Individuals classified as members of the “Deferred Action for Childhood Arrivals” program (also known as DACA) will now qualify for FHA loans, due to a new rule approved by the U.S. Department of Housing and Urban Development.
CBC Mortgage Agency, a nationally chartered finance agency, applauded the decision, noting in a press release that 85% of individuals in the DACA program are Hispanic and account for over a third of CBCMA borrowers.
“The mission of our CBCMA team is to help those without intergenerational wealth achieve the dream of homeownership,” CBC Mortgage Agency President Miki Adams said in a press release. “Because Hispanics already make up more than 26% of our community of borrowers, it is very gratifying to be able to expand the number of Latino families we serve as a result of HUD’s decision.”
HUD also released the following guidance for DACA borrowers:
• the property must 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