3/29/2023
Being a non-resident immigrant in the USA does not prevent you from having the quality of life you aspire to. With the help of an ITIN you have the opportunity to apply for a mortgage loan and buy a new or used home. We tell you which banks offer this financing and other relevant information.
You may be interested in: Personal loans with ITIN number
What are ITIN mortgage loans?
We have already talked about how to obtain a credit card with ITIN, the Individual Taxpayer Identification Number, and now it is the turn of mortgage loans.
These products are mainly intended for immigrants without permanent residency who want to have a home and enjoy the advantages that this implies. Since you only need an ITIN, you don't need a Social Security Number (SSN) or a green card or citizenship.
Basically there is a list of banks and lenders that give you access to this kind of financing. It is up to you to compare the terms of the options to find the most suitable one.
Can you buy a home in the United States with the ITIN?
Contrary to what you may hear from other sources, it is legal to own a property without having to show an SSN. Depending on the lender you work with, they will tell you under what conditions you can be a homeowner.
The Individual Taxpayer Identification Number implies that even if you do not have a permanent resident status, you are paying taxes legally.
In this sense, your ITIN proves to banks and lenders that you are an income earner and a contributor to the national economy. Although you must meet certain requirements related to your FICO score and credit history, there are institutions that want to give you the opportunity to improve your quality of life.
Banks and financial institutions that offer mortgages with ITINs
Although there are a multitude of lenders that offer mortgage loans without a Social Security Number, here we have selected a few of the best ones in the states with the largest Hispanic population:
- ACC Mortgage. These specialists have a minimum down payment of 5% and you can find them in 28 states of the union. They accept applications with scores as low as 600 points or even with no credit history.
- Acra Lending. With them you can buy or refinance. There are no reserve requirements and the maximum amount is $1 million. These mortgages are available in most of the United States and allow you to finance up to 80% of the value of the house you want to buy.
- First National Bank of America. They ask for a minimum down payment of 15% and your bank statements or tax returns serve to guarantee your income. You can apply for fixed-rate loans with a term of up to 30 years. They are present in all but CA, IL, NJ, NV, NY, NY, OH and WA.
- United Mortgage. This option includes up to 85% financing for first-time buyer mortgages and is available in California, Colorado, Texas and Washington. It allows for fixed or adjustable rate mortgages as well as government assistance such as FHA loans.
How to obtain a mortgage loan with an ITIN number?
The steps to follow in order to get a mortgage with the Individual Taxpayer Identification Number are as follows:
Obtain an ITIN number
If you do not already have one, you will need to apply for one. You can do this from the IRS website or by going to an IRS office near you.
If you want more details, in this article we explain what the ITIN is and how you can apply for it.
Find a bank that offers mortgages with ITINs
Above we have shown you a few that offer their services in a good part of the country, but if you want you can look for more or ask at the offices of the banks in your area.
Pre-qualify or run simulations to know your options
In order to know the house you can buy according to your possibilities, many banks offer simulators so you can calculate the monthly installment you would pay depending on the amount requested, the term and the down payment you can afford.
You can even pre-qualify to find out if the bank will accept your application and thus be on the safe side when making a purchase offer.
Look for a house you can afford
Once you know the amount of money you can request to finance the purchase of a home, you can calmly dedicate yourself to look for one that you like within your budget. If you need help, you can consult our article on what you should inspect in a house you want to buy.
In addition to the initial down payment you may have to pay, also consider closing costs, taxes and other fees and expenses associated with signing the mortgage and buying the home.
Apply for the mortgage loan
Once you have chosen the house and agreed on the purchase price with the seller, it is time to go ahead with the application process for your mortgage with ITIN, following the steps indicated by the financial institution and providing all the documentation requested, such as proof of income, official identifications, property data, appraisal, etc.
Español: Préstamos hipotecarios con ITIN, qué son y qué bancos los ofrecen