An ITIN mortgage is a loan that is available to individuals who have a tax ID number but do not have a social security number. This type of loan can be an option for those who do not meet the traditional requirements for a mortgage due to their lack of a social security number. It’s important to note that ITIN loans may have higher interest rates than traditional loans, and may require additional documentation to qualify. However, for some borrowers, the ability to obtain a mortgage without a social security number can outweigh these drawbacks.

While a credit score of at least 600 is preferred, some lenders may offer ITIN loans to borrowers without a credit score. However, it’s important to note that without a credit score, lenders may rely more heavily on other factors, such as your income, employment history, and other forms of financial documentation.

ITIN Loan Features:

• ITIN loans are available for both purchasing and refinancing properties.
• ITIN loans can be used for owner-occupied or investment properties.
• A 20% down payment is required for ITIN loans (gift funds are allowed).
• Borrowers will need to provide 2 years of tax returns, 2 years of W2s or 1099s, and 3 months of bank statements.
• ITIN borrowers will need to provide a passport, ITIN card, and driver’s license.

ITIN loans offer great features for those who may not qualify for a traditional loan.