ITIN Loans
A path to homeownership for tax paying borrowers who file with an ITIN instead of a Social Security number.
An ITIN loan is a mortgage designed for borrowers who file taxes using an Individual Taxpayer Identification Number. These are portfolio programs, which means the loan is underwritten and held to guidelines set by the lender rather than the agencies that require a Social Security number.
Approval is built on the same fundamentals as any other mortgage: documented income, a track record of paying obligations on time, and a reasonable down payment. If you have been renting, working, and filing taxes for years, that history counts.
How ITIN qualification works
Underwriting looks at your income stability, credit behavior, assets, and the property. Because these loans are held in portfolio, there is more room for common sense underwriting than on an agency loan.
If you do not have a traditional credit score, alternative credit can be built from twelve months of housing payments plus other recurring accounts such as utilities, insurance, phone, or tuition.
- Valid, unexpired ITIN and government photo identification
- Typically two years of documented, verifiable income
- Down payment from savings, and gift funds allowed on many programs
- Reserves after closing on some programs
Documenting income without a W-2
Many ITIN borrowers are self employed or paid in ways that do not fit a standard W-2 file. We work with programs that accept several documentation types so your real income is what gets counted.
- Two years of ITIN filed tax returns
- Bank statement programs that average deposits over 12 or 24 months
- Profit and loss statements with supporting business records
- Standard pay stubs and employer verification where available
What to expect on rate and down payment
Because ITIN loans are not sold to the agencies, pricing runs somewhat higher than a comparable conventional loan and the down payment requirement is larger. In exchange you get a fixed, fully amortizing mortgage that builds equity from day one.
There is no prepayment penalty on most owner occupied ITIN programs, and many borrowers refinance later as credit and equity improve.
Your rights as a borrower
Fair lending laws protect you regardless of national origin or immigration status. You are entitled to a Loan Estimate showing your rate, payment, and closing costs, and to have your questions answered in plain language. Our team can walk through the process in Spanish.
Documents to gather
Getting these together early keeps the file moving and gives you an accurate preapproval instead of a rough guess.
- ITIN letter or documentation and valid photo ID
- Two years of tax returns filed under your ITIN
- Two months of bank statements showing your down payment
- Twelve months of rent history or cancelled rent checks
- Utility, insurance, or phone accounts for alternative credit
Advantages
- Homeownership without a Social Security number
- Flexible income documentation, including bank statements
- Alternative credit accepted when there is no score
- Fixed rate options that build equity from the first payment
Things to consider
- Rates are higher than comparable conventional loans
- Larger down payment is generally required
- Fewer lenders offer these programs, so options are limited
- Documentation of income and residency history must be thorough
Common questions
Do I need a Social Security number?
No. A valid ITIN and government issued photo identification are used instead.
What if I have no credit score?
Alternative credit works. Twelve months of on time rent plus two or three other recurring accounts such as utilities, insurance, or phone can establish your history.
How much do I need to put down?
More than a typical conventional loan. The exact amount depends on the program, your credit profile, and the property, and we will quote it precisely once we review your file.
Can I buy a rental property with an ITIN loan?
Some programs allow second homes and investment properties, usually with a larger down payment. Primary residences have the widest options.
Can we handle this in Spanish?
Yes. We can walk through the process and your disclosures in Spanish so nothing gets lost in translation.
Program disclaimers
- * Higher interest rates apply
- ** For a 30-year, fixed-rate loan
- Program details are informational only and are not an offer for extension of credit or a commitment to lend. Terms are subject to change without notice.
Ready to explore ITIN Loans financing?
Start a conversation with a licensed loan officer, or begin your application whenever you're ready.