can DACA recipients take out mortgage loans? - Page 2

Originally Posted by pootie tang

I just got denied by Loan Depot because of my legal status. I bought a house 3 years ago (under my dads name, who is permanent resident) and this year i tried to refinance and add my name to the loan, about 3 months went by going back and forth through the process because i did not have 2 years of tax return. I proved to them that i made more than enough money to pay for the mortgage (got a letter from my employer, they even called and verified, pay stubs, direct deposit and bank statements), i had to give them school transcripts (to explain why i didn't work or file taxes last 2 years).
Anyways, after 3 months they start asking more questions regarding my "visa" or legal status, i explained the whole situation and they said that based on their company policy they did not offer loans for my type of "visa"
My guess is that if you have 2 years tax return, a valid SSN and normal requirements met (such as income to debt ratio etc) that you probably won't have trouble getting a loan. I think in my case they started looking into it more closely and asked more questions because i couldn't provide 2 years tax return

Originally Posted by bin2221991

so the mortgage company called me and said they couldnt qualify me for a loan mainly because i dont have 2 years of tax return. and i asked if i could have my dad as a co borrower but they rejected that idea as well bc he doesnt have any type of legal status...fml

Originally Posted by andreagb

It's ok don't give up! Talk to a realtor about buying a house contract for deed, I own 2 houses and 2 commercial buildings and my parents also bought their house Contract for Deed and none of us have a legal status. When one door closes another one opens

Originally Posted by circasurvive

It depends on the lending institution. Any foreigner can obtain a mortgage if they meet certain requirements. One of those requirements is a hefty down payment (north of 25%) since the property is treated as an investment property and not a primary residence.

Some will require a USC or LPR cosigner. Some will just require the same information as typical of a mortgage (established cash flow, credit history in good standing, etc).

Originally Posted by andreagb

It's ok don't give up! Talk to a realtor about buying a house contract for deed, I own 2 houses and 2 commercial buildings and my parents also bought their house Contract for Deed and none of us have a legal status. When one door closes another one opens

Originally Posted by g33k

Did you pay them in full already?

Originally Posted by bin2221991

When did you purchase those? I remember we ended up in the same situation when we wanted to build a house and paid 10k for down payment but in the end when the house is finish the mortgage company called us and told us they couldn't finance us if we don't have any legal status (I didn't have that DACA stuff then)

Originally Posted by andreagb

No, we usually give 10% down payment and we just pay in monthly installments. 3 of the properties are rented so they just pay themselves. They usually give us 5-10 years then we have to pay the balloon payment that completes the payment on the property.

Originally Posted by andreagb

I purchased 1 of the houses and the small commercial property in 2011. Another house in 2012 and the last commercial property we bought it a month ago. The last commercial property is going to be financed by the bank. How about trying another mortgage company? When our bank realized we were undocumented they stopped working with us and we stopped making payments on the loans, then they came to their senses thank God lol