ITIN Mortgage Program for Non-U.S. Citizens

Understanding the ITIN Mortgage Program

If you are a non-U.S. citizen looking to buy a home in the United States, you may be eligible for the ITIN Mortgage Program. The ITIN mortgage program allows non-resident aliens to qualify for home loans in the US using an Individual Taxpayer Identification Number rather than a Social Security number.

What Is the ITIN Mortgage Program?

The ITIN Mortgage Program is designed to help non-U.S. citizens purchase homes in the United States. It is offered by certain lenders who are willing to work with borrowers who do not have a Social Security number. Instead, borrowers can use an ITIN, which is issued by the Internal Revenue Service (IRS) to individuals who are required to have a U.S. taxpayer identification number but who do not have and are not eligible to obtain a Social Security number.

Eligibility Criteria for Applicants

To be eligible for the ITIN Mortgage Program, you must meet certain criteria.

1. You must be a non-U.S. citizen or a foreign national.
2. You must have a valid ITIN issued by the IRS.
3. You must meet the lender’s credit and income requirements.
4. You must be purchasing a primary residence, not an investment property.

Program Benefits and Features

Advantages for Non-US Citizen Borrowers

For homeowners from outside the U.S., navigating the process to get a mortgage for an can feel like quite the uphill battle. However, with the ITIN Mortgage Program, you can now qualify for a mortgage even if you do not have a Social Security number. So, if you’re not a US citizen but want to buy a house here, the ITIN Mortgage Program is your solution – no need for a Social Security number or US credit history, and it even offers competitive interest rates.

• No need for a Social Security number: The ITIN Mortgage Program allows non-US citizens to obtain a mortgage without a Social Security number. Instead, borrowers can use an Individual Taxpayer Identification Number (ITIN) to apply for a mortgage.
• Access to affordable mortgage rates: The ITIN Mortgage Program offers competitive mortgage rates to non-US citizen borrowers, making it easier for them to afford a home in the United States.
• No credit history required: The ITIN Mortgage Program does not require non-US citizen borrowers to have a credit history in the United States. Instead, borrowers can use their credit history from their home country to qualify for a mortgage.

Key Features of Fannie Mae’s ITIN Program

The ITIN Mortgage Program is offered by Fannie Mae, a government-sponsored enterprise that provides access to affordable mortgage financing. Here are some of the key features of Fannie Mae’s ITIN Program:

• Available for primary residences: The ITIN Mortgage Program is available for non-US citizen borrowers who want to buy a primary residence in the United States. Note: this program is not available for investment properties or second homes.
• Fixed-rate and adjustable-rate options: Fannie Mae’s ITIN Program offers both fixed-rate and adjustable-rate mortgage options to borrowers.
• Down payment requirements: Borrowers are required to make a down payment of at least 10% of the purchase price of the home. However, borrowers may be able to qualify for a lower down payment if they meet certain requirements.

Application Process and Requirements

Documentation and Application Steps

To apply for an ITIN mortgage program as a non-U.S. citizen, you will need to provide certain documentation to the lender. The documentation requirements may vary depending on the lender, but typically include:

• Proof of identification: You will need to provide a valid passport or other government-issued identification document.
• Proof of income: You will need to provide documentation that shows your income, such as tax returns, pay stubs, or bank statements.
• Proof of residency: You will need to provide documentation that shows your residency status, such as a visa or work permit.
• Property information: You will need to provide information about the property you wish to purchase, such as its address and purchase price.

Once you have gathered the necessary documentation, you can begin the application process. This typically involves filling out an application form and submitting your documentation to your loan officer.

Example Borrower Scenarios

To better understand how the ITIN mortgage program works, here are some example scenarios of non-U.S. citizens who have successfully obtained a mortgage:

• Scenario 1: Maria is a Mexican citizen who has been living and working in the U.S.for several years. Despite not having a Social Security number, Maria’s steady income and top-notch credit score shine through. Maria applies for an ITIN mortgage and is approved with a competitive interest rate.
• Scenario 2: Juan is a Colombian citizen who recently moved to the U.S.to start a business. He has limited credit history and no assets in the country. Juan applies for an ITIN mortgage but is initially denied due to the perceived risk of default. But, when he backs his case up with solid paperwork like proof of income and business history, they give him the green light – just at a steeper interest rate.
• Scenario 3: Chen is a Chinese citizen who is studying in the U.S. on a student visa. She’s juggling a side gig while trying to build up her credit score, but it’s still pretty slim. Chen applies for an ITIN mortgage but is initially declined due to her lack of credit history. She decides to wait until she has built up her credit score before reapplying.

Keep in mind, everyone’s financial situation is different and there might be more hurdles or situations to think about. It’s important to work with a Mortgage Broker like us who truly understands the ITIN loan program and process.

Applying For An ITIN Mortgage

If you are interested in applying for an ITIN mortgage program, there are several ways to get assistance and support throughout the process.

One of the best ways to ensure a smooth and successful application process is to work with an experienced mortgage professional who has expertise in ITIN loans.

At Price Mortgage, we have handled hundreds of ITIN loans over the years.