You want to apply for a home loan with the DACA status but the myths preventing you from applying for a loan. Read on to know the myths and the facts.
In every year thousands of people come to the United States. While some come to make both ends meet, others come for higher education. Besides, there are several ones who come with their parents in their early childhood without any legal documentation and start living here. But when they want to buy a home, they face difficulties for the unlawful entry. What to do?
Well, a DACA status can help you. With this, you can apply for home loans for DACA recipients in Houston, TX and buy a home of your dream. Have you heard various things about these loans? Worried by thinking what to do? To help you, here we have listed down a few common myths and facts.
- Being a DACA recipient, you can never fulfil your dream of homeownership
It is completely wrong. The DACA status is a visa status that enables homebuyers, who come to this country unlawfully, achieve their dream of homeownership. You may not get qualified for all types of loans. But there are some loan programs that you can easily opt for. So, check the loans and then apply for it.
- Some homebuyers can get approved for FHA home loans
Another misconception! The FHA loan is a specially designed home loan program for first-time homebuyer. And according to the guidelines of the HUD, anyone who is not the lawful resident of the United States can't get approval for this loan. So, with DACA status, you can never opt for FHA loans.
- You can't get down payment assistance with this loan
It is nothing but a myth. When you don't have enough cash for making the down payment as a DACA recipient, you can easily opt for gift money from your dear ones. Besides, you can check various down payment assistance programs and go for the ones that will be the ideal choice for you. So, opting for a down payment assistance program with a DACA status will never be problematic for you.
- Huge paperwork is associated with this loan
Nope! Applying for a home loan with a DACA status never needs special paperwork. The paperwork will be the same as with other home loan programs. During the application, you will be asked whether you are a U.S. citizen or not. Along with your application, you will need to provide some additional information to your lender. You will need proof of your legal status to live and work in the U.S. and earnings-related documentation. The lender will use this information to determine your eligibility for a mortgage and determine your loan amount and the terms of your loan.
So, do you still pay heed to the myths? If not, then start looking for loans available to DACA recipients and apply for the most suitable one today!
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