FHA for Dreamers
Posted by Virginia Alvarado
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As of January 20, 2021 DACA Recipients can apply for an FHA loan. This is great for those who had tried to purchase a home before and had been denied due to the strict conventional loan qualification guidelines.
Dreamers now have the option to apply for an FHA loan as long as the subject property will be the primary residence, have a social security number (some exceptions apply) and an employment authorization document. Other qualifications will apply as to any other applicant.
Some of the benefits of an FHA loan are lower downpayment (3.5%) of sales price, a lower credit score compared to the conventional program and your debt to income ratio can now also be higher.
This is truly something to take advantage of. Contact me to help!
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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