Mortgage Issue

Guys,

Today I tried applying for a mortgage at a local credit union and I was denied. They said I would have to put 20% down to avoid PMI and they will approve me. (Since I'm not a Permanent Resident, not yet...)

I also applied with Guaranteed Rates and my lender said that he will approve me. I told him that I have DACA, but he did not know what that was. He just asked me if I have a SSN, EAD. and Tax return.

I will post if it goes through succesfully.

It's pretty standard, you'll need 20% or else you'll have to get an FHA backed loan with extra payments to pay for mortgage insurance. You should be glad they denied you because you would have had to make extra payments for years before you paid standard principal and interest.

Good luck on getting the mortgage!

Malignon is correct.

Standard down payment is 20%
Unless you get a home that has FHA which sometimes can be as low as 3%.

Other than hearing from people here.....I have not heard of any bank ask for immigration information for a loan or mortgage. I work for a bank that is unethical practice and discrimination.

Documents needed are simple: recent 2 years tax returns, SSN, income information, credit score.

Make sure you don't have high debt and your credit is good.