Are you finally ready to take the next leap? Owning a house is like adding a feather to the cap of your achievements. The DACA status gives a remarkable reason to celebrate. When you have spent many years wondering, biting your nails, and living in a dilemma, the DACA mortgage solves your problems. The home-buying process is much easier than you ever thought it would be. Yes, there might not be FHA loans present; it does not impede the process at all.
Once you remember a few tips, it gets easier to qualify the DACA mortgage loans in Houston. The right information leads you to the perfect loan program and lender. Not everyone does their homework right before jumping into the process. Many of them put off the entire task thinking there is too much documentation involved. Additionally, they do not consider paying the debt. In the end, their stubbornness leads to unnecessary delays and a row of rejections. It is better to know in advance whether you can afford to chance upon a home loan. Putting effort in sorting out your application saves you a great deal of time. It is typically seen that many DACA borrowers are in a quandary about the steps required to take for the homework. In case you are in the same situation, give this article a read. Let’s take a look below and understand how your DACA mortgage process needs to run.
What you need to qualify for a home loan
There is only one way to make the entire process hassle-free – prepare to qualify for four things. DACA mortgages come with 20% or higher down payment. Putting down 20% of the loan value is not exactly easy for everyone! There is, of course, a bright side to it – borrowers need not pay for the mortgage insurance. Besides saving for the down payment, you should lower the debt-to-income ratio. Maintain a solid working history along with a steady income for favorable terms and rates. Before everything, make sure you have a fair credit score. Always check the key requirements provided by the lenders.
How to find out if you are eligible
If you are a Dreamer, you are eligible for a home loan. The options are limited, and you might have only one mortgage at your disposal. The DACA status indeed makes you eligible for a particular loan program with specific requirements. If you are a legal non-permanent resident, you can get your hands on conventional and FHA loans. Once you can prove your residency status, you can avail different options for financing. The DACA program is quite uncertain, and political unreliability gets in the way. However, the Federal Housing Administration does not offer FHA loans to DACA buyers due to their citizenship.
There is a chance that DACA borrowers can apply for FHA loans, but it is a matter of future. If any action is taken through Homeownership for DREAMERs Act, borrowers can experience a new reality. So, keep important information in mind.