The Federal Housing Administration (FHA) announced a new opportunity for those protected under the Deferred Action for Childhood Arrivals (DACA) program. Since January 19, 2021, those individuals can apply for mortgages backed by the FHA. A previous stipulation barred “non-US citizens without lawful residency” from applying for FHA-insured mortgages; the new opportunity for these DACA members reverses that regulation.
DACA is a United States immigration policy that allows some individuals with unlawful presence (illegally brought to the country as children) to receive a two-year renewable period of deferred action from deportation. These individuals are also eligible to obtain a work permit as long as they do not have any felonies or serious misdemeanors on their records.
FHA-backed loans are popular options for first-time homebuyers because they require a minimum down payment, lower credit score requirements, and higher debt-to-income ratios.
DACA members have all the same FHA requirements as other borrowers, which include:
- The property must be the borrower’s principal residence
- The borrower must have a valid Social Security number (except those employed by the World Bank, a foreign embassy, or an equivalent employer identified by the Department of Housing and Urban Development)
- The borrower must be eligible to work in the United States
- The borrower can provide an Employment Authorization Document (EAD) issued by the United States Citizenship and Immigration Service (USCIS)
- The borrower must satisfy the same requirements, terms, and conditions as those set for other United States citizens
Countless individuals across the United States are now eligible for homeownership. FHA loans are a fantastic option for first-time homebuyers. DACA recipients who might not have qualified previously can now obtain a home.
Want to learn more about this new opportunity? Contact the professionals at EB Mortgage today.
EB Mortgage is a locally-owned mortgage company with experts in a new home purchase, refinancing, and commercial loans. Our wholesale rates can’t be beat. We offer more products, more options, and more solutions. Our “3C” Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at 866-246-0516 or e-mail email@example.com today.
Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.