ITIN Loans for 2023
ITIN mortgage loans provide an opportunity at home ownership for undocumented immigrants. Neither citizenship or a social security number are required. To apply for an ITIN loan, you may do so using your ITIN number (individual tax identification number).
ITIN Loan Requirements
The exact loan requirements will depend on the lender. You should expect to be required to provide the following with any ITIN mortgage lender:
- Credit – Consider the nature of ITIN loans, there are flexible credit requirements. Many lenders will consider using alternative forms of credit documentation, such as utility and phone bills.
- Employment – You will need to provide proof of 2 years of consistent employment.
- Tax Returns – Your lender will want to see the last 2 years of tax returns (W-2 or 1099).
- Down Payment – Expect to need to put at least 10% down. The minimum down payment requirement will depend on the lender.
- Identification – A copy of your ITIN card, as well as a drivers license or passport will likely be required by any lender.
- Bank Statements – Expect to need to provide between 2-6 bank statements. The exact number of bank statements you will need to provide will depend on the specific lender you apply with.
Would you like to see if you qualify for an ITIN loan? There are bilingual loan officers who can help.
Best ITIN Mortgage Lenders of 2023
Below are a few of the best ITIN mortgage lenders for 2023:
1.) Dream Home Financing
Dream Home Financing will help match you with a lender who offers ITIN loans for all 50 states. They have access to programs that require down payments as low as 15%. Borrowers can be self employed and can qualify without providing tax returns.
If you need bilingual loan officers to speak with, a gift to cover the down payment, or just need someone to speak with about your loan they can help.
States: Nationwide (all 50 states)
2.) Acra Lending
Acra Lending offers an ITIN program for both purchases and refinances (the max LTV is 80%). The maximum loan amount available is $1,000,000. They do not have any reserve requirements.
States: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, & WY.
3.) First National Bank of America
First National Bank of America offers an ITIN program that only requires a minimum down payment of 15%. For income documentation, they allow a borrower to use either their tax returns or bank statements.
4.) United Mortgage
United Mortgage Corporation of America offers an ITIN program that allows up to a 85% LTV for first time home buyers.
States: CA, CO, TX, and WA.
5.) ACC Mortgage
ACC Mortgage offers an ITIN loan product, which only requires a 15% down payment (which can be gifted).
States: AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, MD, MI, MN, MS, NV, NJ, NC, PA, SC, TX, UT, VA, WA, and WI.
6.) Go Alterra
Go Alterra provides ITIN loans with a 20% down payment to qualifying applicants.
States: AL, AZ, CA, CO, CT, DC, FL, GA, IL, IN, IA, KS, MD, MN, NE, NV, NH, NJ, NM, NC, OK, OR, PA, RI, SC, TN, TX, VA, and WA.
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ITIN Loan Pros and Cons
Below are some of the advantages and disadvantages of an ITIN loan. You may want to closely consider if this type of program is right for you.
- Available to non-citizens.
- No social security is required. Only a passport, drivers license, or other form of identification.
- The flexible credit requirements allow you to use non-traditional sources of credit.
- Rates are usually higher than on conventional loans.
- Larger down payment required (most ITIN mortgage lenders will require a 10-30% down payment)
In most ways, an ITIN loan is similar to other conventional mortgage loans. The only major differences being what is outlined above. If you qualify, and are able to place the required down payment, and can comfortably afford the mortgage payment, an ITIN loan may be your best (and only) choice for a mortgage.
ITIN Loans for Home Equity or HELOC
You are able to cash out equity If you have an ITIN loan and already own a home. However, HELOCs or home equity loans are not available with an ITIN. What you can do is refinance your first mortgage as a cash out refinance. This will enable you to have a larger first mortgage while walking away from the closing table with the additional equity you were looking for.
Frequently Asked Questions – ITIN Loans
Can I Buy a House with an ITIN Number?
If you have an ITIN number, you can purchase a primary residence, a second home, or an investment property.
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.
Does Wells Fargo Offer ITIN Loans?
We contacted one of the Wells Fargo branches to ask about the Wells Fargo ITIN mortgage programs. Unfortunately they do not offer ITIN loans at this time. ITIN loans are something that Non QM lenders offer and it is not part of the Wells Fargo loan portfolio. We will update here once Wells Fargo offers ITIN loans. We also found the same results when we researched Citibank and Bank of America.
Who are the ITIN wholesale lenders?
Wholesale lenders work directly with a broker network and often times do not lend directly do consumers. If you are looking for a lender who can help with your mortgage, please complete this short contact form.
Are there ITIN Hard Money Lenders?
Most hard money lenders do not accept ITIN applicants, but with the right down payment it is possible to finance a property with hard money and an ITIN number.
Are there Lenders who have Spanish Speaking Loan Officers?
Some lenders have bilingual loan officers who speak Spanish. They help to make home buyers feel comfortable and taking down the language barrier can help speed up the loan process. Read more about [Spanish speaking loan officers]
ITIN loans are most popular in California, Colorado, Illinois, Oregon, Texas, Michigan, and Washington state, but are available in all 50 states.