The world of DACA mortgage loans has changed recently: the FHA is now insuring mortgage loans for DACA status recipients, as long as they have a valid Employment Authorization Document, a social security number and meet the other FHA requirements.
So, if you’ve got DACA status and want a low-interest mortgage loan, start looking.
Remember, FHA loans must be used to purchase / refinance a primary residence
- (1-4 unit properties;
- condos must be approved,
- interest rates are lower than on conventional loans,
- so are the down payment required
- but there’s upfront mortgage insurance and, on 30-year loan monthly insurance that does not go away, no matter what how much equity you have).
