ITIN Purchase or Rate and Term Refinance

Here is information for an ITIN.

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 5.375% – 8.750% 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
  •    660 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:

  1. ITIN borrowers are living in the United States, but unable to document their legal status.
  2. ITIN borrowers have filed and obtained an ITIN number which is similar to a Social Security #.
  3. 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 660+ FICO Score
  •       Up to 80% LTV with non-traditional credit and No FICO Score
  •       24 month Bank Statement to 80%
  •       SFR, PUD, Townhouse, Condo (Warrantable only to 80% LTV)
  •       Purchase and R/T Refinance
  •       Owner Occupied / (Second Home / Investment) – additional Fees Apply
  •       10% down payment from borrower – additional funds can be gift from family
  •       Minimum Loan Amount is $150,000.00
  •       Payment Shock at 200%

Here is a list of the items that will enable a proper process.

Personal Documentation

  • 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