Originally posted by @Enkhbaatar Enkhzul :
Hello, I didn't see a post concerning how DACA, defered action for childhood arrivals can affect REI, so i want to get thoughts on a couple of concerns of mine before i started my REI career. Before that heres a summary of my situation.
I was 6 years old when i arrived to the United States. At around 12 years old I recieved protective status, obtained a social security number, and a work permit. Also i have documentation of 15+ years of residency in the states and 5+ years of employment history, working retail, and food industry jobs, and other odd jobs.
Here are some concerns regarding REI. I know one of the only ways for me to get started is an FHA loan, but its what comes after that concerns me. Specifically the refinancing of the FHA loan, and the use of convientional loans for the purchase of more multi-family properties in the future.
I am planning to invest in illinois, specifically Ravenswood, Lincoln square, and Evanston. But would be open to other states that have more potential for someone in my situation.
Any and all feedback is greatly appreciated!!
It's uncertain where DACA will go. However, almost anybody in the world can own real estate in the USA. The thing you want to very careful about is being honest with government backed loans like FHA. If the question is "are you a US citizen" and you answer "yes" when you know that you are not, that can get you into serious trouble. Even when citizens lie on a government application, it can lead to big problems when the government starts enforcing the laws. Don't lie, it isn't worth it. Lying on a government application to borrow money will probably be something that is closely looked at in the future.
But, if you answer honestly, they then can decide if they will lend to you or not and the worst that would happen is they would say "no". There is no harm in applying and seeing if they approve the loan. They may require more paperwork, but it isn't personal so don't assume they are just making it hard for you. It's the government. It's their job to be obnoxious. ;-)
Originally posted by @Enkhbaatar Enkhzul :
@Mike M. Thank you for the response! But definitely intend to have complete transparency with my application and legal documents.
If i get approved, i am concerned about what might follow in the refinancing process. Whether it will be more or less the same as refinancing another loan.
It's the same process.
They want to see two most recent years tax returns, two recent months bank statements, a credit score of 620 or better and 3.5% down payment. They want your mortgage payment to be less than 1/3 of your gross monthly income. You can go to redfin.com and put in a zip code, select one of the houses for sale and scroll down. There is a mortgage calculator that will give you an idea of how much your payment will be. Multiple that number by 3 and you get an approximation of how much per month you have to make to qualify for that house.
The fastest path to citizenship is active duty service in the U.S. Military. You must receive an honorable discharge. The U.S. Army used to allow a two year enlistment, not sure if they still do.
After one year of active duty you can start the process of becoming a citizen using the military's own legal services.
Then when you get out you will have your citizenship, access to the G.I. Bill and so much more.
Probably not what you want to hear, but having married into the Latino community I have learned a lot.
@George Skidis . Unfortunately I myself went to the marines. Army. Navy. Air Force. And all were absolutely clueless of what DACA was. And all turned me away and said I cannot join... had one of the best conversations trying to explain this to two other military personnel who were very eager to tell me all the goods about the service after I got turned down. They would not listen to me 😂.
I would’ve loved to but like I said all said absolutely no.
Maybe this was due to being in Mississippi at the time.
It's not just Mississippi, Marco. The current administration is making this as difficult as possible. If you can hang on until January things might get better. It used to be citizenship was automatic if you enlisted.
@Susan Maneck . Hope so! I am currently doing what I can to educate myself about all or any options available for someone with DACA to live the best possible life financially.
Last year I lost a kidney due to a massive infection which left me hospitalized for nearly a week. My nurse was a Latino DACA at St. Dominic's. He was wonderful. I think about him often and hope he is safe.
@Enkhbaatar Enkhzul , @Marco Montano , I just made a post today about DACA, check it out and lmk what you guys think :