Ameriquest Funding has great solutions for people that have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or are looking to refinance an existing mortgage.
ITIN loans are a special kind of loan for individuals that may not have the traditional documentation needed to qualify for mortgage loans. ITIN loans can be a viable option for individuals who do not have a Social Security Number. Using their ITIN, these individuals may be able to obtain a mortgage loan with their ITIN.
ITIN Loan Requirements
ITIN loan requirements vary based on lending institutions, but rest assure that we will work hard to lead you in the direction of making your dreams come true.
ITIN loans may be available for single-family residences, condos, townhomes, manufactured homes and multiple units in residential buildings. We’ll work with you by letting you know requirements for the ITIN loan as it may be different in every case, also consideration will be made on total amount lender is willing to lend.
But some of the core components of ITIN home loans will likely include:
- Identification: Alongside your ITIN card, lenders may ask you to provide additional documentation to verify your identity, such as a driver’s license or other identification.
- Credit score: ITIN loans may have more flexible credit score requirements compared to other types of mortgage loans, but some lending institutions may give it greater focus in the application process. If you have a lower credit score, lending institutions may still work with you to obtain the mortgage loan but may require additional information on existing debt and current payments.
- Proof of employment: ITIN home loan applications will need to show a minimum of 2 years of consistent employment history; this can also include self-employment.
- Tax returns: The ITIN home loan application will also require two years of tax returns.
- Other financial documentation: Lenders will want to see any additional financial information that can support the application and prove that you will be able to make your monthly payments, including bank statements and any other relevant assets. Savings in a U.S. bank account may also be included in the application as further proof of finances.
- Down payment: The amount needed for the down payment with ITIN mortgage loans will differ based on what lenders want to see, but it’s usually higher than other types of mortgage loans. A minimum of 20% down payment should be the expectation when applying for ITIN home loans.
