ITIN Mortgage Loans: A Flexible Option for Homebuyers

Securing a mortgage can be a complex process, especially for individuals who don't have a Social Security number (SSN). Traditional lenders often require an SSN, but there's a solution: ITIN mortgage loans. This blog post explains what ITIN mortgages are and highlights their key features.

Understanding ITIN Mortgages

An Individual Taxpayer Identification Number (ITIN) is an IRS-issued tax processing number for individuals who don't have an SSN but need one to file taxes. ITIN mortgage loans are specifically designed for borrowers who hold an ITIN. These loans provide an opportunity for homeownership to individuals who may otherwise be excluded from the traditional mortgage market.

Key Features of ITIN Mortgage Loans:

Loan Amounts: Borrowers can secure loans up to $1.5 million.
Loan-to-Value (LTV): Up to 80% LTV is possible.
Credit Score Requirements: Credit scores starting at 620 are considered.
Debt-to-Income Ratio: A standard debt-to-income ratio of 50% is acceptable.
Property Types: Both primary and secondary homes are eligible, including non-warrantable condos.
Loan Types: Purchase, rate-term, and cash-out refinance options are available.
Fund Seasoning: All funds must be in a U.S. depository institution for at least 60 days prior to closing. Funds from foreign accounts can be used, but require a 30-day statement and conversion to USD.
Credit Reports: A U.S. credit report is mandatory for each borrower with a valid ITIN. Limited tradelines are not permitted.

Important Considerations:

Eligibility: While this program offers flexibility, standard eligibility requirements still apply, including income verification and employment history.
Please call or email me for more information: (239) 470-6310 or chris.heidt@highlandmtg.com