Are you looking to purchase a home in California, but do not have a social security number? An ITIN mortgage loan may be the perfect solution for your to finance a home purchase. If you have an ITIN number (individual taxpayer identification number), you may qualify for one of these loan programs.
California ITIN Loan Requirements
In order to qualify for an ITIN loan in California, you will need to satisfy the lenders requirements. Most lenders offering these programs will require the following:
- 2 years of steady employment.
- The last 2 years of your tax returns (W-2 or 1099).
- Qualifying without tax returns is possible.
- A down payment of at least 10-20% depending on the lender.
- Proof of some form of credit. A standard credit report is usually not required, but they may want to see you provide proof of paying bills such as those for home utilities and cell phones.
- Identification in the form of a copy of your ITIN card, and a state ID, drivers license, or passport.
- Your most recent bank statements (some lenders will want to see the last 2 months, but others may require up to 6 months).
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California ITIN Mortgage Lenders
Below are some of the top ITIN mortgage lenders in California:
2 – Prime 1 Bancorp
3 – First National Bank of America
4 – Go Alterra
5 – ACC Mortgage
6 – United Mortgage Corporation
Would you like some help finding an ITIN lender? We can help match you with a mortgage lender that offers ITIN loans in California. Let us know if you need a bilingual Spanish speaking loan officer.
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Frequently Asked Questions
What types of properties are eligible for these loans?
ITIN loans may be used on single family homes, condos, and PUDS.
Can an ITIN loan be used for an investment property?
No, ITIN loans only may be used for a home that is owner occupied (primary residence).
Are ITIN loans available through the FHA?
No, the FHA does not offer any ITIN programs.
Are there any laws against mortgages being issued to borrowers without a SSN?
There are no laws that exist that restrict mortgage loans being offered to non-citizens. It is just that most lending institutions have a preference to only offer loans to borrowers with a social security number. Additionally, neither Fannie Mae, Freddie Mac, or the FHA back these types of loans creating difficulties pertaining to the secondary mortgage market. Thus, only unique types of lenders, namely “portfolio lenders” offer these types of loans.
ITIN loans are most popular in California, Colorado, Illinois, Oregon, Texas, Michigan, and Washington state, but are available in all 50 states.