ITIN Loans

Many residents of the U.S. are without a Social Security Number (SSN), which not only potentially stands in the way of employment and government benefits, but it can also pose a problem when applying for a traditional mortgage. Lenders typically require an SSN as part of the loan process, and not having one could sabotage your efforts to finance a home purchase through traditional means.

Fortunately for those lacking an SSN, ITIN loans may be available. These specialized mortgage solutions are designed for borrowers who use an Individual Taxpayer Identification Number (ITIN) instead of an SSN. These loans can open the door to homeownership for those who may be able to demonstrate financial responsibility but don’t meet conventional lending criteria.

This article will explain what ITIN loans are, how they work, and how they compare to traditional mortgages.

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What Are ITIN Loans?

ITIN loans are non-QM (non-qualified) mortgages that allow borrowers to apply using their ITIN instead of an SSN. These mortgages don’t meet the strict guidelines set by the Consumer Financial Protection Bureau (CFPB) for qualified mortgages, but still require that applicants demonstrate financial qualifications.

What is an ITIN?

An ITIN is a tax-processing number issued to individuals who aren’t eligible for an SSN but still need to file taxes. These numbers are typically issued to:

  • Non-residents
  • Foreign investors
  • Spouses or dependents of U.S. residents

ITIN holders often face hurdles when applying for mortgages, despite their financial stability. In these cases, an ITIN loan can provide a pathway to homeownership without going the traditional route.

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TermConforming 30 year fixed
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APR6.227%

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TermConforming 15 year fixed
Rate5.125%
APR5.493%

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Key Features of ITIN Loans

Down Payment

10% to 30%, depending on the credit profile & lender

Interest Rates

Slightly higher than conventional mortgages due to lender risk

Mortgage Insurance

May or may not be required, depending on Loan-to-Value (LTV) ratio

Documentation

– 2 years of tax returns with ITIN

– Proof of income

– Photo ID

– Utility bills

Acceptable Identification

– ITIN card/letter

– Passport

– Consular ID

Credit Score

Minimum 620+

Required Documents for ITIN Loans

Although requirements vary by lender, most ITIN mortgages require the following documentation:

  • Valid ITIN documentation
  • 2 years of tax returns
  • Proof of employment or income (pay stubs, self-employment records, or bank statements)
  • Government-issued photo identification (passport, consular ID, driver’s license if applicable)
  • Proof of residency (utility bills, lease agreements, etc.)
  • Proof of down payment funds
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Tips for ITIN Borrowers

To maximize your chances of a successful ITIN loan application, consider taking the following steps:

  1. Build Good Credit: Having a solid credit score can boost your odds of loan approval, which is particularly helpful when applying for financing through non-traditional means.
  2. Maintain Steady Income Deposits: Lenders look for patterns — seeing steady deposits over a set period reassures them that your income isn’t sporadic. Instead, it shows lenders that you have consistent cash flow to support loan payments.
  3. Keep Savings in an Account For a Few Months: Lenders want to see that you’re not just coming up with money overnight. A history of consistent savings over several months before applying for a loan demonstrates responsible financial management and long-term planning.
  4. Organize Documentation: Lenders rely on your documents to assess your financial health, verify your identity, and determine your eligibility. Properly organizing your paperwork can speed up the approval process and present you as a responsible and prepared borrower.
  5. Get Pre-Approved: Getting pre-approved for a mortgage is a smart first step, regardless of the mortgage program you’re applying for. It will help you understand exactly how much home you can afford and give you a competitive edge.
  6. Find a Lender Who Offers ITIN Loans: Look for a mortgage company that specializes in non-traditional loans.
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ITIN Loans vs. Popular Mortgage Programs

ITIN loans offer an unconventional means to finance a home purchase and achieve homeownership. So, how do they compare with more traditional home loan programs?

Feature

ITIN Loans

FHA Loans

VA Loans

Conv. Loans

SSN Required?

No

Yes

Yes

Yes

Down Payment

10% – 30%

3.5%

None

3% – 20%+

Best For

– Non-residents

– Foreign investors

– Dependents or spouses of U.S. residents

First-time home buyers

Veterans

Creditworthy borrowers

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FAQs

Are ITIN loans a shortcut to homeownership?

No, borrowers applying for a home loan with an ITIN still have to undergo the full mortgage underwriting process. This includes submitting proof of income, employment history, tax returns, and other required documentation.

Is an ITIN mortgage legal?

Yes, ITIN loans are legal and adhere to federal lending laws. The IRS allows borrowers without SSNs to apply for and use their ITINs to obtain mortgage financing.

Is mortgage insurance required for ITIN loans?

It depends on the LTV ratio and the lender.

What type of income proof is accepted?

Lenders may accept W-2s, pay stubs, bank statements, 1099s, or self-employment records as part of the income documentation.

Can I refinance an ITIN loan?

Yes, some mortgage lenders offer ITIN refinance loans, including cash-out refinances.

Can self-employed individuals apply?

Yes, many ITIN lenders work with self-employed borrowers who qualify based on bank statements, profit & loss reports, rental income, and other non-traditional forms of income.

States we lend in

Our loan officers are ready and waiting to help you apply for your home loan.

California California Oregon Oregon Idaho Idaho Colorado Colorado Washington Washington
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Final Thoughts

By offering flexible qualification criteria and recognizing alternative forms of financial documentation, ITIN loans provide individuals without SSNs a pathway to homeownership. While they may come with higher costs and stricter requirements, the long-term benefits of buying and owning a home make ITIN loans a valuable option for many non-traditional borrowers.

Need Financing?

If you’re looking to buy a home as a self-employed individual in the Pacific Northwest region, we can help. At Sammamish Mortgage, we offer various mortgage programs for those without traditional employment documentation in WA, OR, ID, CO, and CA. Visit our website to get an instant rate quote or call us today to have your mortgage questions answered!

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