It just got easier and more affordable for Dreamers to buy a home.

Recipients of the federal DACA program, known as Dreamers, can once again apply for FHA loans, according to the Federal Housing Administration. 

The program was closed to recipients for three years under the Trump administration. Recently, the FHA reversed that decision. That means Dreamers can access the popular first-time home buyer program that offers a lower down payment than most conventional loans. 

“It’s very exciting. It’s a way that a lot of immigrant families start their American Dream,” said Jose Patiño, a Dreamer and the director of education and advocacy for the nonprofit that aids and advocates for Dreamers and undocumented youth in Arizona. 

A former loan officer, Patiño said being accepted into DACA allows young adults to obtain credit cards and build credit and that an FHA loan is one of the few ways for immigrants to build wealth. 

“It’s the first step to be able to build wealth, so it’s such an important opportunity that people are going to be able to have now,” said Patiño, 32, of Gilbert.   

Before the program was closed in 2018, Patiño and four of his siblings bought homes with an FHA loan and later refinanced them through conventional lenders. His eldest sister recently paid off her loan in full. 

FHA loans offer low down payment, modest credit requirements

FHA loans have some of the least stringent qualifying standards, requiring  a 500 to 580 credit score minimum to qualify. Lenders can also accept up to 50 percent debt-to-income ratios.

FHA loans only require a 3.5 percent minimum down payment, making it easier to purchase a home or property.

DACA recipients must abide by certain rules that come with federally backed loans, including that the home must be their primary residence or, if they purchase a multifamily property, that they must live in one of the units.  

They also must have a valid Social Security card and valid work authorization. 

Home lenders, real estate industry advocates for DACA buyers

For Arizona, the FHA announcement was good news for real estate agents, lenders and others who advocate for Hispanic homeownership and equity in mortgage lending.

Officials from and its Hispanic market subsidiary , said last month that they were “extremely proud of our country” for making home ownership more accessible to DACA recipients. 

Americasa was created in 2019 to provide a team of advisers for the Hispanic community. Since then, the two companies have originated more than one billion dollars in loans for Hispanic clients. 

“Our vision for creating Americasa was to build a mortgage company that lowered the barriers to homeownership for the Hispanic community. Giving Dreamers access to FHA loans gives us a powerful tool to continue driving this important vision,” Richard Steinberg, Founder and Chairman of NMB & Americasa, said in a prepared statement. 

DACA recipients represent large market in Arizona 

DACA recipients also represent a large market in the state. Arizona is one of the five top states for Hispanics and DACA recipients. Currently, there are about 24,000 Dreamers here.

According to conducted in 2017, approximately 15-20 percent of DACA recipients over 25 years old purchase homes. 

With Dreamers allowed back in the market, Patiño expects to see that  percentage rise with more homebuyers purchasing a first home.  

“A lot of us have really begun and continue on our financial goals with the DACA program,” he said.

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Immigration reform advocates across Arizona welcomed the news this month that a federal judge ordered the full reopening of the DACA program to allow not only current recipients to sign up for another two years but to allow new applicants as well.

Whether the ruling will stand is unknown. But for those who have waited years, it’s still a reason to celebrate, said Reyna Montoya, a DACA recipient who came to Arizona at age 10 with her undodumented parents who were fleeing violence in Tijuana, Mexico. 

“It’s really exciting. We’re talking about 300,000 applicants (in the U.S.) that may be applying,” said Reyna, the founder and executive director of the nonprofit , which works on behalf of DACA youth and undocumented students. 

Arizona reaps economic, intellectual benefits from Dreamers

For Arizona, the court ruling means approximately 25,000 current “Dreamers” and potentially thousands more young adults who can continue to work, attend school and contribute to local, state and federal taxes, said Glenn Hamer, president and CEO of the Arizona Chamber of Commerce and Industry. 

“The ruling was a relief for tens of thousands of DACA recipients and those who want to apply for the deferral program who are our friends, neighbors, coworkers and business owners who contribute to the richness of our state,” Hamer said.

Arizona has one of the highest numbers of DACA recipients, who were brought here as young children by their undocumented parents. 

Most are working and going to school, according to a number of studies. Without them, Arizona’s economy would suffer. Phoenix and Mesa rank among the top cities in America that benefit from these young workers and students, according to the public policy research organization, the (CAP) in Washington, D.C. Of current households in Maricopa County that are eligible for the DACA program, they contribute nearly $235 million in federal taxes and $143 million in state and local taxes each year, CAP research shows. 

With mortgage to pay, this Dreamer dares to hope for a permanent path 

Montoya, who has a master’s degree from Grand Canyon University, a home mortgage, a recently purchased new car and many other trappings of , said the court ruling is “exciting” but bittersweet.   

As has occurred ever since DACA was implemented in 2012, each courtroom win for DACA leads to another legal challenge, she said. 

Earlier this year, the U.S. Supreme Court overturned the Trump administration’s 2017 termination of DACA. This month, U.S. District Judge Nicholas Garaufis in New York fully reinstated the program. 

Today, another federal judge in Houston will hear a challenge to that ruling. Texas and eight other states have sued stating the program is unconstitutional.  

Montoya and other DACA recipients are hoping Congress will end their years of waiting and resolve the matter once and for all.   

“We’re hoping to see, as Joe Biden takes the presidency, that he would make a real effort to work across the aisle with Democrats and Republicans to make sure we have a pathway to citizenship,” she said.

Vast majority of DACA recipients work, half are essential employees 

For Arizona, these young adults not only represent potential employees and entrepreneurs, they are essential employees whose wages benefit the state. 

The vast majority of the nation’s DACA-eligible individuals — 93 percent — are working if they’re not in school, said Jeremy Robbins, the executive director of the national bipartisan immigration research group . 

“More than half of DACA-eligible immigrants are essential workers, and this ruling is a victory for them and their communities,” Robbins said about the recent court ruling.

If DACA recipients are deported, Arizona stands to lose more than $1.3 billion in annual GDP, according to CAP research. Nationally, the loss to the nation would be about $23.4 billion, according to New American Economy. 

DACA’s impact on employment 

A national survey of DACA recipients by the Center for American Progress found that 88.5 percent are currently employed. For those 25 and older, 89.1 percent are working. 

Other survey findings show that after becoming DACA recipients:

• 63.2 percent of respondents reported moving to a job with better pay
• 52.8 percent reported moving to a job with better working conditions
• 52.6 percent reported moving to a job that “better fits my education and training”
• 54.5 percent reported moving to a job that “better fits my long-term career goals”

Dreamers outpace general population in business creation

DACA recipients also continue to outpace the general population in terms of business creation rates. The survey showed that 6.1 percent of respondents started their own businesses after receiving DACA. Among respondents 25 years old and older, it is 7 percent. 

Moreover, 16.7 percent reported obtaining professional licenses after receiving DACA. This increases to 18.3 percent among respondents ages 25 and older.

Who is eligible for DACA 

When individuals are accepted into the DACA program, they are considered legal residents and can apply for employment authorization. However, there is no direct path from deferred action to lawful permanent residence or to citizenship. And, the status can be revoked at any time by the DHS. 

To apply for DACA, individuals must meet certain criteria including:

• Were under 31 years of age on June 15, 2012
• Came to the U.S. while under the age of 16
• Have continuously resided in the U.S. from June 15, 2007 to the present
• Are currently in school, have graduated from high school, have obtained a GED, or have been honorably discharged from the Coast Guard or armed forces
• Have not been convicted of a felony offense, a significant misdemeanor, or more than three misdemeanors of any kind; and do not pose a threat to national security or public safety

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