DACA is a Visa status (C33) granted to children who were brought to the United States by their parents without a Visa and have lived in the country for the majority of their lives. Many of these children who were eligible for this status are now adults. DACA was designed to give working-age adults a way to get a Visa that would enable them to work in the United States.
The following are the basic conditions for applying for a DACA Mortgage Loans in Houston:
- Proof of a United States Citizenship and Immigration Services (USCIS) Employment Authorization Document (EAD) (USCIS). If the EAD card will expire within a year and there is a history of previous residency status renewals, underwriting will presume that the applicant will continue to work after the EAD expires.
- You have a valid Social Security number, which you must verify with the Social Security Administration (SSA).
- You will follow all of the other general standards that apply to U.S. residents (such as terms and conditions).
Highlights of the Loan Program:
- Owner-occupants and investors of 1-4 units, townhouses, licenced condos, or PUDs may apply for purchase or refinance loans.
- Buying or refinancing single-family vacation homes.
- Loan-to-value ratios of up to 95 percent (in some cases 97 percent) are common. After the borrower’s appropriate donation, gift funds are permitted.
- Depending on the down payment and occupancy, seller contributions will be available.
- There are no limitations for first-time homebuyers.
- Investors may use co-signers to help them qualify for single-family homes.
- There are loan caps that must be adhered to.
DACA Loan Program Benefits:
- If you put down 20% or more, you won’t have to pay mortgage insurance.
- You can buy a second home or an investment property.
- Loan limits are higher than FHA loans.
- Flexible PMI plans are available for loans with a down payment of less than 20%.
Take professional help to know more about the DACA mortgage loans in Houston before applying for the same.