occupancy and down payment. The conforming mortgage limits are applied and there are no homebuyer’s restrictions either. In addition to the context, the co-signers help the homebuyers to qualify for single-family home units. If there is any need for it, gift funds are also allowed. In the end, you can get higher loan limits than the FHA loan. Additionally, you can use the mortgage for purchasing investment properties as well.
What are the requirements for DACA loan?
The United States Citizenship and Immigration Services issue a permit, namely, Employment Authorization Document. You need to submit this proof for confirming that you are eligible to work in the United States. Again, you must have a valid SSN to validate with the Social Security Administration. Of course, the income documents are important to prove whether you can afford the mortgage payments. Based on the employment option, the lender might ask you to submit for W-2 statements, federal income tax returns, and pay stubs.
Before you apply for the loan, you should ensure whether your DACA status is eligible. It is better to inquire the lender to avoid the crucial problems beforehand. Now, the banks do not offer the DACA loan programs usually but the private lenders always make the difference in Houston, TX. So, get help from a professional before everything!
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.
