It is very interesting to find that there are mortgage loans with itin number in the U.S. ITIN number is a nine-digit Number known as Individual Tax Identification Number issued by Internal Revenue Service (IRS). Mortgage loans that accept itin number are for category of people who do not qualify for Social Security numbers.
Whether you have a permanent residence in the U.S or not (resident and nonresident), you are eligible for the purpose having information on tax activities. This means that people who need a taxpayer ID but are not eligible for SSN have an alternative in getting ITIN.
This form of mortgage loan is an alternative for people who are not eligible for Social Security numbers but have itin number. You can use this mortgage loan to purchase a new home or refinance a home. The interest rate on itin number mortgage loans is dependent on several factors. They include your credit score, income history, loan amount, loan term, down payment amount and more.
Table of Contents
Requirements for itin number mortgage loans
- Be a resident or nonresident alien
- Valid government issued ID (Passport, driver’s license, etc.)
- U.S. driver’s license
- Civil birth certificate (for dependents under 18 years of age)
- Foreign driver’s license
- U.S. state identification card
- Foreign voter’s registration card
- U.S. military identification card
Foreign military identification card
- U.S. Citizenship and Immigration Services (USCIS) photo identification
- Medical records (dependents only – under 6)
- School records (dependents only – under 14, under 18 if a student)
- Federal income tax return filed by the due date
- A fully completed IRS Form W-7.
How to apply for mortgage loans with itin number
In applying for a mortgage loan with a itin number, you need to follow these easy steps;
Apply an Individual Tax Identification Number (ITIN)
If you are not eligible for an SSN, you get an ITIN thus if you don’t have one. You can go straight to apply for a mortgage loan if you already have an ITIN.
Apply for a mortgage loan with your ITIN
Find a mortgage lender near me in your state that accept itin number and apply for a loan. You will be required to fill different forms based on your credit history, income history or verification, amount of income and proof of sustainability. Make sure your information are right with no debt issues.
Pre-approval and review stage
The mortgage lender after filling out various forms then guide the borrower through the process of reviewing their application. Since it’s an itin number mortgage loan, they use that check your credibility before you get approval.
Find your dream house
After your mortgage loan with itin number has been approved, it’s time to go hunting for a home based on loan amount requested.
Difference between an Individual Tax Identification Number (ITIN) and Social Security Number (SSN)
With ITIN, your immigration status doesn’t matter, whether you are a resident or a nonresident alien in the U.S you are eligible. But SSN is not for everyone, you might not be eligible if you are not a permanent resident in the U.S. It also comes with meeting certain requirements such as dependent test.
Those who fail qualification to have an SSN alternatively apply for ITIN. Interestingly, these two Tax IDs are important because with them, you can start up a business, have a retirement account and protect your properties in the U.S.
Facts about mortgage loans with itin number
- No Social Security Number need
- Your immigration status is not necessary (resident and nonresident aliens are eligible)
- No collateral
- Can be used to purchase or refinance a home.
- No credit score check
- No green card check
In conclusion, from this blog post we have been able to learn so many things about mortgage loans with itin number. Now you know the is a difference between ITIN and SSN.