Applying for ITIN Home Loan
An ITIN home loan is available with the features of enabling applicants and borrowers to apply and get a mortgage loan in spite of possessing a social security number (SSN).
Even though this seems to be quite good news for those who live undocumented in the United States, these ITIN Home loans have actually created a lot of dispute due to the debate on who is qualified for the home purchase and who are not qualify.
What is ITIN?
In case you want to buy a new home with ITIN but don’t know what ITIN is, It actually stands for Individual Taxpayer Identification Number.
Due to the fact that not all people the United States are entitled to a social security number or SSN, therefore the Internal Revenue Service (IRS) has released an ITIN to those people that live and work in the country with the purpose of keeping track these people income so that they will not dodge away from paying taxes.
With the issues of an ITIN home loan, this has allowed those undocumented workers to be eligible to buy a home, even they are illegally living in the United States.
Most people would wonder whether can they get an ITIN loan in 2011 in many states in the U.S. The answer for this is, of course, you can.
But with the condition in which you are possessing with a 620 FICO score rating and are meeting with all the other standard requirements: at least 2 years of residential history, at least 2 years of employment history and etc. All these can be just the common requirements when you want to apply for an ITIN home loan.
3 Types Of ITIN Lenders
Besides, normally there will be 3 types of ITIN lenders in the United States which can offer you such specialty ITIN loans. The first type of loan that you can get is a fixed interest rate home loan that going to takes you at least six months up to a year in order to get approved.
The second type will require you to pay for a 10% down payment associated with a fixed interest rate for the first 3 years which you are able to refinance after 2-3 years with the same mortgage loan lender.
The third type of loan would be you need to pay 20% of down payment to the mortgage loan lender with a fixed interest rate for the first 7 years and a slightly lower interest rate.
What is the requirement for a person to get an ITIN Mortgage?
If you want to apply for an Individual Taxpayer Identification Number Mortgage (ITIN Mortgage), you need to know that the qualification for ITIN for Undocumented Immigrants will be as follow:
- The applicant needs to be employed for a minimum of 2 years in the United States.
- The applicant must have to pay rent for a minimum of 2 years.
- The applicant must have an Individual Tax Identification Number (ITIN).
- The applicant must have at least 2 other forms of alternative credit.
If you do not have a legalize Social Protection Card but in desperate to get a home loan, then you can take into consideration of ITIN home loan as you are most probably qualify for such loan.
When you apply for ITIN loan, you are required to show your income for recent 2 years, prove of payments for utility bills, debt documents and other payments to the loan companies and lenders for doing the assessment.
Where can I go to buy a house with an ITIN number?
Once a person possesses an ITIN, he/she is now eligible to get a home loan from any of the mortgage lenders who provide such mortgage loan services. In a conventional way, lenders tend to make use of the Social Security number (SSN) to evaluate the borrower’s FICO credit score.
But for ITIN borrowers, they are very unlikely to possess a credit report at all. Most of these people are working illegally in the country and get pay by cash. Therefore, it is very unlikely and can be quite challenging to trace their previous transactions since these people tend to not have any credit report with them at all.
In summary, if you have been thinking of buying a home but getting rejected due to you do not possess an SSN or any credit report, you may try to apply for ITIN home loan which can be a high chances that you are going to get such loan to approve and finally buying your first house as you wish.
In addition, ITINs have being introduced a 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.
Making ITIN Loans
Before the financial crisis in 2008, some banks even provide mortgage loans for foreign nationals who not even have an ITIN, they qualify for a 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 paperwork 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
Mortgage lenders like Citibank are offering their Citibank ITIN Loans with the help of ACORN (Association of Community Organizations for Reform Now) Housing Corporation in about 30 cities in America. But such financing isn’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 an issue, you should acknowledge that most banks can lend you a mortgage with an 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 a social security number?” Well, by having an ITIN car loan, it is possible for a bank to approve on the same day for the loan you applied for.
These types of car loans or auto loans are of no different to conventional loans where they normally require you to pay for a downpayment or have your vehicle to trade in. Nevertheless, it is vital for the applicant to know their responsibilities on repayment terms when they are securing a car loan with ITIN.
There are 4 steps for application follow in order to get the ITIN loans to approve.
1. Applicant needs to attend homebuyer seminars to understand the whole process of home buying and mortgage loan application.
2. Schedule a one to one meeting with an ACORN housing counselor for them to understand the problem of the applicant faced and provide a solution to their issue.
3. ACORN will start to analyze all the information and documents provided by the 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 a 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 to 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 the 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: https://www.nevinwilliams.com/
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 rate mortgage