Re: Has any DREAMER bought or owns a HOUSE???
 

hey guys so i emailed the US departments of housing and urban development and asked them directly since they are the ones who offer the FHA loans and they sent me this long letter of who qualifies and this is what caught my attention.

Non-Permanent Resident Aliens: FHA will also insure a mortgage made to a non-permanent resident alien provided that the property will be the borrower's principal residence, the borrower has a valid SSN, and the borrower is eligible to work in the U.S. as evidenced by an Employment Authorization Document (EAD) issued by BCIS. If the authorization for temporary residency status will expire within one year and a prior history of residency status renewals exists, the lender may assume continuation will be granted. If there are no prior renewals, the lender must determine the likelihood of renewal, based on information from the BCIS.


Now tell me what you guys think? It sounds to me like we qualify? So is it a matter of the bank not wanting?

Re: Has any DREAMER bought or owns a HOUSE???
 

It seems like we qualify as long as USCIS continues to renew. We especially qualify after we've successfully renewed.

Re: Has any DREAMER bought or owns a HOUSE???
 

Any updates on dreamers buying a home and care to share their experience?

Re: Has any DREAMER bought or owns a HOUSE???
 

BB&T has a program for Dreamers. http://www.bbt.com/bbtdotcom/about/cra/daca.page

Re: Has any DREAMER bought or owns a HOUSE???
 

Hello! I just bought a house this past June! It was a difficult and long process to go through, but I'm glad I did it as now my family and I finally have a place we can truly call home. People with DACA are able to qualify for loans but it is up to banks to decide whether or not they want to. Tbh I don't think most banks want to deal with non permanent residents because it's too risky? But I suggest looking around and trying different banks

Luckily for me, the second bank I tried ended up accepting my situation as DACA. They were iffy at first but I think the fact that I had a cosigner (who is a US citizen), a somewhat decent credit score (lower 700s), and a 30% down payment helped. But dealing with the bank was kind of a hassle because they dragged out the process by going back and forth on what loan I could qualify for. Initially they had me for a FHA loan (blah mortgage insurance) with a 4.3% interest rate but I was just happy to be able to qualify any way I could. Then my loan officer found a way to qualify me for a conventional loan for a slightly higher interest rate (4.5%) but yaaaayy no mortgage insurance. I thought that was a pretty sweet deal considering my situation. It was going really great but as we got nearer to closing, my loan officer turned around and told me the conventional loan wasn't going to work out. In the end I ended up with a 7 year balloon loan with 5% interest rate and was basically told to refinance once I got a green card and slightly better income in order to get my cosigner off the loan and qualify for a conventional 15 or 30 year loan and hopefully for a lower interest rate.

It wasn't as great as a deal as the conventional loan but at that point I was just sooooo done with the process (2-3 months of going back and forth doing paperwork for each loan, numerous meetings and discussions with both my loan officer and my realtor etc etc etc) that I just wanted to close and be over with it and get my new home lol. It's not the best terms, but I figure I can just refinance whether DREAM Act and/or CIR kicks around. I suspect the reason my bank didn't go through with the conventional loan option is because as a DACA recipient, they weren't going to be able to make a deal in the secondary mortgage market as most banks are stricter about nonpermanent residents. So I guess since they couldn't make a profit in the secondary loan market and were basically stuck with my mortgage, they made a profit by jacking up the interest rate to 5% and going with a less riskier 7 year balloon loan.

Regardless, I am still happy that I finally was able to achieve my (and my family's dream) of owning a house.

Re: Has any DREAMER bought or owns a HOUSE???
 

Congratulations, god bless you and your family.

Re: Has any DREAMER bought or owns a HOUSE???
 

I bought a house over a year ago with deferred action with a USC as a co buyer. You can do it. It was difficult and I had trouble explaining my work permit. When they told me they couldn't, I was prepared I had read the FHA guidelines, so I just corrected them and told them to read page # blah blah. Best of luck. If you have any questions, please pm me. Btw I'm in Texas.
Went through FHA and RoundPoint mortgage, my credit wasn't strong enough for Chase and I went through a broker. FHA, 30 year, 3.5% interest.

Re: Has any DREAMER bought or owns a HOUSE???
 

I am a homeowner in CA. I make several times more than minimum wage. The biggest probelm that many DACA people have is the fact that their SSN is "too" new. Given a conversation that I had with someone at a credit bureau, it takes at least two years for the new SSN to decently propogate through the system. However my income and down payment amount was sufficient to get the loan. In addition, I've had multiple credit accounts and bank acconts with my ITIN since 2005. After I got my SSN, I slowly and strategically switched the ITIN to an SSN on my accounts. First begining with the bank accounts. No more than 1 switch per month. I also established brand new credit accounts using the new SSN.

In CA, minimum wage (or anywhere near) is not enough to get a home loan. Basic rule of thumb, the income of the person(s) applying for the loan should be ATLEAT 3X the total monthly payment. In my case that number includes city taxes, homeowners insurance, and utilities as well.

Re: Has any DREAMER bought or owns a HOUSE???
 

Yes, this is accurate. With your DACA work permit and SS number, you are eligible to apply for an FHA home loan. There are several lenders here in Arizona who can help with that. Also, I know of a lender who will lend in 44 states. You still need to meet the same requirements for credit and income, but residency is not a requirement. Message me if you want to know more. Also, when DAPA opens up, they will be eligible too. Spread the word!

Re: Has any DREAMER bought or owns a HOUSE???
 

Congratulations :) Your stories are truly inspiring. Thanks alot.