An Individual Taxpayer Identification Number (or ITIN) is a United States tax processing number issued by the Internal Revenue Service. ITINs are issued by the IRS to individuals who are required to have a taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security Number.
What is required to obtain an ITIN Number & subsequently and ITIN Mortgage?
The requirements are well documented in regards to what is needed to obtain an ITIN. Undocumented Immigrants must:
- Have an Individual Tax Identification Number (ITIN).
- Be employed for at least two (2) years in the United States.
- Have been paying rent for at least two (2) years
- Have at least two (2) other forms of alternate credit.
ITIN Lending in the news:
Individual taxpayer identification number (ITIN) mortgages are a hotly debated topic in Washington and among voters. Obtaining a loan with ITIN is causing a lot of controversy on Capitol Hill.
There are some within the country that believe undocumented immigrants living in the US illegally should not be eligible for mortgage financing. However, the law currently sides with undocumented immigrants, in that it allows ITIN Mortgage Financing as long as certain criteria are met.
Individual taxpayer identification numbers can be used by illegal immigrants to secure home ownership in the United States.
ITIN Requirements: The IRS issues ITINs to individuals who are not able to obtain a Social Security Number. The requirements for obtaining an ITIN are different than other U.S. government applications, as the applicant’s immigration status is not verified and the applicant does not have to meet in person to file the application. The supportive documents submitted are not validated outside the tax system. The IRS has their own set of rules and regulations, and it is not related to the USCIS. Only non-U.S. citizens can apply for an Individual Taxpayer Identification Number. Individuals who already have a valid SSN should not apply for an ITIN, as it is not needed and it is not allowed to have both a Social Security Number and an ITIN. Individuals who have a valid Social Security Number should file taxes using their SSN, not an ITIN.
What is ITIN?
Even with all of the information readily available, many people still ask the question: What is ITIN? In the most basic terms, ITIN is sort of a replacement for a Social Security Number for those people who are not able to acquire one. In a lot of areas, the ITIN is also being accepted as a replacement for an SSN. From credit card applications to mortgages, an ITIN is being accepted as a replacement for an SSN. So the next time you wonder: What is ITIN? your answer can be found right here at ITINLending.net.