Category: EB Mortgage

DACA Recipients now Eligible for FHA Loans

The Federal Housing Administration (FHA) announced a new opportunity for those protected under the Deferred Action for Childhood Arrivals (DACA) program. Since January 19, 2021, those individuals can apply for mortgages backed by the FHA. A previous stipulation barred “non-US citizens without lawful residency” from applying for FHA-insured mortgages; the new opportunity for these DACA members reverses that regulation.

DACA is a United States immigration policy that allows some individuals with unlawful presence (illegally brought to the country as children) to receive a two-year renewable period of deferred action from deportation. These individuals are also eligible to obtain a work permit as long as they do not have any felonies or serious misdemeanors on their records.

FHA-backed loans are popular options for first-time homebuyers because they require a minimum down payment, lower credit score requirements, and higher debt-to-income ratios.

DACA members have all the same FHA requirements as other borrowers, which include:

  • The property must be the borrower’s principal residence
  • The borrower must have a valid Social Security number (except those employed by the World Bank, a foreign embassy, or an equivalent employer identified by the Department of Housing and Urban Development)
  • The borrower must be eligible to work in the United States
  • The borrower can provide an Employment Authorization Document (EAD) issued by the United States Citizenship and Immigration Service (USCIS)
  • The borrower must satisfy the same requirements, terms, and conditions as those set for other United States citizens

Countless individuals across the United States are now eligible for homeownership. FHA loans are a fantastic option for first-time homebuyers. DACA recipients who might not have qualified previously can now obtain a home.

Want to learn more about this new opportunity? Contact the professionals at EB Mortgage today.

EB Mortgage is a locally-owned mortgage company with experts in a new home purchase, refinancing, and commercial loans. Our wholesale rates can’t be beat. We offer more products, more options, and more solutions. Our “3C” Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at 866-246-0516 or e-mail contact@ebwmtg.com today.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

EB Mortgage Site Goes Live

EB Mortgage has a new website! We launched in February 2021 and we’ll keep you up-to-date with the latest news, tips/tricks, updates, and information on our blog. We are a wholesale mortgage company providing our clients with a new home purchase, refinance, and commercial loan options. With our low rates, we have more products, more options, and more solutions.

We offer three different types of services:

Purchase
Buying a new home? We can help! Let us determine what you can afford based on your budget. We combine multiple financing options, and our extensive knowledge will steer you in the right direction throughout the process. Our experts have all of the tools needed to help ease your stress and streamline your experience.

Refinance
Need money now? We can help! Refinancing your home enables you to lower your rate and reduce monthly payments and interest costs. Credit card or other debts can be repaid entirely if the borrower qualifies. Adjustable-rate mortgages (ARM) can be converted to a more secure, fixed-rate mortgage. Two mortgages can be merged to lower the overall rate. With so many options to choose from, our clients successfully trek the refinance process with our experts’ professional guidance.

National Commercial Lending
Operating a commercial property? We can help! Commercial loans typically cover major capital expenditures and operational costs. At EB Mortgage, we work with companies small and large to allocate assets for projects that the business might not have otherwise been able to afford. We offer several options to suit our clients’ needs.

Want to learn more about our purchase, refinance, or commercial lending programs? Our experts are standing by to help get you pre-approved today.

EB Mortgage is a locally-owned mortgage company with experts in a new home purchase, refinancing, and commercial loans. Our wholesale rates can’t be beat. We offer more products, more options, and more solutions. Our “3C” Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at 866-246-0516 or e-mail contact@ebwmtg.com today.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.