How to Buy a House With DACA Home Loans

Can DACA Recipients Buy a House?

Yes, DACA recipients can buy a house in the US. The HUD guidelines forbid any discrimination in housing and community development programs and activities. The recipients are treated equally, despite the differences in race, color, national origin, familial status, or disability.

Financing Options for DACA Home Loans

The DACA program allows various home loan options for Dreamers.

FHA Loans

The FHA has revised its policy on home loans for DACA recipients. As of 2021, FHA has allowed non-citizens enrolled in the DACA program to apply for FHA loans to buy a house.

However, to get a DACA FHA loan, you must fulfill some requirements.

• You should have a minimum credit score of 580 and must put down 3.5%.
• You must have a valid Social Security Number (SSN).
• The property should be your primary residence.
• You must provide an Employment Authorization Document (EAD) to your lender and be eligible to work in the US.
• The issuer of the EAD must be the US Citizenship and Immigration Services (USCIS) in the C33 category.
• You must also submit your previously expired EADs along with the application.

Conventional Loans

Before FHA loans, DACA conventional loans were the only option for Dreamers to finance their home purchases. Private lenders offer conventional loans. Additionally, the requirements of conventional loans vary from lender to lender.

Fannie Mae Conforming Loans

DACA recipients must provide the following documents to qualify for Fannie Mae’s conforming loan:

• You can establish your legal status in the US with an active EAD, Tax ID, or Social Security Number.
• You must also present proof of income in the form of pay slips, W2, or bank statements.

How to Purchase a Home Through DACA Home Loans?

Here are some steps that you must follow:

• Step 1: As a DACA recipient, you must research the type of loan you apply for. In addition, you must filter the market to find the lender with the lowest interest rates.
• Step 2: The next step is to get a mortgage pre-approval. Your lender may assess your financial condition and inquire about your citizenship and residency status.
• Step 3: You will have to submit your SSN and EAD to prove your work and living permit in the US.
• Step 4: The next step is to look for a house and make an offer. Once the seller accepts your offer, you must order a home inspection and ensure it is in livable condition.
• Step 5: You will be eligible for a mortgage and prepare to close on your property once the process is completed. At closing, you will be liable to pay a down payment and closing costs.

Bottom Line

The US government prohibits any discrimination in the housing and development community. This allows Dreamers to own homes in the US. However, they must have all the relevant and up-to-date documents.

Various options, such as FHA loans, conventional loans, and Fannie Mae home loans, are available to DACA recipients. They must provide proof of work and a living permit to qualify for the loan.

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