It’s standard protocol for home loan applicants to provide their social security number to their lender as a means of verifying their personal identity. But what if you don’t have a social security number and only have an ITIN? Below, we’ve provided detailed information about home loans with ITIN numbers.
What Is an ITIN Number?
If you cannot obtain a social security number, you may be able to apply for an ITIN Number. An ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the IRS. ITINs can be issued to anyone regardless of their immigration status. Their purpose is to help people comply with U.S. tax laws.
Can I Get a Home Loan with My ITIN Number?
Yes, it’s possible. If you have an ITIN Number or are eligible for one, you may be able to use it as proof of identification in lieu of a social security number. However, it’s important that you consult with your lender. Not all lenders offer ITIN loans, so it’s important that you check.
ITIN Home Loan Requirements
Home loans with ITIN numbers have a slightly different application process than traditional mortgage loans. In order to apply, you will need to provide certain documents and meet the requirements specified by your lender such as:
- Credit requirements: Credit score requirements vary per lender. Because of the nature of ITIN loans, many lenders are willing to be flexible about this matter, but it’s best to ask so you know exactly what’s required.
- Proof of income: You will need to be able to provide proof of income to your lender. You may be asked for copies of your bank statements, tax returns, and a detailed explanation of your employment history.
- Down payment: Your lender may require a certain amount for a downpayment on your loan. For ITIN loans, this amount usually varies from about 10-30%.
- Identification: Since you do not have a social security number, you will need to provide your ITIN number as proof of your identity. You may also be asked to provide a copy of your driver’s license and/or passport.
Have Questions about ITIN Loans?
Home loans with ITIN numbers can be complicated, but don’t let that stop you from pursuing your dream of homeownership. If you have questions about the process or your eligibility, we’d be more than happy to help. Call now to speak to a home loan expert at Mortgage Solutions Financial.