There are millions of taxpayers that do not have Social Security Numbers (SSN) that fall into the category of “Foreign Nationals or Non-Permanent Resident Aliens.” Many of these folks are able to work and pay taxes because they are given an “Individual Taxpayer Identification Number” or ITIN Number.
ITIN numbers came into existence in 1996, but for a time no mortgage products were available for anyone unless they had a social security number. But if there is a need and lenders see an opportunity do more mortgages… Sure enough an ITIN mortgage product was created.
We have been doing ITIN mortgages for many years, but more than ever over the last couple of years.
Some of the ITIN loan basics:
- The applicant can have W2 or self-employed income
- They need to have at least two years of work history
- They need to have at least 20 percent down
- Have a credit score of 640
We’ve been able to do these loans with no credit scores, as long as we can show three alternative lines of credit, items like utility bills, cell phone bills, car insurance or other credit items that make sense.
If you have any questions about the ITIN mortgage product or any mortgage questions, let me know.