Are you a non-citizen with itin and looking for mortgage loans in California? Since nonresidents in U.S might not be eligible for Social Security Number, they can get Individual Tax Identification Number. There are different types of TIN in the Us of which ITIN and SSN are examples.
When it comes to itin mortgage loans, their terms and conditions, requirements and other factors varies depending on the state. In this article our main focus will be based on itin mortgage loans in California, USA.
How itin mortgage loans in California works
ITIN mortgage loans are available to individuals in the U.S who have TIN but not Social Security Number and want to access a home loan. With this loan, lenders request for ITIN as an alternative to SSN.
ITIN loans can be used to finance new homes or refinancing a home which a primary residence of the borrower. Federal housing administration, Veteran administratation and HUD does not offer loans on ITIN programs.
Requirements for ITIN mortgage loans in California
To qualify for itin loans in California, you must meet a lenders requirements. These include,
- A 10%-20% down payment based on your lender.
- Have an employment history of at least 2 years in the same or similar line of work. If self-employed, show proof of 2 years.
- Current bank statements (should be at least 3 months)
- Tax returns of last 2 years
- Income history with pay stub for the past 30 days.
- 2 years W-2 or 1099
- Identification number on passport, ITIN card, driver’s license.
Types of properties eligible for itin loans
You can purchase homes such as single-family homes, condos, commercial, specific purpose, Ag land, vacant land and more with itin loans. These are some of the homes that are regarded as eligible.
Itin loans does not take into consideration your residency status. Whether you are a U.S citizen or not, you can access this mortgage loan. All you need is your ITIN and meet other document requirements by your lender. As long has you have a TIN and a tax payer, you are eligible.
The minimum down payment you can make for itin loans in California is 15% and 20% maximum. This loan is for people living and working in the U.S without a Social Security Number (SSN) but have an Individual Tax Identification Number (ITIN).
ITIN mortgage lenders will require to do fill out some paper works when you apply. This can take about 30 minutes. When you are pre-approved then you look for a home based on the approved fund.