Is your dream to become a homeowner interrupted because you are a recipient of the Deferred Action for Early Arrivals (DACA) policy? Perhaps, you have been told it is not possible because you are not a permanent resident. Do not be discouraged! It is possible to become a homeowner if you are a non-permanent resident.
According to the U.S. Department of Housing and Urban Development, “A borrower who is a non-permanent resident alien may be eligible provided:
- • property will be the borrower’s principal residence;
• the borrower has a valid Social Security Number (SSN), except for those employed by the World Bank, a foreign embassy, or equivalent employer identified by HUD;
• the borrower is eligible to work in the U.S., as evidenced by the Employment Authorization Document issued by the USCIS; and
• the borrower satisfies the same requirements, terms and conditions as those for U.S. citizens.The Employment Authorization Document is required to substantiate work status. If the Employment Authorization Document will expire within one year and a prior history of residency status renewals exists, the lender may assume that continuation will be granted. If there are no prior renewals, the lender must determine the likelihood of renewal based on information from the USCIS.“ (HUD, 3/27/18, Do borrowers have to be U.S. citizens to qualify for FHA financing? hudgov.prod.parature.com).
You would still need to qualify under the same credit and debt-to-income rules as any other permanent resident or U.S. Citizen. But, if you meet those rules you may still be able to qualify. Although a few bumps on the road may be that not all banks will lend to a non-permanent resident and you may not qualify for down-payment assistance programs; there are still banks willing to lend under their respective financing programs.
Do not be discouraged! Follow your dreams! If you do not know of a lender who may be willing to qualify you for a loan, ask your REALTOR! We are always a good resource to start off your home search.
Lupe Ruiz 