People come to the United States for several reasons. While some come in their early childhood with their parents for a better future, some come for educational purposes and later decide to stay here, and the rest come for other reasons. And among these immigrants, there are many, who come unlawfully, without proper documents. If you are one of them and want to buy a home in the US, then it will be difficult for you to get approval.
But you can fulfill your dream of homeownership with DACA mortgage loans in Houston. But are the myths about these loans creating confusion in your mind? Here, we have tried to expose the truth before you.
- You can’t get approval for a conventional home loan
This is a common misconception about home loans for DACA recipients. People who are in the US under the DACA program are eligible for a conventional home loan program. In order to qualify for a conventional loan, you need to meet the requirements of the lender. The property needs to be your primary residence and you should come with at least a 3% down payment. Besides, conventional loans require a good credit score, and you will need to show stable employment, along with an employment history of at least 2 years. With all these, you can easily get approval for a conventional home loan program.
2. You could not opt for down payment assistance programs
No! It is not true! Homebuyers who don’t have enough liquid cash to make the down payment can apply for different down payment assistance programs to come with a decent down payment. Besides, you can ask for financial aid from your family members, but you should never pressurize them.
3. You need to come with a lot of documents for this
Another misconception. Like any home loan program, a DACA mortgage needs some specific documents and information. You will need to provide your Social Security number and your current Employment Authorization Document that is often called an “EAD card”. You also need to bring your previous “EAD card” that may have expired. Your lender may also want to see the basic income documents, such as copies of pay stubs, federal income tax returns, W-2 statements, and other forms of information that establish your income. Some lenders might also want to see your bank account statement.
4. It is difficult to find a lender offering this loan
Although it is true that not all mortgage lenders offer loans to DACA recipients, it does never mean that it is difficult to find a lender. There are several lenders who offer conventional home loans to DACA recipients, and the number is good. So, it will not be daunting for you to come in contact with a lender. Ask for quotes from several lenders, compare them, and then opt for the one, who is offering the best quote.
As the truth is now uncovered before you, you would like to apply for a DACA loan. So, what to wait for? Find a lender and apply for the loan today!
