What is an ITIN Home Loan?
ITIN loans allow non-US citizens who do not have a social security number to still qualify for a mortgage. Borrowers need an Individual Taxpayer Identification Number (ITIN) issued by the IRS along with valid photo ID. With an ITIN loan, borrowers can purchase or refinance a primary residence or second home up to 80% loan-to-value. The maximum debt-to-income ratio is 50%. At least 5% down payment is required, which can come from the borrower’s own funds or gift funds. Minimum credit scores are 620, and no credit score is also allowed. Self-employment income requires only 1 year of tax returns.
Who qualifies for an ITIN loan?
ITIN mortgage borrowers must have an ITIN card or IRS letter proving their ITIN, valid government-issued photo ID, and meet other standard income, employment, and credit requirements.
What property types can I purchase with an ITIN loan?
ITIN loans can be used to purchase or refinance a primary residence or second home. Investment properties are not eligible.
What is the minimum down payment on an ITIN loan?
An ITIN loan requires at least 5% down payment from the borrower's own funds or gift funds.
What credit scores are needed for an ITIN mortgage?
Minimum credit scores are 620 for an ITIN loan. No credit score is also allowed.
How much income do I need to qualify for an ITIN loan?
ITIN loan borrowers must show adequate income to keep the debt-to-income ratio at 50% or lower. Self-employment income requires 1 year of tax returns.
Do I need a social security number for an ITIN loan?
No, a social security number is not required. You qualify using an ITIN along with valid ID.
How long does it take to get approved for an ITIN mortgage?
ITIN loan approval timelines are similar to conventional loans, generally between 15-45 days from completed application to clear to close.
