When you come to the U.S. with your parents in your childhood, you barely understood whey lawful entry is important for you. But with time, when you grow up and started dreaming of your own home, you understand how difficult it is to give wings to your dream without the documents of proper entry in this country.
But you do not need to worry! Home loans for DACA recipients in Houston, TX are designed to help dreamers like you to go a step closer to their dreams. However, myths often divert homebuyers to make a wise decision. To help you, here, we have debunked a few common myths that are associated with DACA home loan programs –
Myth 1: DACA recipients can apply for FHA loans
No, this is not true. The HUD does not consider the DACA recipients as the lawful citizens of the U.S. And private lenders abide by the rules set by the HUD. In case you are going to apply to an FHA-approved lender, your application will be rejected. The FHA is an important part of the Department of Housing and Urban Development. And the HUD makes the regulations for the FHA loan programs. Now, you can’t get an FHA loan as long as the U.S. Congress clarifies your citizenship status. According to the last updates, Congress has been putting a focus on the Homeownership for the Dreamers Act. When the Act becomes law, the borrowers can access FHA house loans. Using FHA loans can be beneficial as they can put down as low as 3.5%. Moreover, the credit requirement is lenient.
Myth 2: Loan benefits are not tempting
Another misconception! The mortgage offers higher limits than FHA loan programs. Now, it is something interesting to note. You can refinance single-family second houses, as well as buy PUDs, eligible condos, and townhouses. The flexible private mortgage insurances are available when your down payment is lower than 20%. Besides, a borrower can invest in particular properties and second homes. Besides, you can call for co-signers, and there are no first-time homebuyer’s restrictions. Up to 95% financing is available, and the home buyers can request funds after paying down their own contribution. You can see how the home loan is designed to help the DACA recipients who have faced rejections for their citizenship status.
Myth 3: DACA recipients are exempted from conventional loans
This is also wrong. It is because DACA borrowers are eligible for conventional loans. According to the policy, they must furnish details of valid EAD and other documents. The loan can help borrowers to buy a single-family residence and multi-unit property. Before moving into their primary residence with this loan, they can put down 3% of the loan value. Moreover, the borrower must have stable employment and give the lender with the required documents.
As the reality is cleared before you, now, start looking for lenders who offer DACA home loans and apply for the loan today!