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DACA - Dream Loans

Deferred Action for Childhood Arrivals

Explore specialized mortgage options tailored for DACA recipients, facilitating the journey to homeownership with accessible financing solutions.

  • 620+ Fico
  • 0% Max Cltv
  • Terms Available: 30yr, 20yr, 15yr, 10yr
  • Full Doc
  • Max loans to $750k
  • Max Combined Loan to $3 Mil
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DACA MORTGAGE LOANS

DACA MORTGAGE LOANS

DACA recipients are individuals who have been granted Deferred Action for Childhood Arrivals status, allowing them to receive specialized mortgage loans.”
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LOAN PROGRAM DETAILS

Typical guidelines for DACA mortgage loans.

Docs

 Full

Credit Score

620

LTV

   90% 

Max Loan

$15 Mil+

DACA Loan Features

  • Flexible Income Verification
  • Tailored Loan Options
  • Alternative Documentation
  • Higher Debt-to-Income (DTI) Ratio
  • Competitive Interest Rates

DACA Loan Benefits

  • Streamlined Application Process
  • Expanded Buying Power
  • Enhanced Flexibility
  • Improved Accessibility to loans
  • Cost Savings
DACA MORTGAGE OPTIONS
Traditional
Prime
Fannie / Freddie
In today’s ever-changing financial landscape, the 30-year fixed mortgage remains a popular choice for homeowners seeking predictable payments and long-term stability. 
BENEFITS
  • 620+ Fico
  • 0% down payment
  • 40, 30yr, 15yr fixed
  • Interest Only Available
  • Full Doc & Alt Doc ok
  • Loans to $6 Mil+
Big Loan Amounts
Prime Credit & Assets
Jumbo/Super Jumbo
Jumbo and Super Jumbo loans are a type of mortgage designed to finance high-value properties that exceed the conforming loan limit set by Fannie Mae and Freddie Mac.
BENEFITS
  • 620+ Fico
  • 0% down payment
  • 40, 30yr, 15yr fixed
  • Interest Only Available
  • Full Doc & Alt Doc ok
  • Loans to $6 Mil+
Traditional
Prime Credit & Assets
Investment & 2nd Homes
Investment and second homes can be a smart financial decision, but securing financing for these types of properties can be challenging.
BENEFITS
  • 620+ Fico
  • 0% down payment
  • 40, 30yr, 15yr fixed
  • Interest Only Available
  • Full Doc & Alt Doc ok
  • Loans to $6 Mil+

Understanding DACA Mortgage Loans

 

Introduction:

The dream of owning a home is a cornerstone of the American experience, yet for DACA recipients, this dream can seem out of reach due to various challenges, including limited access to traditional mortgage loans. However, the DACA mortgage program offers a ray of hope, providing tailored financing solutions to empower recipients on their journey to homeownership. In this comprehensive guide, we’ll delve into how DACA mortgage loans work, qualifications, benefits, and even explore options for down payment assistance.

Understanding DACA Mortgage Loans:

DACA mortgage loans are specialized financing options designed to assist Deferred Action for Childhood Arrivals (DACA) recipients in purchasing a home. These loans are offered by select private lenders and aim to fill the gap left by the ineligibility of DACA recipients for federal housing programs such as FHA loans.

Qualifying for DACA Mortgage Loans:

  1. DACA Status: Applicants must hold valid DACA status, demonstrating their legal presence in the United States.
  2. Employment and Income: Lenders typically require proof of stable employment and sufficient income to repay the mortgage.
  3. Credit History: While DACA recipients may have limited credit history, lenders may consider alternative forms of credit assessment.
  4. Down Payment: A down payment is often required, although some programs offer assistance for DACA recipients to overcome this barrier.
  5. Residency: DACA recipients must reside in the property they intend to purchase, adhering to occupancy requirements.

Benefits of DACA Mortgage Loans:

  • Accessible Financing: DACA mortgage loans provide a pathway to homeownership for individuals who may otherwise face barriers in accessing traditional mortgage products.
  • Tailored Solutions: Lenders understand the unique circumstances of DACA recipients and offer specialized loan options to meet their needs.
  • Building Equity: By owning a home, DACA recipients can build equity over time, potentially increasing their financial stability and wealth.
  • Community Integration: Homeownership can foster a sense of belonging and stability within communities, benefiting both individuals and neighborhoods.

Down Payment Assistance for DACA Recipients:

In addition to DACA mortgage loans, some programs offer down payment assistance to help recipients overcome financial barriers to homeownership. These programs may provide grants or low-interest loans to cover a portion of the down payment, reducing the upfront costs associated with purchasing a home. DACA recipients should explore available assistance programs and consult with lenders to determine eligibility and options.

Case Study: Maria’s Journey to Homeownership

Maria, a DACA recipient, dreamed of owning a home but faced challenges due to her immigration status. Despite working full-time and saving diligently, she struggled to qualify for traditional mortgage loans. However, Maria learned about DACA mortgage loans and found a lender willing to work with her. With tailored financing solutions and down payment assistance, Maria was able to purchase her first home, turning her dream into a reality. Today, Maria enjoys the stability and pride of homeownership, thanks to the support of the DACA mortgage program.

Conclusion:

DACA mortgage loans offer a lifeline to recipients, empowering them to achieve the dream of homeownership despite the obstacles they may face. By understanding how these specialized financing options work, DACA recipients can take the first steps towards owning a home, building equity, and creating a brighter future for themselves and their families. With the potential for down payment assistance further enhancing accessibility, DACA mortgage loans pave the way for a more inclusive and equitable housing market.

 

Learn more about DACA mortgage options today!

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FAQS

What are DACA mortgage loans?

DACA mortgage loans are home loans specifically tailored to individuals who are recipients of the Deferred Action for Childhood Arrivals (DACA) program. These loans are designed to help DACA recipients achieve homeownership in the United States.

How do DACA mortgage loans differ from conventional mortgage loans?

DACA mortgage loans may have different eligibility requirements compared to conventional mortgage loans. While conventional loans often require U.S. citizenship or permanent residency, DACA mortgage loans are available to individuals with DACA status who meet certain criteria.

Are DACA recipients eligible for government-backed mortgage programs like FHA loans?

In some cases, DACA recipients may be eligible for government-backed mortgage programs like Federal Housing Administration (FHA) loans. However, eligibility criteria may vary depending on the lender and the specific loan program.

What documentation is required to apply for a DACA mortgage loan?

Documentation requirements for DACA mortgage loans may include proof of DACA status, employment authorization documents (EAD), valid Social Security Number (SSN), proof of income, credit history, and other standard mortgage application documents.

Are there specific lenders or loan programs that offer DACA mortgage loans?

Yes, there are lenders and loan programs that specialize in offering mortgage loans to DACA recipients. These lenders understand the unique circumstances of DACA recipients and offer tailored loan products to help them achieve homeownership.

What are the benefits and challenges of obtaining a DACA mortgage loan?

The benefits of obtaining a DACA mortgage loan include the opportunity to achieve homeownership, build equity, and establish roots in the community. However, challenges may include navigating complex eligibility requirements, finding lenders willing to offer DACA mortgage loans, and potentially higher interest rates or down payment requirements.

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