Super exciting news! DACA recipients are now eligible for FHA loans!
What is DACA? Deferred Action for Childhood Arrivals, or DACA, is a policy that protects around 800,000 young people — known as “DREAMers” — who entered the United States unlawfully as children.
What is an FHA loan? It is a mortgage insured by the Federal Housing Administration. Allowing down payments as low as 3.5% with a 580 FICO, FHA loans are helpful for buyers with limited savings or lower credit scores.
This means that these DREAMers who may have thought buying a home was impossible, can now do it with as little as 3.5% down!