If you are an undocumented immigrant and do not have a social security number and need a mortgage to purchase a home, there is a program for you. The ITIN home loan is the program you are looking for. It does not require a social security number. All you need is your ITIN Card (Individual Tax Identification Number) and you are on your way to home ownership.
If you are already familiar with the ITIN loan programs and want to get started, then CLICK TO SPEAK WITH AN ITIN LOAN OFFICER NOW.
ITIN Home Loan Pros and Cons
- No social security card is required
- Traditional credit may not be required
- No legal documents needed to prove US residency
- The rates are better than hard money loans
- It enables you to own a home in this country without documentation
- The down payment requirements are higher
- The rates are typically higher than conventional mortgages
- Closing costs may be higher
- Some lenders do not allow ITIN loans for investment properties
- Fixed rate mortgages are offered with repayment terms of:
What is needed to qualify for an ITIN home loan?
- You must have at least 20% down payment depending upon the lender. Gift funds may be accepted
- You need to have filed 2 years worth of tax returns under your ITIN number
- You need a minimum of a two year work history in the same type of work
- Provide pay stubs for the past 60 days
- Some lenders require your debt to income ratio to be less than 50%
- Some lenders will allow bank statements instead of tax returns
What types of properties qualify?
Typically the following proprerty types are accepted as long as you occupy them as your primary residence.
- Single family homes
- 2-4 unit residential buildings
Other Factors that Can Help Qualify For Your ITIN Loan
In the lending business, things are not always perfect. At the same time, the lenders do allow for some compensating factors which can help you to qualify IF you are not able to meet one of the requirements outlined above. They take other things into consideration which can help you. So, we recommend that you look into these additional activities below.
Credit Cards – Many immigrants have not established credit in the United States and/or may not have a credit score. One of the things you should do is apply for one or two credit cards. Make a few purchases per month and then pay off the balance in full. This will help establish some type of credit record that lenders can review. It will make them feel comfortable about your ability and willingness to repay your debts.
Bank Accounts – Lenders like to see that you have some money saved. You will need a down payment for your ITIN Loan and you cannot come to the closing table with a shoe box full of money. So, get at least 1-2 bank accounts started. Try to keep your down payment money in that account and it should be there for at least 2-3 months BEFORE you apply for your ITIN Loan.
Employment – They will look at your employment history. Make sure that you keep a steady job at all times. No gaps in your employment and staying in the same type of work for a long time does help.
Alternative Credit Sources – Another thing you can do is provide statements from your utility company, phone company, insurance company, etc showing that you are making payments on time. You could even ask them to provide you with a letter or a statement showing all of your on time payments.
ITIN Home Loans – Frequently Asked Questions
Q: Should I be concerned about being deported?
A: No, ITIN lenders only want to lend you money. They are not interested in your residency status.
Q: How much do I need for a down payment?
A: Usually a minimum of 20%
Q: What kind of interest rates can I expect?
A: The interest rates for ITIN loans are usually higher. Be prepared for that.
Q: Do I need to provide tax returns?
A: Yes, for the past two years
Q: If I apply for an ITIN loan, will my information be reported to the US Immigration Services Dept?
A: No, they will never see any of this.
Q: If you are not a citizen but pay taxes, can you get an ITIN mortgage?
A: Yes, absolutely and if you have more than 2 years of tax returns that would be even better.
We are able to help you to find an ITIN loan with the best ITIN lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.