DACA Recipient Financing

The announcement is an update to the PHH Mortgage Seller Guide (“Guide”). The requirements contained herein and in previous announcements are incorporated into the Guide, and they are considered a part of and supplement the Guide.

PHH Mortgage will accept FHA loans with application and FHA Case Number assignments on or after January 19, 2021 for individuals classified under the DACA program. As a reminder, the FHA requirements for non-UW citizens still apply to DACA recipients:

FHA:

• Subject property must be occupied by borrower(s) as a primary residence.
• Borrower is required to have a valid Social Security Number except for those employed by the World Bank, a foreign embassy, or equivalent employer as identified by HUD.
• The borrower is eligible to work in the US as evidenced by the I-766 Employment and Authorization Document (EAD) with required category C33.
• If the EAD presented is expired, the borrower must also present Form I-797 (Extension Notice) with the same code evidencing they have filed an extension in a timely manner (prior to expiration of their EAD) or,
• Evidencing their deferred action has been extended for (one) 1-year.
  

Fannie Mae:

PHH will accept conventional loans for DACA recipients for Fannie Mae loans only. All parameters of the loan must meet Fannie Mae eligibility, including the required mortgage insurance for loans over 80% LTV.

DACA recipients are ineligible for financing through Freddie Mac, VA and USDA.

If you have any questions, please feel free to contact your Account Executive, Rate Lock or PHH Correspondent Operations at 1-800-929-4744, or RateLock@PHHMortgage.com or PHHCorrSupport@PHHMortgage.com.