ITIN Home Loan Program Information
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.
We have helped many immigrants with an ITIN number find a mortgage to purchase their dream home in the United States through this simple program that is easy to qualify for.
If you are already familiar with the ITIN loan programs and want to get started, then CLICK TO FIND OUT IF YOU QUALIFY. Please feel comfortable completing the contact form. Our conversation with you is confidential and we can help you in all 50 states.
ITIN loans are designed for borrowers who do not have a social security number, but can provide an ITIN number as an alternative form of identification. You can expect a down payment of 15-25% and will need a 2 year work history.
ITIN Home Loan Pros and Cons
Pros of an ITIN loan
- 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
- Gift funds may be allowed to help with your down payment
Cons of an ITIN loan
- The ITIN down payment requirements are higher
- The ITIN rates are typically slightly than conventional mortgages
- Some lenders do not allow ITIN loans for investment properties
- Fixed rate mortgages are offered with various repayment terms.
What is needed to qualify for an ITIN home loan?
- You must have at least 15% down payment depending upon your credit score. Gift funds may be accepted
- You need to have filed at least one tax return under your ITIN number
- You need a minimum of a two year work history (wither W2 or self employed) and one year proof of income.
- Provide pay stubs for the past 30 days
- Self employed can qualify using bank statements instead of tax returns. This is called a bank statement loan.
- Some lenders will allow your debt to income ratio to be as high as 55%
- Minimum credit score of 600. No credit score is also acceptable.
What types of properties qualify for an ITIN loan?
Typically the following property types are accepted as long as you occupy them as your primary residence.
- Single family homes
- 2-4 unit residential buildings
If you are buying a second home or a rental property, we likely will have a lender who can help finance those properties as well.
ITIN Loan for Self Employed
If you are self employed, you can get an ITIN loan. You will need to have been self employed for at least two years. You may also be an independent contractor who receives a 1099 form.
No tax returns are required. You will need to provide 12 months bank statements to show deposits into your accounts. These deposits (or a portion of them) will be used as income on your loan application.
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 Loan Down Payment Requirement
The minimum down payment requirement for an ITIN loan is 15% with excellent credit. Your credit score and the loan amount are the most important things that lenders consider when determining your down payment. The higher your credit score and the larger the loan amount, the greater the chances to reduce your down payment.
The minimum down payment will be 15%. Let us help you to determine what your down payment will be based upon your loan scenario.
ITIN Loan Interest Rates
The interest rates for ITIN loans are competitive but they are not as low as FHA loans. ITIN interest rates are still low but like any other mortgage program, the rate the lender will quote is closely tied to your credit score and down payment amount. The higher you score and the more you put down, the lower your rate will be.
ITIN Loans in California
ITIN loans are available in California where there are many ITIN card holders who wish to purchase a home. The down payment requirements in California for an ITIN loan are slightly different. The smallest down payment possible is 20%. We have multiple lenders who can help you if you plan to purchase or refinance.
ITIN Loans in Texas
Texas is another state where ITIN loans are very common. If you are an ITIN card holder and need help in Texas, then please complete this form so we can help you to get started or to simply get an ITIN rate quote.
In Texas, the minimum down payment today is 15%. The lender requirements are constantly changing so it will be helpful to check with us on what today’s requirements are.
If you have an ITIN number, a 2 year work history, a down payment, and a minimum credit score of 600, then you can buy a home. If you do not have an ITIN number yet but need one, then you can complete this ITIN application at the IRS website.
ITIN Home Loans – Frequently Asked Questions
Q: Should I be concerned about being deported if I apply for an ITIN loan?
A: ITIN lenders only want to lend you money. They are not interested in your residency status so you should not be concerned about deportation.
Q: How much do I need for a down payment for an ITIN loan?
A: Usually a minimum of 15% down payment is required for an ITIN loan
Q: What kind of interest rates can I expect with an ITIN loan?
A: The interest rates for ITIN loans are slightly higher than if you were to apply with a social security number.
Q: Do I need to provide tax returns when applying for an ITIN loan?
A: You will need to provide tax returns 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: The US Immigration Services Department will never see your loan application and they will now know you are buying a home.
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.