ITIN First Time Homebuyer

ITIN’s can be utilized to allow undocumented aliens to open savings and checking accounts, and obtain credit cards.

Although the IRS requires people to have an ITIN to to pay taxes, they are now becoming popular as a method of obtaining mortgages, for undocumented aliens. ITINs are acceptable forms of ID as described by the Patriot Act.

The ITIN Mortgage Programs are Full Documentation loans, and had received financing as high as 97%, but in recent years 80%. We are proud to announce that we can go to 90% loan-to-value.  These loans usually require a credit report, 2 years of employment and income tax documentation.  You must be legally working in the US through permit or VISA and part of the Immigration System.  The loan requires does allow the borrower to be self-employed.

ITIN Mortgage loans can be used for Single Family Homes, Condos and PUDs. Due to high risk for the lender, these loans may have a higher rate then conventional financing.

90% financing is an available if used in conjunction with a community second loan. (when or where available)

In addition to a credit report being required, many ITIN programs offer the underwriting of the loan using alternative forms of credit, i.e.- phone payment and utility bill payment histories as well as standard other alternative credit documentation. This is especially helpful as limited credit reporting tradelines are common for this type of loan.

We even offer loans for foreign nationals without an ITIN, as long as you have a down payment of 25% you can qualify for a mortgage of up to $600,000.00 with just a passport. No documentation is required.

FHA will not fund an ITIN mortgage loan. FHA requires a social security number and legal citizenship in order to obtain a mortgage.

An ITIN mortgage loan program is one that uses an individual tax identification number (ITIN). An ITIN number is issued for tax paying purpose to those who are not eligible for a social security number. Foreigners or those in the United States without proper documentation can use the ITIN mortgage. 

To Summarize:

Approved to do loans in California and Washington

United Mortgage Corporation of America does not require a borrower to have a social security number. If enough credit information can be obtained to support the borrower’s willingness to repay by using a credit report pulled using an ITIN, then the loan may be manually underwritten. In addition, non-traditional credit verification using accounts set up using the ITIN can be utilized.  These loans must be manually underwritten. Borrowers utilizing ITIN numbers will be required to provide their most current immigration documentation, which will generally include information regarding their asylum or refugee status.

Income and employment history must be documented for a minimal amount of two years and be verifiable through a third disinterested party.  United Mortgage Corporation of America must be able to document a resident alien borrower’s earnings and evaluate their stability in accordance with standard underwriting guidelines. There may be several alternatives for documenting employment and income stability. A borrower who is exempt from filing federal income tax returns due to being employed in the United States in an official capacity (i.e. diplomat), may have income verified by obtaining either a Verification of Employment (Form 1005) or a letter from an official of the foreign government which documents the borrower’s previous 2 years of earnings, comments on the probability of his or her continued employment and provides the borrower’s current earnings statement.

United Mortgage Corporation of America must verify that the borrower has sufficient liquid assets to complete the mortgage transaction and to have adequate reserves after closing. Some borrowers may maintain assets outside of the United States or may not invest their assets with financial institutions in the United States. To acknowledge this practice, a lender may consider funds that have been recently deposited in a United States depository institution as an acceptable source of funds, as long as there is evidence that the funds were transferred from the country from which the borrower immigrated and it can be established that the funds were the borrower’s prior to the date of the transfer. The source of all funds for closing should be verified just as they would for a borrower who is a U.S. citizen.

United Mortgage Corporation of America is approved to lend in CA and WA only.  I will be able to assist directly if these two markets.  Thank you for taking the time to visit the website.  The program will require a minimum 10% down payment.

An ITIN loan can be for a self-employed borrower under current guidelines.  I am only able to close in California and Washington.