ITIN Purchase or Rate and Term Refinance

Approved to do loans in CA and WA only

United Mortgage Corporation of America currently processes ITIN loans in CA and WA with a minimum of 10% down.  This loan comes with an interest rate of 7.50% – 9.25% on a 30 year fixed rate of interest depending on the loan-to-value.  The points (fees) are set at 2 pts.  The higher the loan-to-value the higher we stand on the interest rate schedule.

LTV                         Rate

<=60                     7.500%
60.01-65               7.750%
65.01-70               8.000%
70.01-75               8.125%
75.01-80               8.500%
80.01-85               9.000%
85.01-90               9.250%

LTV                         Loan Amount                    PITI Reserves

90%                        $300,000                              6 months
80%                        $400,000                              3 months
70%                        $500,000                              3 months
60%                        $600,000                              3 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 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
  •       5% 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.

Personal Documentation

•    2 Years 1040’s (Federal Tax Returns)
•    2 Years W2’s
•    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 and Washington only