Do you live in the US but are not a legal citizen of the country? Sometimes, people come as babies into the country without proper immigration documents. It is important to understand the repercussions of this. The state has every right to deny you of certain rights because of the lack of these documents. And one such thing is a home loan. You might be living here for a long time, grew up in the country, and now you also have a job in the state and hence, you might want a house of your own. And in order to afford your home, you might need a loan. In order to acquire a good amount of loan to become a homeowner, you have to opt for the DACA or the Deferred Action for Childhood Arrivals program. It aims to protect these undocumented people from deportation. It can help you seek other benefits like a social security card, a drivers’ license, and a work permit as well.
What you need to do is look for the home loans for DACA recipients. There are several loan lending sites available online which can help you seek the right DACA mortgage programs. Right from detailing about the several loan options and their interest rates to helping you pick the right lender for your loan, there are home loan specialists who can help you with everything. But if you have never opted for a home loan before being a DACA recipient, there are certain mistakes you could make. Here, we have discussed a few of them. Take a look.
Not Clearing Your Prior Debts
In order to opt for a home loan, you must have a clean credit record which keeps your credit score high. You have to make sure that all your previous debts have been paid or at least these are being paid on time every month. You should understand that even after your deportation, these debts will still remain in your name. And your lender might pursue the debt recovery if you owe a large amount. And even if you don’t get deported being a DACA recipient, getting a home loan with prior debts might be impossible. So, one of the worst mistakes you can make for youself is to pile on these debts on your shoulders.
Using a Credit Card
A credit card was issued to solve the financial problems of the people. If you are in an emergency and are short of cash, a credit card could be used to make the payment for all your dues. Or if you like something a lot but might not have enough money to purchase it, you can use the credit card and then pay in installments. But what people do not realize is that they are increasing their credit purchases with this card, which affects the credit history. As a result, you might lose out on your home loan. So, never make the mistake of using your credit card a lot especially if you are thinking of applying for a home loan.
So, if you have taken these down, start looking for a company which offers home loans for high debt ratios as well as the DACA home loans to finally become the owner of your house without any financial trouble.
Author Bio: Joan Gallardo, a Senior Loan Officer, with an experience of more than 18 years, here writes on a few mistakes to avoid while choosing home loans for DACA recipients. Follow his blogs to know more about the home loans for high debt ratios.