What is an ITIN home loan?

There are an infinite number of ITIN loan types out there, and lenders are constantly coming up with creative ways to wrangle in new homeowners. The type of home ITIN loan you choose can make or break you as a borrower, so make sure you fully understand it before making any kind of commitment.
These days you’ll probably come across ridiculous ITIN loan programs that seemingly allow anyone to qualify for a home ITIN loan. There are 1% start rate ITIN loans, often referred to as neg-ams or pick-a-payment programs, and 40-yr and 50-yr ITIN loans that stretch the mortgage payment out over what seems like a lifetime.
Most prospective homeowners these days seem to be interested in 100% financing, generally because they have don’t have the assets necessary for a down payment. Unfortunately, the proliferation of these types of home ITIN loan programs have increased the number of high-risk borrowers in the United States at an alarming rate.
That may explain the surge in mortgage defaults and foreclosures over the past several years.

But if you take the time to educate yourself on the many home ITIN loan types out there, you’ll effectively decrease your chances of defaulting on your mortgage. That said, let’s talk about the many different ITIN loan types and programs available today.