It is the responsibility of the homebuyer to do the necessary research prior to making any commitments. Failure to do this research may cost the homebuyer time, money, and frustration.
Here are a few sample questions you might consider asking a lender before proceeding:
“Are you familiar with the Deferred Action for Childhood Arrivals (DACA) process?”
If they hesitate, chances are, they are not familiar and it would be best to find another lender.
“Have you ever funded a home loan with DACA?”
If not, it is very probable you will not find out if the underwriter will accept the loan application until very late in the escrow process. Be certain before submitting an offer, or entering into a contract.
Work With The Right Lender
If you are dealing with a lender who understands and approves loans with DACA, then they will ask you for your I-797 (Notice of Action) very early in the process. If the person you are talking to does not know what an I-797 is, then they probably have never worked with DACA before, and you are taking considerable risk and may be declined for a loan.
Final Steps - Get PreApproved
Call us to fill out a short questionnaire, and talk to a trusted mortgage professional who knows DACA. This will give us an idea if you meet all requirements such as your status, income and credit history, and the ability to put down the required minimum down payment.