ITIN Loans in Illinois
Are you looking to purchase a home in Illinois, 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 ITIN loan programs.
In Illinois, one out of every seven residents is an immigrant and there are more people in the state who has at least one parent that is an immigrant. This means you may know someone who can benefit from an ITIN loan.
Illinois ITIN Loan Requirements
In order to qualify for an ITIN loan in Illinois, 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).
- 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).
Illinois ITIN Mortgage Lenders
Below are the top 5 ITIN mortgage lenders in Illinois: Complete this short form and we can help you with your ITIN loan.
1 – Dream Home Financing – Contact
2 – First National Bank of America – Contact
3 – Go Alterra – Contact
4 – ACC Mortgage – Contact
5 – United Mortgage Corporation – Contact
Would you like some help finding an ITIN lender? We can help match you with a mortgage lender that offers ITIN loans in Illinois.
Click here to get matched with a lender
ITIN Loan Down Payment Requirement
ITIN loans will have a larger down payment than conventional or FHA loans. Lenders who offer them are exposed to a higher risk because ITIN loans are not backed or insured by Fannie Mae or HUD.
You can expect the down payment to be a minimum of 15-20% depending upon your credit scores. With lower credit, the down payment will be higher. You can also expect to put more down if you are financing a mobile home.
Document Requirements for Illinois ITIN Mortgage Loan Applications
When applying for an ITIN mortgage loan, you will need to gather the necessary documents to support your application. These documents typically include:
- Proof of identification: Provide a valid and unexpired passport or national identification card.
- Proof of income: Submit recent pay stubs, tax returns, W9’s, or other documentation that verifies your income and employment status.
- Proof of residency: Show evidence of your current address, by providing an ID or documentation from a lease agreement or utility bill.
- Bank statements: Provide statements from your bank accounts to demonstrate your financial stability.
- Credit history: Obtain a copy of your credit report to assess your creditworthiness.
- Additional documentation: Depending on the lender’s requirements, you may need to provide additional documents, such as proof of assets or a letter of explanation for any irregularities.
Step-by-Step Guide to Applying for an ITIN Mortgage Loan in Illinois
Follow these steps to apply for an ITIN mortgage loan:
- Research lenders: Find lenders that offer ITIN mortgage loans and compare their terms and requirements.
- Gather documents: Collect all the necessary documentation to support your application.
- Pre-qualification: Get pre-qualified by the lender to determine the approximate loan amount you may be eligible for.
- Complete the application: Fill out the application form provided by the lender, ensuring all information is accurate and complete.
- Submit documentation: Attach all the required documents with the application form.
- Review and approval process: The lender will review your application and documentation, conduct a credit check, and assess your eligibility.
- Underwriting and appraisal: If your application is approved, the lender will perform a residential appraisal of the property and complete the underwriting process.
- Loan commitment: Upon successful underwriting, you will receive a loan commitment in the form of a letter outlining the terms and conditions of the loan.
- Closing: Schedule and attend the closing. This is where you will sign the ITIN loan documents and pay any applicable fees.
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.
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