DACA or deferral for childhood arrivals

Updated: 11/20/2018
Article #: 154


 

FHA doesn't allow for DACA program.  We have only 1 investor that allows us to do these types of loans & that is Wells with FNMA as a back up.  Wells has the following requirements depending on their residency status and employment authorization document (EAD)

NONPERMANENT RESIDENT ALIENS – Delegated and Prior Approval Loans

Required visas

All nonpermanent resident aliens must provide evidence of a valid, acceptable visa or an Employment Authorization Document (EAD). A copy of the unexpired visa (refer to Expired visa requirements below) or EAD must be included in the Loan file.

Eligible visa classes

  • A Series (A-1, A-2, A-3) – Given to officials of foreign governments, immediate family members, and support staff. Only those without diplomatic immunity, as verified on the visa, are eligible.
  • E-1 Treaty Trader and E-2 Treaty Investor – Essentially the same as an H-1 or L-1; the title refers to the foreign country's status with the U.S.
  • E-3 – Given to Australian nationals employed in a specialty occupation.
  • G Series (G-1, G-2, G-3, G-4, and G-5) – Given to employees of international organizations that are located in the U.S. Some examples include the United Nations, Red Cross, World Bank, UNICEF, and the International Monetary Fund. Verification that the applicant does not have diplomatic immunity must be obtained from the applicant’s employer and/or by the viewing the applicant’s passport.
  • H-1 Temporary Worker (includes H-1B) – The most common visa given to foreign citizens who are temporarily working in the U.S.
  • H-4 – Given to dependents (spouse and unmarried children under 21 years of age) of a qualified H-1 visa holder. When income is being used to qualify, a current (unexpired) EAD issued by United States Citizenship and Immigration Services (USCIS) is also required.
  • L-1 Intra-Company Transferee – Given to professional employees whose company's main office is in a foreign country.
  • L-2 - Given to dependents (spouse and unmarried children under 21 years of age) of a qualified L-1 visa holder. When income is being used to qualify, a current (unexpired) EAD issued by USCIS is also required.
  • O-1A – Given to individuals with an extraordinary ability in the sciences, education, business, or athletics (not including the arts, motion pictures, or television industry).
  • O-1B – Given to individuals with an extraordinary ability in the arts or extraordinary achievement in motion picture or television industry.
  • O-2 – Given to individuals who will accompany an O-1, artist or athlete, to assist in a specific event or performance.
  • TN (NAFTA visa) – Given to Canadian or Mexican citizens for professional or business purposes.
  • TC, NAFTA visa – Given to Canadian citizens for professional or business purposes.

Expired visa requirements

A Loan to a borrower with an expired visa may be considered, subject to each of the following:

  • Borrower has an eligible visa classification (refer to Eligible visa classes above).
  • Documentation confirming the borrower has submitted an application for extension of the visa or an application for a green card is provided. Documentation includes, but is not limited to:
    • USCIS Form I-797 (issued when an application or petition is approved).
    • USCIS Form I-797C or I-797E (must not state that the application has been declined).
    • Application for extension of current visa (USCIS Form I-539 or equivalent) or copy of application for green card (USCIS Form I-485 or equivalent) and electronic verification of receipt from the USCIS web site.
    • Verification from the borrower’s employer that they are sponsoring the visa renewal.

Employment Authorization Document (EAD)

A current (unexpired) EAD issued by USCIS may be provided in lieu of a visa.

If the EAD will expire within one year, one of the following must be provided:

  • Documentation of one previous EAD renewal
  • If there are no prior EAD renewals, documentation from the USCIS confirming the likelihood of renewal

All standards for determining stable monthly income, adequate credit history, and sufficient liquid assets must be applied in the same manner to each borrower including borrowers who are nonpermanent resident aliens.

PERMANENT RESIDENT ALIENS – Delegated and Prior Approval Loans

A copy of the front and back of the green card is required for all permanent resident aliens and must be included in the Loan file.

Note: The green card states “Do Not Duplicate” for the purpose of replacing the original card, USCIS allows photocopying the green card. Making an enlarged copy or copying on colored paper may alleviate any concerns the borrower may have with photocopying.

SOCIAL SECURITY NUMBER – U.S. CITIZENS AND NON-U.S. CITIZENS – Delegated and Prior Approval Loans

Each borrower on the Loan must have a valid Social Security number. Any borrower who is not a U.S. citizen must also meet the requirements in this section.

 

Original question:
I have the ID's in the efolder.  The DACA or Dreamer program allows them to work and be here legally.  They were both brought her by undocumented parents as toddlers.  Can we do either FHA/FNMA or FHLMC for these consumers?   

 

 







Rate this Topic:
Rating: 0.00 / Votes: 0