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.
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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)