ITIN Mortgages: Homeownership Without a Social Security Number
If you pay taxes under an ITIN, you can buy a home. Here is how lenders build a credit picture and what to gather first.
Millions of people file and pay U.S. taxes using an Individual Taxpayer Identification Number. Many of them have been renting for a decade with a perfect payment record and assume a mortgage is not available to them. It is.
What an ITIN loan is
It is a portfolio mortgage where the lender accepts an ITIN in place of a Social Security Number. Because these loans are not sold to the agencies, the lender sets its own rules, which is why the program exists at all.
Building the credit file
If you have a traditional score, it is used. If you do not, the lender assembles alternative credit: twelve months of on-time rent verified by a landlord or cancelled checks, plus three or four other accounts such as electricity, water, mobile phone, auto or renters insurance, or a store account.
Cancelled checks and bank drafts are stronger evidence than a letter. Start saving them now if a purchase is a year away.
Down payment and terms
Expect 10% to 20% down depending on credit depth and occupancy. Terms are usually a 30-year fixed or a 5/6 ARM. Gift funds from family are frequently allowed.
Preparing to apply
Gather two years of tax returns filed under the ITIN, proof of the ITIN itself, twelve months of rent evidence, and statements for your down payment funds covering at least sixty days.
Does this apply to your situation?
Twelve questions, no credit check, and no email required. See which programs are commonly used for situations like yours.
You do not need a Social Security Number or a U.S. credit score to get a U.S. mortgage. Here is what lenders ask for instead.
Your tax return is one option out of six. Choosing the right documentation method can change your approval by hundreds of thousands.
Talk through your scenario.
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