ITIN loan program is a loan program designed for individuals who do not have an SSN (Social Security Number), with their ITIN (Individual Tax Identification) they can pursue buying a home in the United States. ITIN loan is a full doc non-QM mortgage offering flexibility for individuals residing in the United States. Let’s talk more about the ITIN loan program.
General requirements
– Qualify Full Doc or 12-Month Bank Statement for Self-Employed
– 2 years of tax returns
– No Reserves required ≤ 75% LTV
– 2-year income history including self-employed
– ITIN Card
– Valid U.S. government-issued ID ( passport, driver’s license, matricula consular, etc)
– Downpayment: Min. 15% – 20%
– 75%- 80% Max LTV Purchase
– Up to 50% DTI (Debt to income)
– Credit Score: may have more flexible credit score requirements compared to other types of mortgage loans
– Proof of 6 months’ housing payment ( maybe required)
– Loan amounts up to $1M (depending on lender’s requirement)
Who are the candidates?
ITIN loans are for borrowers who do not have SSN ( Social Security Number). Borrowers with ITIN cards can qualify for a mortgage as long as they meet the eligibility requirements.
What is an ITIN Loan?
The ITIN loan program is a type of home loan available to those who do not have their social security numbers (SSN). It is beneficial for people who are not eligible for conventional loans.
How do ITIN loans work?
The ITIN loan is a full doc loan and requires documentation and information to determine a borrower’s eligibility.
The ITIN loan is not much different than other conventional loan programs. You still need to prove your income stability, showing two years of employment and two years of tax returns. If you are self-employed, need to show your bank statement instead of tax returns for the past 12 months. Prepare to have at least 15% to 20% of the downpayment, and also may be requested to show that you have a certain amount of cash reserves.
What are the benefits of an ITIN loan?
– Social Security Numbers (SSN) are not required. You can apply for an ITIN loan with your ITIN card. The ITIN card isn’t just for resident and non-resident aliens. ITINs are issued to anyone who files a U.S. tax return and has payment responsibilities regardless of their immigration status.
– Residency flexibility: For people who are seeking to buy a house in the United States but don’t have legal residency status in the U.S., many lenders can work with you to obtain an ITIN loan instead.
– Build your credit: By repaying every month’s loan installment, you have an opportunity to build up your credit, improving your credit score.
– Another option than hard money: without social security number, finding a suitable loan program is very difficult. An ITIN loan can help you achieve your home-buying dream come true without having to borrow hard money, which has a higher interest rate compared to an ITIN loan.
Who offers ITIN loans?
Not many banks or lender offer ITIN loan programs. As a loan officer who works with a mortgage broker office, we have a list of lenders who are offering this type of loan for ITIN holders. Please send me a message if you would like to know more about the ITIN loan.
