DACA Recipients Can Get Home Buyer Loans Through FHA


DACA Recipients Can Get Home Buyer Loans Through FHA #DACA #Recipients #Home #Buyer #Loans #FHA Welcome to JibGlobe, here is the new resources we have for you today:

In 2021 the U.S. Federal Housing Administration (HUD) announced that DACA recipients, who were in the market of purchasing a home, were eligible to apply for low interest rate and flexible FHA loans. 

The loan has been popular with 7.8 million homeowners due to its higher debt to income ratio exceptions, a minimum 3.5% down payment requirement, among other benefits. Dreamers are able to jump into the market without the need of having the 20% standard recommended down payment for private mortgages, making the path to homeownership more accessible than ever before. 

Donate now

We provide indispensable news and information for and about New York’s immigrant community. Your support will enable that work to continue.

Note: The FHA loan in itself is not guaranteed. Applicants still need to find FHA lenders who will make a decision based on your qualifications. 

Also read: How DACA changed in 2021

What are the benefits of = FHA loans?

Aside from the low down payment percentage, FHA loans are available for individuals who may not have a great credit score, or those who owe debts that would otherwise make them ineligible to borrow in other settings. 

For context: A credit score is a figure that reflects your creditworthiness by analyzing your credit history, types of loans, among other things– the higher the better. (New York’s average credit score is 703)

Like this:

Like Loading…



Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button