ITIN Mortgage Lenders In Palmdale
What is an ITIN Mortgage or Loan?
Individual Tax Identification Number (ITIN) loans are non-conventional loans designed for applicants that aren’t eligible for a social security number. ITIN loans are available to both resident and non-resident immigrants and are a great way to secure a home loan if you don’t have some of the typical tax-related documentation that comes hand-in-hand with having a social security number in the United States. As is the case with all loan types, there are pros and cons you should consider.
ITIN VS. Foreign National Loans
Foreign national loans are mortgages offered to non-residents of the United States. ITIN loans are a type of foreign national loan, as they are only available to those that aren’t eligible for social security numbers. Since some foreign buyers may be able to produce a tax ID number in the US (from their business or otherwise), not all foreign national loans are ITIN loans. ITIN loans are more niche than foreign national loans, which encompasses.
Frequently Asked Questions About ITIN Loans
Pros and Cons of ITIN Loans
| Benefit | What To Know |
|---|---|
| Mortgage payments can be made directly from income tax | Not many lenders are available. But, good news! We offer ITIN loans here so contact us to learn more. |
| You may utilize gift funds to assist with the initial down payment | Down payment requirements may be higher than traditional conventional loans |
| Rates have the potential to be more favorable than stated income loans and hard money loans | Interest rates may be higher than VA, FHA, or USDA loans |
| Mortgage insurance is required regardless of down payment amount | Lenders may still require further documentation to give approval |
| All that is needed to apply is the ITIN itself | Harder to approve you with less documentation and tax-related financial information |
How to Get an ITIN Home Loan in Palmdale
You’ll need your ITIN, among other financial information, such as credit score, down payment capabilities, savings account reserves, and more. ITIN loans can be complicated to navigate on your own, especially if it’s your first time purchasing a home in the United States. If you’re looking for ITIN loan guidance for your home purchase in Palmdale or elsewhere in the state of California, reach out to our expert ITIN loan officers here at California Mortgage Girl. We look forward to answering your questions and getting you approved for your ITIN loan as soon as possible.
- Foreign buyers looking to purchase investment properties for rent or lease
- Buyers purchasing commercial properties such as offices buildings, apartments/condos, warehouses, hotels, etc.
- Borrowers with ITINs instead of social security numbers
- Homebuyer who is working in the United States on a visa (other than the B-1/B-2 visitor visa)
- US citizens who work overseas and earn income from their jobs in a foreign country
How to qualify for an ITIN Mortgage Loan in Palmdale?
Every applicant has different requirements, but you can expect to need the following information to qualify for an ITIN loan with us:
- Your Individual Tax Identification Number (ITIN). You must have filed at least one tax return under this number.
- Credit Score report and history. No major blemishes or recent hard inquiries. Typically a minimum score of 600.
- The amount you can put down towards your new loan. 20% is usually the minimum required in California. Gift funds may be accepted here.
- Minimum two years' worth of work history in the United States, either employed or self-employed, with at least one year of proof of income.
- DTI under 55%. Aim to keep this as low as possible.
- Pay stubs for the last 30 days to prove that you’re actively working and generating income.
- Savings account cash reserves to make mortgage payments for an extended period.
- And more.
Is down payment assistance available for ITIN Mortgages?
Depending on your financial situation, you can apply for a down payment gift to help you cover the upfront costs of putting money down on your mortgage. Contact our team today to see if you can qualify for down payment assistance.
How do I get pre-approved for an ITIN Loan?
You can get pre-approved for an ITIN loan by contacting the California Mortgage Girl to get the process started. Our team of loan officers will ask you to provide us with your ITIN and other relevant financial information to determine what you qualify for and whether or not you can get pre-approved. By getting pre-approved with our team, you can go house hunting with more confidence that your mortgage approval is good to go.
Where can I get an ITIN Home Loan?
Right here, right now. California Mortgage Girl offers comprehensive assistance around ITIN home loan applications and all of the questions you might have. We recognize that applying for a home loan as a nonresident of the US can be intimidating, but that’s why we take a customer-first approach and always work hand-in-hand with our clients to get your mortgage application approved.
