If you are a DACA recipient, you can still get hold of a home loan. Due to your citizenship, you might be facing serious issues. Building a dream home and residing in it – this is one of the forces driving many American citizens. After living for years in the country, you cannot let anything ruin one of your lifelong dreams, right? In order to proceed with the DACA mortgage, you should be pretty careful about particular things.
You might have heard that DACA status can disqualify you from applying for a mortgage. Since the financial options are limited to you, a mortgage proves to be useful. After all, why should it not be? To your relief, a non-permanent resident is eligible for plenty of loan products. Once you prove that you are now an American citizen, you can apply for home loans for DACA recipients in Houston. It is true that the journey is not free from sudden turns on a rocky road. So, make sure you have a stable employment history for overcoming the first hurdle. Once you get through it, you must disclose the necessary information about the social security number and other documents. There are other things that you should be aware of before starting the application. Let’s take a look below.
· Know all about the Advantages before Everything
DACA mortgage is quite different from the loan products that every traditional homebuyer eyes. If you are willing to put down 20% or more, you are spared from paying mortgage insurance. There are also flexible PMI options existing for the mortgages with less than 20% down payment. Even if you have a home already and this is your second one, the DACA home loan is widely effective. So, you can stay relaxed when willing to acquire another investment property in this market condition. Since there are talks on whether a DACA borrower can apply for an FHA, this type of loan has a higher loan limit.
· Don’t Forget to Focus on Credit Score
Before understanding whether you can get approved or not, you should not keep the credit score in question. Get your credit score checked from the major bureaus and use the information later. From the credit agencies, any applicant can get a detailed credit report. When you are aware of where you stand, you can increase the score if necessary. Usually, people applying for the mortgage are in need of raising the score. Check the report thoroughly and find out whether there are mistakes. Once the discrepancies are spotted, you should get in touch with the agencies right away. If there is an outstanding balance, you should take care of it too.
So, whether you are refinancing a present DACA mortgage or considering buying one, the lenders can offer continuous support. They have designed their service in a way that every DACA recipient can fulfill their dream without any hassle. Furthermore, co-signers are also available for the home loan. Finding a lender for a DACA home loan is not crucial. Have faith in yourself and get in touch with a professional lender now!
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.