Has any DREAMER bought or owns a HOUSE???
 

Hello,
I would like to know if the S.S. provided to dreamers can be used to get a loan from the bank and buy a house with that money.

I would like to hear from dreamers who are HOUSE owners???

I hope to hear your experiences. Anything would help! :)

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

i earn the mininum wage in calfirnia would i be aproved base on my salary to buy a house???/

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

Yes you can use your SSN to get loan from a bank. The question is will a bank give you the loan once they see you only have temporary legal status? Good luck and maybe those who are homeowners or have tried can give you more advice.

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

Thanks for your response. I hope to hear from those who are buying a house or already have one. I would like to know about the process.

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

Have you checked your credit score? Knowing that is essential before you can even think about owning a home.

I've check my own and a few fellow family members who got DACA and noticed most of us didn't even have a credit score yet.

I'd personally discourage trying to get a house right now. I suspect that few of us here have great credit scores due to our legal status. You might be willing to get a bank to give you the loan, but expect an awful interest rate. It'd be smarter to build up your credit score and purchase a home when you have a respectable credit score and can get a lower rate. You'll save buckets of cash in the long run.

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

I think it really depends on the bank you're working with. Wells Fargo and such major banks are not really supportive of providing loans to customers with only temporary legal status. I work with a local bank that knows me well and has provided me with multiple loans to buy commercial buildings, houses, and car loans. They must know I am undocumented because I have only provided them my Itin Number and Matricula. I haven't been approved for the Deferred Action so not sure how its going to work once I have an actual Social Security Number. I also don't have a credit score since I am only using my Itin. I would suggest try applying for a small loan, pay it off, and continue from there in order to build a good reputation with the bank and maybe a good credit score, Good Luck!

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

Yea, I think depends on the bank also but it will be very tight. If bank has no intention of helping you they will simply look at their requirements sheet and see that our "deferred action fro childhood arrivals" is not one of their exemptions. I am currently in the process of this and have been turned down by several banks. I am currently working with one back "First commercial bank" to see if they can help with an FHA loan.

The problem is that we are in between undocumented and residents and since it is something fairly new we are not even considered mainly because they don't know why or how we got our permit. I know for a fact that i can qualify in other banks to get a loan with my ITIN number, but they ask for 20% down since "WE" don't qualify for FHA.

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

so a may or may not get approved

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

Daca recipients need to apply for a foreign national loan because we don't have something permanent we have something temporary. There is banks that offer foreign loans for example:

1)http://www.newpennfinancial.com/loan...national-loans
2)https://www.totalbank.com/personal/foreign-nationals
3)http://www.buyhomeinus.com/buy-a-hom...national-loan/
4)http://www.foreignnationalmortgages.com/

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

i didn't go through all the link, but i looked at the first one and saw this "Up to 65% loan-to-value financing" which means you have to put a down payment of 35%. If you can afford to do that kind of payment go for it. Otherwise, I think, is useless to get a foregin loan when there are also banks that offer you loans with your ITIN with only 20% down.