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DACA members now eligible for FHA loans

by Timothy Inklebarger

DACA members now eligible for FHA loans

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
U.S. citizens.

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