An ITIN Mortgage Loan Program uses an Individual Tax Identification Number (ITIN) instead of a Social Security Number to secure a mortgage loan.
An ITIN number is issued to a qualifying foreign individual for taxpaying purposes who is not eligible for a social security number or is without proper documentation. ITIN Loan is not a government insured loan.
What qualifies an undocumented buyer for an
ITIN Mortgage Loan?
U.S. Government Card, Matricula Consular ID or a Passport
2 years of employment in the same or similar line of work. Can be salary or self-employed
2 years of tax returns on the ITIN number for self-employed borrowers
Credit Score reviewed by case by case basis
10%-25% down payment on a case by case basis
How does the
ITIN Mortgage Loan Work?
The loan can be use for a Single Family Home, Townhome, Condo and 2-4 units residential
The property can be used as a primary residence, second home, or even an investment/rental property
Use this loan for a purchase, refinance or cash-out refinance
43%-50% debt ratio subject to compensating factors
Up to 50% of gift funds allowed for downpayment
DACA
Mortgage Loan
You want to buy a home, but the bank denied your mortgage application because you’re in the Deferred Action for Childhood Arrivals (DACA) program.
Don’t give up on your dream of home ownership.
You can get a mortgage if you’re in the DACA program. DACA recipients are eligible for conventional loans.
Documents
Social Security Number
Current Employment Authorization Document (EAD card) issued by the U.S. Citizenship and Immigration Services (USCIS) with C33 category
Previous expired EAD Card. Lenders will assume that the USCIS will continue to renew your residency status.
Requirements
A 620 minimum credit score
Stable employment and income
3% down payment for a single family home, condo, or townhome