Today HUD announced major changes to their guidelines for borrowers with Deferred Action for Childhood Arrivals (DACA) status. These changes are effective immediately and apply to new loan submission as well as pipeline loans. The following guidelines now apply to borrowers under this category:
- The property must be the borrower’s principal residence;
- The borrower must have 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 must be eligible to work in the U.S., as evidenced by the Employment Authorization Document issued by the USCIS; and
- The borrower must satisfy the same requirements, terms, and conditions as those for U.S. citizens
The link to HUD’s announcement can be found here.
If you have any questions, please contact your Account Executive.
To download this announcement in PDF format click here.