An ITIN home loan is available with the features of enabling applicants and borrowers to apply and get a mortgage loan in spite of possessing a social security number (SSN). Even though this seem to be quite good news for those who live undocumented in the United States, these ITIN Home loans have actually created a lot of dispute due to the debate on who are qualify for the home purchase and who are not qualify.
What is ITIN?
In case you want to buy new home with ITIN but don’t know what ITIN is, It is actually stand for Individual Taxpayer Identification Number. Due to the fact that not all people the United States are entitle for a social security number or SSN, therefore the Internal Revenue Service (IRS) has released an ITIN to those people that live and work in the country with the purpose of keeping track these people income so that they will not dodge away from paying taxes. With the issues of an ITIN home loan, this has allows those undocumented workers to be eligible to buy a home, even they are illegally living in the United States.
Most people would wonder whether can they get an ITIN loan in 2011 in any states in the U.S. The answer for this of course you can. But with the condition in which you are possessing with a 620 FICO score rating and are meeting with all the other standard requirements: at least 2 years of residential history, at least 2 years of employment history and etc. All these can be just the common requirements when you want to apply for an ITIN home loan.
3 Types Of ITIN Lenders
Besides, normally there will be 3 type of ITIN lenders in the United States which can offer you such specialty ITIN loans. The first type of loan that you can get is a fixed interest rate home loan that going to takes you at least six months up to a year in order to get approved.
The second type will required you to pay for a 10% down payment associated with a fixed interest rate for the first 3 years which you are able to refinance after 2-3 years withe the same mortgage loan lender.
The third type of loan would be you need to pay 20% of down payment to the mortgage loan lender with a fixed interest rate for the first 7 years and a slightly lower interest rate.
What is the requirement for a person to get an ITIN Mortgage?
If you want to apply for an Individual Taxpayer Identification Number Mortgage (ITIN Mortgage), you need to know that the qualification for ITIN for Undocumented Immigrants will be as follow:
- The applicant need to be employed for a minimum of 2 years in the United States.
- The applicant must have paying rent for a minimum of 2 years
- The applicant must have an Individual Tax Identification Number (ITIN).
- The applicant must have at least 2 other forms of alternate credit.
If you do not have a legalize Social Protection Card but in desperate to get a home loan, then you can take into consideration of ITIN home loan as you are most probably qualify for such loan.
When you apply for ITIN loan, you are required to show your income for recent 2 years, prove of payments for utlitiy bills, debt documents and other payments to the loan companies and lenders for doing the assessment.
Where can I go to buy a house with an ITIN number?
Once a person possess an ITIN, he/she is now eligible to get a home loan from any of the mortgage lenders who provide such mortgage loan services. In conventional way, lenders tend to make use of the Social Security number (SSN) to evaluate the borrower’s FICO credit score. But for ITIN borrowers, they are very unlikely to possess a credit report at all. Most of these people are working illegally in the country and get pay by cash. Therefore, it is very unlikely and can be quite challenge to trace their previous transactions since these people tend to not have any credit report with them at all.
In summary, if you have been thinking of buying a home but getting rejected due to you do not possess an SSN or any credit report, you may try to apply for ITIN home loan which can be a high chances that you are going to get such loan approve and finally buying your first house as your wish.