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Ben Carson the outgoing Housing and Urban Development Secretary along with Deputy Secretary Brian D Montgomery has decided to allow individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) to qualify for FHA loans.
Earlier there was ambiguous wording around the issue now the move clarifies and gives DACA residents access to the federal-funded loan program.
The CBC Mortgage Agency, one of the largest providers of down payment assistance for FHA loans in the country applauded this huge and transformative news.
Tai Christensen, director of Government Affairs at CBC Mortgage Agency said, recent reports have said there are upwards of 800,000 DACA recipients in the country, which is a large group of people wanting to become homeowners and eager to put their money into the economy, and build homes or buy homes to keep this sector of the economy going.
He said that it will be a huge boon to the mortgage industry.
Christensen emphasized, that in spite of the past controversies around the status of DACA recipients, they are legal residents of the United States, who are working and contributing to the US economy.
So according to her, access to loans through FHA programs, will allow them to build generational wealth and stability, and getting merged to the American dream.
Christensen explained that this move will engage a huge community that has been not thought about earlier.
This will spark a huge interest in home buying among DACA recipients and also a huge opportunity for mortgage professionals.
This opportunity will come with challenges for the mortgage business, as these DACA communities have no or very little experience of the homebuying process.
So the mortgage pros need to educate and engage them at a grassroots level to tap this opportunity.
Christensen said that a more diverse mortgage origination team will have an advantage in capturing this market. People connected to similar communities can educate and reassure people in a thoughtful, manner.
Reference Source: MPA
