Regardless of residential status, there are few restrictions on who may buy and own property in the United States, which implies DACA recipients can do so as well. However, a DACA recipient's ability to get a mortgage in the US is limited, and there are few assistance programs available to help with property acquisitions.
How to Qualify for Home Loans for DACA recipients in Houston, Texas?
It is not difficult to apply for home loans for DACA recipients in Houston, Texas. You can begin your application once you've found a property to buy and a lender. The application will request some basic information about your job and income, as well as personal information and specifics about the property.
During the application process, you will be asked if you are a U.S. citizen or a lawful permanent resident. It's important that you give your lender the whole truth about your home condition. In addition to your application, you will need to provide other information to your lender. To apply for a DACA home loan, you'll need the following items:
● Your legal right to live and work in the United States must be demonstrated.
● Documentation relating to your earnings is required.
This information will be used by the lender to establish your eligibility for a mortgage, as well as the amount and conditions of the loan.
Documents Required for a DACA Mortgage
You can only receive a DACA home loan if you can show specific documents. This proof will confirm your work as well as your residency status to potential lenders. When applying for a DACA mortgage, you'll need to provide the following information:
● EAD (Employment Authorization Document) - EAD (Employment Authorization Document) The C33 category is used by the USCIS to issue this document. It verifies your ability to work in the United States and make money.
● Social Security Number - Your Social Security Number will indicate how many years you've worked and how much money you've earned previously.
● Previous Expired EAD Card - An expiring EAD card will show a potential lender that you've already qualified for renewal and will most likely get your EAD renewed, suggesting that you'll be able to work and make your mortgage payments.
● Bank Statements - When applying for a loan, you'll need to show the lender that you have a history of consistent income (preferably for the previous 24 months) to establish that you'll be able to make your payments on time.
● Extra Income Documents - You'll need to provide additional income-related documentation when applying for a loan, such as federal income tax returns, W-2 statements, and copies of pay stubs. The more proof you can provide of consistent income, the more confidence the lender will be in your capacity to repay the loan.
For more information about the home loans for DACA recipients in Houston, Texas, contact a professional.
