Oregon ITIN Loans

Oregon ITIN Loans

Are you looking to purchase a home in Oregon, 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.

Oregon ITIN loans are designed for individuals who do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN). These loans help non-U.S. citizens finance a home, typically requiring proof of income, tax returns, and a down payment.

Oregon ITIN Loan Requirements

In order to qualify for an ITIN loan in Oregon, you will need to satisfy the lenders requirements. You will need proof of income (such as pay stubs or tax returns), a history of filing federal taxes, and a down payment, which is usually around 10-20%. Borrowers often need to demonstrate stable employment and meet the lender’s creditworthiness standards, though traditional credit scores may not be required.

We will also require the following:

  • 2 years of steady employment as a W2 wage earner or self employed.
  • 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).

3.5% Down ITIN Loan Option

We have a new low down payment option of just 3.5% down. This is a great way for individuals with an ITIN loan to become homeowner’s without the large down payment. Here are some of the basic requirements:

  • Minimum credit score of 660
  • Must have a 2 year work history or 2 years being self employed
  • You may have a cosigner
  • If you are self employed, you can qualify using bank statements instead of tax returns.

It is important to note that you cannot be in a purchase contract until after you have been approved. The lender will be on title at closing which is something we will explain in full when we speak with you.

Oregon Division of Financial Regulation, Mortgage Lending License #ML-5497 / Servicer License #MS-130 dba United Mortgage Corp.

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.