Local Congressman Proposes Increase Home Loan Fees For DACA Recipients

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SAN DIEGO (CNS) – Representative Juan Vargas, D-San Diego, introduced a bill on Wednesday to ensure that beneficiaries of deferred action for child arrivals are eligible for federal home loans, home loans guaranteed by Fannie Mae or Freddie Mac, and to rural housing. ready.

The Homeownership for Dreamers Act, co-authored with Rep. Pete Aguilar, D-Redlands, aims to clarify and protect eligibility to receive home loans from DACA recipients – also known as Dreamers.

Vargas said that due to lack of clarity regarding the eligibility of Dreamers under the Trump administration, lenders have delayed granting loans to these people.

“I introduced this bill to Congress last when the previous administration’s Department of Housing and Urban Development attempted to undermine the Dreamers’ eligibility for government guaranteed loans,” he said.

“I am reintroducing Homeownership Law for Dreamers to ensure this cannot happen under future administration. Dreamers and their families deserve the same access to opportunities available to other Americans. Although DACA recipients can once again access these loans, a future administration or FHA management may attempt to prohibit this access if we do not pass legislation that will clarify their eligibility, ”Vargas continued.

The law is intended to help clarify eligibility for certain federal credit enhanced mortgages. Specifically, the bill will ensure that loan eligibility is not conditioned on the mortgagor’s status as a DACA beneficiary if all other eligibility criteria are met.

Last month, the Federal Housing Administration asserted that DACA recipients would be eligible to apply for FHA-guaranteed mortgages starting Jan. 19. According to the statement, the FHA’s recognition of DACA recipient eligibility results from the entity’s recent decision to change the language to the FHA Manual.

“Dreamers and their families are key members of our communities and should have the same home ownership opportunities as any other American,” said Aguilar. “I am proud to partner with Representative Vargas on legislation to codify this policy so that dreamers can use FHA loans, and look forward to working with him and the Biden administration to ensure that this bill becomes law.

Vargas sits on the Financial Services Committee. Aguilar and Vargas are both members of the Congressional Hispanic Caucus.

Vargas represents California’s 51st Congressional District, which includes the southern portion of San Diego County, all of Imperial County, and the entire US-Mexico border of California. Vargas was first elected to the United States House of Representatives in 2012 and is currently serving his fifth term in Congress.

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