Am I eligible for a mortgage if I'm in the DACA program?
Yes. You can get a mortgage if you're in the DACA program, but your DACA status makes you ineligible for certain types of loans. Also something you maybe eligible today can change tomorrow and vice versa.
A lawful, non-permanent resident is eligible for most types of mortgages, including FHA and conventional loans. If you prove that you're a legal resident of the U.S., then you meet the residency requirement.
However, DACA is ambiguous, the agencies that set policies for loan programs interpret it differently. DACA is a part of immigration law, a living breathing constantly changing rubric of law.
Can DACA recipients get FHA loans?
Two months ago, the Federal Housing Administration asserted that DACA recipients would be eligible to apply for FHA-backed mortgages effective Jan. 19. According to the statement, FHA's recognition of DACA recipients' eligibility results from the entity's recent decision to change the language in the FHA Handbook.
"Dreamers and their families are key members of our communities and should have the same opportunities to become homeowners as any other American," Aguilar said. "I'm proud to partner with Rep. Vargas on legislation to codify this policy so that Dreamers can utilize FHA loans, and I look forward to working with him and the Biden administration to make sure this bill becomes law."
This recent change is good news for dreamers!
Can DACA recipients get conventional loans?
Yes they can but it will require a good credit score, a down payment of 3-5%, stable employment history with an income that is likely to continue. Income likely to continue can usually be shown by 24 months of earnings.
What Documents will I need to buy a home?
A social security number, Current Employment Authorization Document (EAD card) issued by the U.S. Citizenship and Immigration Services (USCIS) with C33 category, Previous expired EAD card. Lenders will assume that the USCIS will continue to renew your residency status.