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Showing posts from October, 2013

Can I get a mortgage with DACA approval?

Generally speaking, the mortgage banks prefer making loans to permanent residents and citizens.  Banks may also issue loans to people with other types of visas like H or L, which are not permanent but do have potential.  As far as DACA approved DREAMers are concerned, only for IRS tax filing purposes are you a resident (a word that has a different meaning under tax laws than that for immigration status purpose -- basically, the IRS thinks you are a resident if you live in the US ) but for everything else you are not even a resident (and definitely not a permanent resident, which is a term reserved for those with a green card).  With DACA, you continue to be in the US illegally and all it does is to grant you a deferral on deportation for two years .  During this time, you also do not accrue unlawful stay, which is also a technicality but can be helpful at the time of legalization. The net result is that if the bank requires you to be a permanent resident for a loan, you are not el