Have you come to the U.S. in your childhood with your parents? Or, have you come here in your early youth? If you belong to any of the categories and now have a job, you might like to buy a house here. But a question might come to your mind – can you opt for a home loan program and get financial assistance to buy a home of your dream? Well, the answer is yes.

With DACA mortgage loans in Houston, you can buy a home. But before you opt for this loan program, you have several questions regarding this. To help you, here, we have listed down a few questions and their answers.

  • Can I get a home loan as a DACA recipient?

Being a DACA recipient, you can be eligible for a home loan program. Though certain types of loans are unavailable to dreamers, conventional home loan programs are an option for anyone in the country under the DACA program. When getting a conventional home loan for your purchase, you will enjoy the same benefits as an applicant along with high loan limits and reasonable credit requirements.

  • Are my loan limits diminished as a DACA recipient?

No. By using a conventional mortgage loan as a DACA recipient, you will have access to the same loan limits as any U.S. citizen opting for this loan program for financing. The exact amount that you will have access to, will depend on your income, credit score, debt-to-income ratio, and other factors. However, the limit across the country is around $510,400 for a single-family home. In some high-cost areas, the limit can go as high as &765,600.

  • Is there a lot of paperwork on a home loan to a Dreamer?

No, when you compared to any other home loan. Compared to a typical conventional loan for a U.S. citizen, no, there is not a lot of paperwork for DACA home loans. You will have to prove your status as a DACA recipient, as well as go through the same application process as anyone else. And you will not find an excessive amount of paperwork with this home loan.

  • What are the documents required for this loan program?

You will need basic documents on immigration and residency status. Along with your income, credit, and debt information, DACA recipients will need to verify their status in the country that can be done through an Employment Authorization Document, Green Card, Visa, and other information. Besides, you may also need to pay stubs, employment verification, your Social Security card, or bank statements. Generally, it is better to have all of these documents ready in case they are requested by the lender.

  • Can I apply for an FHA loan?

No. Though the federal policy is always subject to change, nowadays, FHA loans are not available to non-citizens. The Department of Housing and Urban Development that oversees the Federal Housing Administration (FHA), has confirmed that their services are only for U.S. citizens. You can research more about this topic to clear your doubts.

As you got the answers to your queries, without waiting any more, opt for a lender and apply for the loan program as early as possible.

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.


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