A big part of the American Dream is owning a home. Unfortunately, securing a mortgage in the U.S. is a daunting task for undocumented immigrants. Is there a path to homeownership for this hardworking group? What about U.S. citizens who don’t have a social security number?
At MortgageDepot, we help undocumented immigrants and those without a social security number reach their real estate goals. Our ITIN mortgage program clears the way for these groups with a loan program that addresses the challenges they face.
What Is an ITIN?
ITIN is the acronym for Individual Taxpayer Identification Number. Undocumented immigrants and U.S citizens who are not eligible for a social security number are issued ITINs to help them comply with U.S. tax regulations. The IRS takes care of assigning ITINs.
Our ITIN Mortgage Program
Our ITIN mortgage program takes a common borrower challenge and turns it into a real estate opportunity. Here are the highlights that you need to know:
- This program is available as a full-doc or a 12-month bank statement loan for self-employed borrowers.
- No reserves are required if your loan-to-value ratio (LTV) is 75% or less.
- The maximum LTV to qualify for a real estate purchase or refinance is 80%.
- Loan amounts of up to $1 million are available.
- Borrowers must have a valid U.S. government-issued ID and an ITIN card to qualify for the program.
- Borrowers must demonstrate a two-year income history for program eligibility.
Be Prepared for Your Appointment
If our ITIN mortgage program sounds like a good option for your goals, it helps if you come to your appointment with us prepared. In addition to your government-issued ID, ITIN card and two-year income history proof, have these documents ready:
- Tax returns
- Bank statements
- Utility bills, rental history or other alternate forms of credit documentation
One of our loan officers will tell you exactly what to bring to your appointment. If you have any questions or are missing a piece of documentation, contact us beforehand to address your concerns.
Contact Us Today!
Even if you don’t qualify for a social security number, you can still be a part of the real estate market in the U.S.! Contact us today to learn how your ITIN can help you qualify for a home loan.
Connect with one of our loan consultants to learn more.