There are minimal restrictions on who may purchase and own property in the United States, regardless of residency status, thus DACA beneficiaries can do so as well. However, a DACA recipient’s ability to acquire a mortgage in the United States is limited, and there are few support programs to assist with property purchases.
How to Qualify for a DACA Home Loan?
Applying for home loans for DACA recipients in Houston, Texas is simple. You can begin your application once you’ve found a property to buy and a lender. Basic information such as your job title and income, as well as personal information and property data, will be requested on the application.
You will be asked if you are a U.S. citizen or a lawful permanent resident during the application process. It’s critical that you tell your lender the whole truth about the state of your home. You will need to provide additional information to your lender in addition to your application. You’ll need the following materials to apply for a DACA home loan:
- You must show that you have the legal right to reside and work in the United States.
- You’ll need to provide proof of your wages.
This information will be used by the lender to determine your mortgage eligibility, as well as the loan amount and terms.
Required Documents for a DACA Mortgage
Only those who can show specific documents are eligible for a DACA home loan. To potential lenders, this evidence will attest to your job as well as your residency status. You’ll need to supply the following information when applying for a DACA mortgage:
- EAD (Employment Authorization Document) – EAD (Employment Authorization Document) The C33 category is used by the USCIS to issue this document. It verifies your ability to work in the United States and make money.
- Social Security Number – Your Social Security Number will indicate how many years you’ve worked and how much money you’ve earned previously.
- Previous Expired EAD Card – An expiring EAD card will show a potential lender that you’ve already qualified for renewal and will most likely get your EAD renewed, suggesting that you’ll be able to work and make your mortgage payments.
- Bank Statements – When applying for a loan, you’ll want to show the lender that you have a history of consistent income (preferably for the last 24 months) to show that you’ll be able to make your payments on time.
- Extra Income Documents – Additional income-related proof, such as federal income tax returns, W-2 statements, and copies of pay stubs, will be required when applying for a loan. The more proof you can provide of consistent income, the more confidence the lender will be in your capacity to repay the loan.
For more information about the home loans for DACA recipients in Houston, Texas, contact a professional.