What is an ITIN Mortgage Loan?
An ITIN Mortgage Loan Program uses an Individual Tax Identification Number (ITIN) instead of a Social Security Number to secure a mortgage loan. An ITIN number is issued to a qualifying foreign individual for taxpaying purposes who is not eligible for a social security number or is without proper documentation.
What Qualifies an Undocumented buyer for an ITIN Mortgage Loan?
- U.S. Government Card, Matricula Consular ID or a Passport
- 2 years of employment in the same or similar line of work. Can be salary or self-employed.
- 2 years of tax returns on the ITIN number for self-employed borrowers.
- No credit score required
- Minimum 15% downpayment (California min 20% downpayment)
How does the ITIN Mortgage Loan work?
- The loan can be used for a Single Family Home, Townhome, Condo and 2-4 units residential. The property can be used as a primary residence, second home, or even an investment/rental property
- Use this loan for a purchase, refinance or cash-out refinance.
- Up to 55% debt to income ratios for approval.
- Up to 50% of gift funds allowed for downpayment