NEW MEXICO (KRQE) – It’s getting easier for New Mexico’s dreamers to own their own home. The federal government just announced a change in its policy on DACA home loans.
“It’s not like dreamers weren’t able to get mortgages before, but now they are able to get one of the more popular choices,” said broker Elizebeth Benedict. Brand new in 2021, FHA backed insurance loans are now available for dreamers. The FHA mortgage program is one of the most popular with U.S home buyers.
Benedict has already seen some interest in the state since the announcement was made. “Any opportunity for somebody to get into a home if they want to and that’s part of their dream go for it,” said Benedict.
She expects a lot of people to take advantage of this new opportunity. “In March of 2020 somewhere around 5,700 DACA recipients were in the state of New Mexico alone,” said Benedict.
This change cuts out a lot of limitations that prevent people from making that big step forward in buying a home. “It’s a lot easier now because FHA loans have looser requirements, a little bit lower credit score, less money down,” said Benedict.
Some of the requirements are a Social Security Number, evidence that you are eligible to work in the U.S and the home you buy must be your primary residence. “Right now, in our local real estate market, we have a low housing supply which means prices have been driving up. So if you qualify for it and you have this type of loan you do get a slightly higher amount and also lower down payment,” said Benedict.
This makes it easier to not only make New Mexico home but brings revenue into the state. “For the state of New Mexico with one purchase of a home we are seeing on average about $70,000 brought back into the local economy,” said Benedict. This loan has only been available for dreamers since January 19, 2021.