ITIN Mortgage Loans
ITIN loans are designed for those who have a tax ID but do not have a social security number and want to purchase a home by using their ITIN or tax ID as an alternative form of documentation.
What Do I Need in Order to Qualify for an ITIN Loan?
In order to qualify for an ITIN loan, you’ll need to have at least a 15% down payment for the home you want to buy. The exact percentage will depend on your credit score. You’ll also need to have filed at least two years worth of tax returns under your ITIN number.
You’ll have to have at least a two year work history for the same type of work, or be self-employed for two years and you’ll have to provide pay stubs showing your employment for the past 30 days. It’s best if you have a credit score of at least 600, but you can qualify for an ITIN loan without a credit score.
What Kinds of Properties Qualify Under an ITIN Mortgage?
As long as you occupy the home as your primary residence, there are a variety of properties that can qualify under an ITIN mortgage, including:
- Single family residences
- 2-4 unit residential buildings
If you’re looking to buy a second home or a rental property, we can help you finance this as well.
Can I Get an ITIN Loan if I’m Self Employed?
Yes, you can! You’ll need to have been self-employed for at least two years. If you’re an independent contractor who receives a 1099 form, you can also qualify. There are no tax returns required however you will need to provide 12 months of bank statements to show deposits into your account. A portion of these will be used to demonstrate income on your ITIN mortgage application.
- Purchase or Refinance
- Owner occupied or Investment Properties
- 20% Down Payment (Gift allowed)
- 2 Years Tax Returns
- 2 Years W2 or 1099
- 3 Months Bank Statements
- Passport, ITIN Card, Driver’s License needed
What If I Don’t Meet a Certain Requirement?
At LBC Mortgage, we understand that things aren’t always perfect. Even if you don’t meet one of the criteria here, there are alternatives that can help. For example, if you haven’t established enough credit in the U.S. to have a credit score, you may still be able to qualify by using your credit card statements as proof that you are paying off your debts.
It’s also a good idea to have a U.S.-based bank account established and some money saved away for at least 2-3 months before you apply.
Talk To The Experts for ITIN Mortgage in California
Across the State of California, we’ve helped thousands of people qualify for home loans of all types, including ITIN loans. We understand that every individual comes to us with their own unique circumstances and challenges. For this reason, we have made it our mission to help you get approved and financed when banks and other lending institutions won’t.
Contact us today and we’ll work with you to help answer any questions you may have, as well as work with you to help you get the best possible deal on a home.