Before starting, it is important to know that an ITIN mortgage loan to buy a home is a type of credit for people who want to buy a home in the United States and do not necessarily have American Citizenship, Permanent Residence or a work permit in the USA.
Still, to pay taxes to the government, people usually use the ITIN number (Individual Taxpayer Identification Number) on their tax return.
It is for this reason that the ITIN number is accepted by some banks to grant home loans.
1. How does it benefit me to make a mortgage loan with an ITIN number?
Loans to buy a house with an ITIN number provide a great opportunity to invest and achieve that dream of owning a home for people who, in other programs, would not qualify due to their immigration status.
Additionally, owning your own home has many benefits.
- You can have tax savings
- You build wealth for the family
- Gives you a sense of belonging
- You have savings for the future
- You benefit from appreciation and capital gains
2. What documents do I need to submit for an ITIN loan?
The first thing is to know if you qualify for this type of loan. Where the bank will ask you for the following documentation:
- Last two years of federal tax returns filed with your ITIN number.
- You must have a two-year income history.
- Copy of your ITIN letter.
- Valid identification issued by the US or foreign government (passport, driver’s license, consular registration, etc.).
- Income verification for the last 6 months.
- Account statements from the last 60 days from the bank where you have the money for the purchase. If it is a gift, the donor’s account statement is also needed.
- Credit report with your ITIN number, which is not more than 90 days old.
At Colamerica we advise you at every step with the banking entity. Receive advice here
3. What type of house can I buy?
There is a wide variety of properties that you can apply for an ITIN credit, these can be: 1-family homes, condominiums, townhouses and multi-family homes with 2 to 4 units.
Where these can be primary residences, secondary residences or houses for investment purposes.
4. Are the interest rates on loans fixed or variable?
Interest rates can be fixed for the life of the loan and usually have no prepayment penalties. In each case it must be analyzed independently so that you obtain the best mortgage credit option to buy a home.
You can make an approximate simulation of your mortgage by clicking here
5. How long can the home buying process last?
The prequalification process for a mortgage loan generally takes 1 to 2 business days. Once you have a signed contract to purchase a home, the process to closing can take an average of 30 days.
6. Can I apply for credit if I do not have a credit score or do not have a credit history?
Of course! Applicants who have no credit score or no credit history are also eligible for this type of ITIN credit.
7. What should I take into account to apply for a mortgage loan with an ITIN number?
One of the most important steps is the verification of the income of the person who is going to apply for the loan to buy a house, which is why the program accepts different options:
- Tax return
- Bank statements for the last 12 months
- Profit and Loss Statement for the last 12 months from your accountant.
8. Is an initial payment required to buy a house?
In order to apply for these benefits, the program requires an initial payment. Depending on your situation, the down payment could be a minimum of 20% for 1-family homes.
In the case of a 2-family property, 25% of the value is required. If you want to buy a house in the state of New York (NY), an initial payment of 30% is required.
9. What other benefits can I apply for?
With this program you can also refinance your loan. If you want to withdraw money, you must have owned the home for at least 6 months.
Call us to schedule an appointment at 1-800-320-2272! We will assign you to a loan officer to provide you with more information according to your case. No cost, no obligation!