Approved to do loans in CA, CO, and WA only
United Mortgage Corporation of America currently processes ITIN loans in CA, CO, and WA with a minimum of 10% down. This loan comes with an interest rate of 5.875% – 8.375% on a 7/1 ARM or 30 year fixed rate of interest depending on the loan-to-value. The points (fees) are set at 2.00 pts. The higher the loan-to-value the higher we are higher on the interest rate schedule.
Please keep in mind, in order to go up to 90% LTV (loan-to-value) the borrower must meet the following criteria:
- 2 trade-lines reporting for 12+ months with activity in last 12 months or 1 trade-line reporting for 24+ months with activity in last 12 months
- 620 minimum FICO
- ONLY 1 either SSN or ITIN reflecting on the entire credit report
Loans are available for purchase, refinance, and even cash-out.
LTV Loan Amount PITI Reserves
90% $300,000 6 months
80% $600,000 4 months
70% $700,000 4 months
60% $1,000,000 4 months
It is important to identify the ITIN borrower using the following explanation:
- ITIN borrowers are living in the United States, but unable to document their legal status.
- ITIN borrowers have filed and obtained an ITIN number which is similar to a Social Security #.
- ITIN borrowers have been filing tax returns for a minimum of 2 years using the IRS issued ITIN #.
- Up to 90% LTV with traditional credit and 620+ FICO Score
- Up to 75% LTV with non-traditional credit and No FICO Score
- SFR, PUD, Townhouse, Condo (Warrantable only)
- Purchase and R/T Refinance
- Owner Occupied Only
- 10% down payment from borrower – additional funds can be gift from family
- Minimum Loan Amount is $150,000.00
Here is a list of the items that will enable a proper process.
- 2 Years 1040’s (Federal Tax Returns)
- 2 Years W2’
- 2 Months Bank Statements (All Pages)
- 1 Month Pay-Stubs
- Copy of ITIN Documentation and Driver’s License (Picture ID)
Approved to do loans in California, Colorado and Washington only