An ITIN, or Individual Tax Identification Number, is a tax processing number, and are assigned by the IRS. An ITIN is a nine digit number that will begin with the number 9 and has a 7 or 8 as the fourth digit.
ITINs have been used by major Banks across the country for the past 5 years, to allow undocumented aliens to open savings and checking accounts, and obtain credit cards.
Although the IRS requires people to have an ITIN to to pay taxes, they are now becoming popular as a method of obtaining mortgages, for undocumented aliens. ITINs are acceptable forms of ID as described by the Patriot Act.
The ITIN Mortgage Programs are usually Full Documentation loans, and can receive financing as high as 97%. These loans usually require a credit report, 2 years of employment and income tax documentation.
ITIN Mortgage loans can be used for Single Family Homes, 2 Family Homes, Condos and PUDs. Due to high risk for the lender, these loans will usually have a higher rate then conventional financing.
100% financing is an available if used in conjunction with a community second loan.
In addition to a credit report being required, many ITIN programs offer the underwriting of the loan using alternative forms of credit, i.e.- phone payment and utility bill payment histories as well as standard other alternative credit documentation. This is especially helpful as limited credit reporting tradelines are common for this type of loan.
We even offer loans for foreign nationals without an ITIN, as long as you have a down payment of 25% you can qualify for a mortgage of up to $600,000.00 with just a passport. No documentation is required.