In 2021 the U.S. Federal Housing Administration (HUD) announced that DACA recipients, who were in the market of purchasing a home, were eligible to apply for low interest rate and flexible FHA loans.
The loan has been popular with 7.8 million homeowners due to its higher debt to income ratio exceptions, a minimum 3.5% down payment requirement, among other benefits.
Dreamers are able to jump into the market without the need of having the 20% standard recommended down payment for private mortgages,
making the path to homeownership more accessible than ever before.
What are the benefits of FHA loans
Aside from the low down payment percentage, FHA loans are available for individuals who may not have a great credit score,
Those who owe debts that would otherwise make them ineligible to borrow in other settings.
A credit score is a figure that reflects your creditworthiness by analyzing your credit history, types of loans, among other things– the higher the better.
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