The U.S. Department of Housing and Urban Development (HUD) issued new guidelines earlier this winter instructing the Federal Housing Authority (FHA) to resume backing mortgages for immigrants under the Deferred Action for Childhood Arrivals (DACA) program.
Before this change, made on January 20th by outgoing HUD secretary Ben Carson, non-U.S. citizens without established lawful residency were unable to buy a home with FHA-backed mortgages.
As Guaranteed Rate Finance’s Camilo Escalante points out, “’Dreamers are mostly college educated and hold steady jobs. A big portion are ready to purchase a home and begin to build wealth. Without affordable financing programs accessible to them, a significant portion of potential homebuyers have been denied access to credit. We’re talking about qualified borrowers that can repay their obligations and simply want to push forward with their homeownership dreams.”
Escalante, National Diverse Segments Director at Guaranteed Rate, went on to say “That’s why they’re called ‘Dreamers. With both conventional and FHA mortgage options, DACA participants now have the ability to build a better life. To be able to come out of the shadows and participate in this important sector of our economy is life changing.
If you or someone you know is a DACA "Dreamer," and have questions about this, feel free to call, email or text to discuss. And shout out to Tamara Burch at Guaranteed Rate for bringing this to my attention earlier this month!