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  • Writer's pictureSheldan Perry

ITIN Home Loans for Immigrant Buyers

ITIN mortgage loans provide an opportunity at home ownership for immigrants. An ITIN loan is designed for borrowers who are looking to purchase or refinance a home in the United States who file their taxes with an Individual Tax Identification Number (ITIN).

ITIN Down Payment Requirements: ITIN loans require a minimum down payment of 20% or 25%. If you have a credit score the minimum down payment is 20%. If you do not have a credit score the minimum down payment is 25%.

ITIN Interest Rate: The interest rate for an ITIN loan is determined by many factors which include the property type, amount of your down payment, term of the loan, whether you intend to occupy the property or use as an investment, and the type of income used to qualify.

Gift Funds for ITIN Loans: 100% of the cash needed to close can come from gift funds. When using gift funds the down payment requirement is 25%. (Please read our Gift Funds blog)

ITIN Loan Document Requirements: The document requirement depends on the ITIN program that fits you ITIN profile. The minimum document requirement for a ITIN loan include a valid government-issued photo ID, a copy of your filed federal tax return, a copy of your ITIN letter, one to 2 years of income documentation (Self-employed borrowers must have operated their business for at least one year), proof of cash to close covering the most recent 60 days.

Can Bank Statements Be Used To Qualify? 12 months business or personal bank statements may be used to qualify for an ITIN loan.

Can ITIN Loans Be Used For Investment? ITIN loans can be used by investors who have an ITIN that is used only for reporting passive income to the Internal (IRS) Revenue Service. The borrower cannot be employed in the United States.


About the author:

Sheldan Perry is highly skilled mortgage professional with more than 20 years’ experience in all aspects of real estate and finance. He specializes in consumer and investor financing. He can be reached at 713-524-4242.

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