When people of United States want to apply for bank loans without social security number (SSN), most of them will think of ITIN mortgage loans. ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by IRS (Internal Revenue Service)for people to pay taxes, and they are now also being used as a way for undocumented alients to apply mortgages. In addition, ITINs have being introduced few years back and were used by most leading banks for all states with the purpose of enabling undocumented aliens to open savings & checking accounts, as well as apply for credit cards.
Mortgage Loans With ITIN
Before the financial crisis in 2008, some banks even provide mortgage loans for foreign nationals who not even have an ITIN, they are qualify for loan if they are able to pay for a down payment of 25% on a mortgage that they apply for. They can even apply for up to $600,000.00 by just showing a passport to the bank without any paper work or documentation. However, after the financial crisis in 2008, a lot of banks already stop lending ITIN mortgage to foreign nationals.
Banks that help people with ITIN numbers in getting a mortgage
ITIN mortgage lenders like Citibank is offering ITIN financing with the help of ACORN (Association of Community Organizations for Reform Now) Housing Corporation in about 30 cities in the America. But such ITIN financings aren’t available in the Roanoke area due to the bank offers ACORN only in the service regions with branches there.
Most people are wondering how to identify those banks that can issue a mortgage loan with an ITIN number. If you are having such issue, you should acknowledge that most banks can lend you mortgage with a ITIN number. What you need to have is a mortgage officer that knows about what you want to loan for.
Car Loan With ITIN Number
Some may ask: “Is it possible to get a car loan without social security number?” Well, by having an ITIN car loan, it is possible for a bank to approve in the same day for the loan you applied for. ITIN car loans or auto loans are of no different to conventional loans where they normal require you to pay for a downpayment or have your vehicle to trade in. Nevertheless, it is vital for applicant to know their responsibilites on repayment terms when they are securing a car loan with ITIN.
How to get a bank loan with no social security number?
There are 4 steps for application follow in order to get the ITIN loan approve.
1. Applicant need to attend home buyer seminars to understand the whole process of home buying and mortgage loan application.
2. Schedule a one to one meeting with an ACORN housing conselor for them to understand the problem of the applicant faced and provide solution to their issue.
3. ACORN will start analyze on all the information and documents provided by applicant.
4. Once go through the meeting and ACORN analyst, the next thing is the applicant has to deal with a loan officer from CitiMortgage for an ITIN loan approval.
Where to get ITIN loan application form?
To apply for ITIN loan, you need to get the form called W-7 where you can download the form in English or in Spanish follow these links:
Form W-7 English or Form W-7 Spanish. You can also obtain the forms from IRS offices or in your nearby community center.
However, as of now lesser and lesser financial institutions are offering ITIN loans, you may want to check out before you submit the form. Here are some contacts from a few states where the loan may still available.
You might check with International Bank of Commerce or BBVA.
Web Reference: http://www.MetroplexHomeSalesInfo.com
or contact with AOK Mortgage if you are living in metro area in Texas:
AOK Mortgage, Inc.
TCF Bank writes loans using ITIN numbers in Chicago.
6141 S Archer Ave.
Chicago, IL 60638
Tel: (773) 767-5270
Lending Manager: Sonia Monarrez (speaks Spanish)
Assistant Lending Manager: William R. Davis Jr.
Oscar Feliciano 708-681-8740
or email to
Greensboro, North Carolina
Web Reference: http://raleighhomeloans.org
1. Chris Diamond
Diamond Residential Mortgage Corporation
2. Bart Gabe
800 315 8803
Lending Nationwide Since 1987
3. John Lyng
Mortgage Counselor – NMLS 280951
30 year fixed mortgage