Have to come to the U.S. in your early childhood with your parents? Don’t you have any legal documents? Have you spent years in this country and now want to buy a house? Finding it difficult to get approval for a home loan? If you are answering positively to all these questions, then a DACA status can help you. It is a visa status that helps you in the home loan process.
Before you apply for home loans for DACA recipients in Houston, TX, you may need to know how to get this loan. Read on to know this –
- Can I get approval for a home loan if I have a DACA mortgage status?
Yes, you can get approval for a home loan program if you are in the DACA program. However, your options for financing are limited. Your DACA status makes you ineligible for some types of home loan programs. A lawful resident in the U.S. is eligible for most types of home loan programs, along with conventional and FHA loans. If you prove that you are a legal resident of the U.S., then you meet the residency requirement. But DACA is ambiguous, the agencies that the policies for home loan programs interpret it differently. And according to some mortgage policymakers, DACA does not prove that you are a lawful resident of the U.S.
- What are the documents required for a DACA mortgage?
You can get approval for DACA home loans only when you come with some specific documents. This documentation will verify your employment along with your residency status for potential lenders. When applying for a home loan as a DACA recipient, you need to provide
- Current Employment Authorization Document (EAD) – Given by the USCIS under category C##, it verifies your ability to work in the U.S. and to receive an income.
- Social Security Number – Your Social Security Number will verify how many years you have spent in the workplace and your previous earrings.
- Previous expired EAD card – An expired EAD card will show a potential lender that you are qualified for renewal in the past and that you will likely continue to have your EAD renewed. It means you will continue working and maintain payments on your mortgage.
- Bank statements – Along with establishing a work history, you will want to establish a history of consistent income when applying for a home loan. It will show the lender that you will be able to maintain your payment schedule.
- Additional income documents – You will also need to provide additional income-related documentation, such as federal income tax returns, W-2 statements, and pay stub copies when applying for a loan. So, you should come with these.
Now, you have basic knowledge on how to apply for a home loan as a DACA recipient, look for the lenders who offer this loan, and apply for the loan today!
