ITIN Loans: Mortgages for Borrowers Without Social Security

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• ITIN loans allow non-citizens who don't have a Social Security number to apply for a mortgage in the U.S.
• Instead of using a Social Security number, borrowers of these loans provide their taxpayer ID numbers.
• To qualify, you'll typically need a high credit score and a down payment of at least 20%.

In most cases, when you get a mortgage, you'll need to give a lender your Social Security number so it can pull your credit and ensure that you meet its minimum credit score requirements .

But what if you want to buy a house but don't have a Social Security number? For non-U.S. citizens who live and work here but aren't eligible for a Social Security number, some mortgage lenders offer a specialized type of mortgage called an ITIN loan.

Understanding ITIN mortgages

ITIN stands for Individual Taxpayer Identification Number. These numbers are given to individuals who aren't eligible for a Social Security number but pay taxes in the U.S.

ITIN mortgages allow borrowers to apply for a loan with these numbers, rather than with a Social Security number, as is typically required.

Who uses ITIN loans

ITIN loans are mortgages for borrowers who want to buy a home in the U.S. but don't have a Social Security number. Individuals who could benefit from these loans include both residents and non-residents who aren't citizens of the U.S., and the spouses of these individuals.

"ITIN loans are primarily geared towards non-U.S. citizens and foreign nationals who do not have a Social Security number," says Carolina Gerdts, executive vice president at RelatedISG Realty . "This can include individuals living and working in the country without proper documentation and those in the process of obtaining legal status."

Requirements of ITIN loans

ITIN home loan requirements vary by lender, but generally speaking, when you apply for an ITIN loan, you'll need to show that you have sufficient income and assets to afford your mortgage payments .

Be ready for your lender to ask for a lot of documentation so it can get a full view of what your finances look like. This will likely include tax returns, proof of assets (such as bank statements), and any other documents that show how much money you have for the purchase. Your lender will also verify that you've been consistently employed for at least the past two years.

You'll also likely need a credit score in the high 600s, though some lenders may be willing to work with borrowers who don't have a credit score or those who have a lower score. Lenders also commonly want borrowers to have a down payment of at least 20%, and some may require even more.

Benefits of ITIN loans

ITIN loans offer many benefits for consumers without a Social Security number. They offer:

A path to homeownership

For many U.S. residents, ITIN loans offer a path toward homeownership that wouldn't otherwise be available. With traditional mortgage loans, buying a home isn't possible for consumers without a Social Security number. These loans provide an alternative route to making those homebuying dreams a reality.

Building credit history

Many consumers without an SSN find it challenging to get loans and other financial products — tools that help you build credit and open other financial doors later on. ITIN loans are the exception, giving U.S. residents a way to build up their credit history and improve their credit score over time (with on-time payments, at least).

How to find ITIN loans

Not all mortgage lenders offer ITIN loans. Here's a look at where you might find some ITIN mortgage lenders in your area:

Specialized lenders

Some of the best ITIN mortgage programs we've found are at Guild Mortgage and Angel Oak Mortgage Solutions . These companies specialize in more outside-the-box mortgage products.

To get an ITIN loan with Guild, you'll need a credit score of at least 660 and a down payment of 15%. Angel Oak also requires a credit score of 640, but you'll need a 25% down payment to qualify.

Community banks and credit unions

There's also the chance smaller banks and credit unions in your community offer ITIN loans, especially if there is a large population of residents without Social Security numbers.

Keep in mind: Lenders don't always advertise their non-QM loan options online, so it could be worth reaching out to a few lenders you like to see if they'd be willing to work with you.

FAQs

Are ITIN loans the same as traditional mortgages?

ITIN loans require a similar process, but they allow borrowers to qualify using an Individual Taxpayer Identification Number rather than a Social Security Number.

Can I get any type of loan with an ITIN?

The options are expanding, but mortgages are one of the more common ITIN-friendly loans you can find.

Do ITIN loans have higher interest rates?

ITIN mortgage rates can be higher, as lenders often consider them slightly riskier than traditional mortgage loans. Always shop around to ensure you're getting the best rate possible.

Do I need a large down payment for an ITIN loan?

Down payment requirements vary by lender. Some may offer low-down-payment options, while others can require up to 25% down.

Is it difficult to qualify for an ITIN loan?

Qualifying for a mortgage with an ITIN shouldn't be particularly difficult, though having stable income and a good credit history can help make the process easier.