Are you not an American citizen and have a ITIN and want to purchase a home? Here’s some information how.
About the program:
- Available to non-citizens.
- No social security is required. Only a passport, drivers license, or other form of identification.
- The flexible credit requirements allow you to use non-traditional sources of credit.
- Rates are sometimes higher than on conventional loans.
- Larger down payment sometimes required (most ITIN mortgage lenders will require a 10-30% down payment)
- ITIN loans are only used for owner occupied (primary residence) homes.
- Credit- There are flexible credit requirements. Many lenders will consider using alternative forms of credit documentation, such as utility and phone bills.
- Employment – You will need to provide proof of 2 years of consistent employment.
- Tax Returns – Your lender will want to see the last 2 years of tax returns (W-2 or 1099).
- Identification –MUST have a copy of your ITIN card, as well as a drivers license or passport
- Bank Statements – Expect to provide 1 month bank statement