ITIN mortgage loans provide an opportunity at home ownership for undocumented immigrants. Neither citizenship or a social security number are required. To apply for an ITIN loan, you may do so using your ITIN number (individual tax identification number).
ITIN Loan Requirements
The exact loan requirements will depend on the lender. You should expect to be required to provide the following with any ITIN mortgage lender:
- Credit – Consider the nature of ITIN loans, there are flexible credit requirements. Many lenders will consider using alternative forms of credit documentation, such as utility and phone bills.
- Employment – You will need to provide proof of 2 years of consistent employment.
- Tax Returns – Your lender will want to see the last 2 years of tax returns (W-2 or 1099).
- Down Payment – Expect to need to put at least 10% down. The minimum down payment requirement will depend on the lender.
- Identification – A copy of your ITIN card, as well as a drivers license or passport will likely be required by any lender.
- Bank Statements – Expect to need to provide between 2-6 bank statements. The exact number of bank statements you will need to provide will depend on the specific lender you apply with.
Would you like to see if you qualify for an ITIN loan?
Top ITIN Mortgage Lenders of 2021
Below are a few of the best ITIN mortgage lenders for 2021:
1.) Acra Lending
Acra Lending offers an ITIN program for both purchases and refinances (the max LTV is 80%). The maximum loan amount available is $1,000,000. They do not have any reserve requirements.
States: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, & WY.
First National Bank of America offers an ITIN program that only requires a minimum down payment of 15%. For income documentation, they allow a borrower to use either their tax returns or bank statements.
States: Nationwide (except for CA, IL, NJ, NV, NY, OH, and WA).
3.) United Mortgage
United Mortgage Corporation of America offers an ITIN program that allows up to a 85% LTV for first time home buyers.
States: CA, CO, TX, and WA.
4.) ACC Mortgage
ACC Mortgage offers an ITIN loan product, which only requires a 15% down payment (which can be gifted).
States: AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, MD, MI, MN, MS, NV, NJ, NC, PA, SC, TX, UT, VA, WA, and WI.
5.) Go Alterra
Go Alterra provides ITIN loans with a 20% down payment to qualifying applicants.
States: AL, AZ, CA, CO, CT, DC, FL, GA, IL, IN, IA, KS, MD, MN, NE, NV, NH, NJ, NM, NC, OK, OR, PA, RI, SC, TN, TX, VA, and WA.
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ITIN Loan Pros and Cons
Below are some of the advantages and disadvantages of an ITIN loan. You may want to closely consider if this type of program is right for you.
- Available to non-citizens.
- No social security is required. Only a passport, drivers license, or other form of identification.
- The flexible credit requirements allow you to use non-traditional sources of credit.
- Rates are usually higher than on conventional loans.
- Larger down payment required (most ITIN mortgage lenders will require a 10-30% down payment)
In most ways, an ITIN loan is similar to other conventional mortgage loans. The only major differences being what is outlined above. If you qualify, and are able to place the required down payment, and can comfortably afford the mortgage payment, an ITIN loan may be your best (and only) choice for a mortgage.
Frequently Asked Questions
What types of properties are eligible for these loans?
ITIN loans may be used on single family homes, condos, and PUDS.
Can an ITIN loan be used for an investment property?
No, ITIN loans only may be used for a home that is owner occupied (primary residence).
Are ITIN loans available through the FHA?
No, the FHA does not offer any ITIN programs.
Are there any laws against mortgages being issued to borrowers without a SSN?
There are no laws that exist that restrict mortgage loans being offered to non-citizens. It is just that most lending institutions have a preference to only offer loans to borrowers with a social security number. Additionally, neither Fannie Mae, Freddie Mac, or the FHA back these types of loans creating difficulties pertaining to the secondary mortgage market. Thus, only unique types of lenders, namely “portfolio lenders” offer these types of loans.