Colorado DACA Mortgage Program

Mortgage Loans for DACA Recipients in Colorado

What Is DACA?

The Deferred Action for Childhood Arrivals Program, known as DACA is a program that protects undocumented individuals in the U.S. The purpose of DACA is to protect eligible immigrants who came to the US when they were children from deportation. DACA gives young undocumented immigrants protection from deportation and the opportunity to receive a work permit. The program is subject to renewal every two years. DACA can also be referred to as the C33 or DA program. 

Can a Colorado DACA Resident get a Home Loan?

Yes, we work with DACA Recipients and theyre welcome to apply for a traditional conventional loan! Currently FHA is not accepting DACA status but we are still offering conventional loans for folks who have the ability to do a 3% down payment. Down payment can come from the borrowers own funds or can be a gift from family or employer.  

In addition to DACA, other Visa types are also allowed. Government backed loans such as Fannie Mac allow a borrower who is a non-permanent resident alien to be eligible if they meet the following criteria:

Property will be the borrower’s primary residence

The borrower must have a valid Social Security Number (SSN) & Credit score above 620+

The borrower has a work visa and is eligible to work in the U.S. Must be documented by the Employment Authorization Document issued by the USCIS  


 

Colorado DACA mortgage programs

In addition to the guidelines above, a DACA participant in Colorado may qualify for a traditional FHA or conventional mortgage as long as they meet the following criteria:

Must have decent credit history showing ability to repay loans. We’re looking for a minimum credit score of 620 and a reasonable history of previous credit such as credit cards, student loans or auto loans. Credit scores below 620 will be considered on a case by case basis.

Must have a stable job history. There is no particular requirement for time on the job but the underwriter will be looking for a reasonable work history of 2+ years. Must be able to document income through W2s and pay stubs. 

Contact us for more information but here are some details that you need to know. 

3/5% Down Payment on Conventional Loans 

Down payment can be a gift from family member or employer

Must be owner Occupied / No investment properties

Eligible Properties: Single Family Home, Town-home, Warrantable and FHA approved Condos

Must meet income guidelines just like any other applicant

Do you qualify? These type of loans are reviewed on a case by case basis so please contact us at 720-535-4321 and we can do a free no obligation pre-approval for you. Our office is located in Denver and we originate mortgages all across the State of Colorado. 

La pregunta es, puede comprar usando su DACA?

Claro que si!  A los residentes de DACA, le estamos dando la oportunidada de aplicar con nosotros.

Estos son los requisitos para los que toda villa no son residentes-permanante:

  • La propiedad tiene que ser ocupada por uste directamente como residencia personal.
  • Tiene que tener credito ariba de 620+puntos.
  • El comprador tiene que tener visa o derecho de trabajo en Los Estados Unidos.
  • 3.5% de enganche sobre prestamos FHA o 5% de enganche usando prestamo convencional.
  • El enganche puede ser regalo de un familiar o de su trabajo.
  • Tiene que ser para su vivienda principal/No para negocio.
  • EPropiedades disponibles:Viviendas de una unidad, Casas pegadas o TownHomes y condominio asegurados por FHA.
  • Tiene que estar aprovado con su ingresso y pasar los requisitos necessarios para el prestamo.

 

Nuestra direccion: 7995 E. Hampden Ave. Suite 204. Denver, Co. 80231 – 720-535-4321

Hable nos para tomar su aplicaccion.  Gracias.

Helpful Links Regarding Non-Permanent Resident Alien Mortgage Eligibility

Fannie Mae Non–U.S. Citizen Requirements

https://www.housingwire.com/articles/49326-hud-declares-fha-is-no-longer-backing-daca-mortgages