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ITIN Loan program
Key features:
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Suitable for individuals without Social Security Numbers.
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Down payment as low as 15% down.
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600 credit score minimum.
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No reserves required with a 20% down payment.
Two Options
15% Down Payment
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Minimum FICO of 680 (two borrowers)/700 (one borrower).
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5 or more tradelines with 12 month history or more (i.e. cell phone bill, credit card, utility, rent, etc).
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No gift funds allowed.
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No bankruptcy, forclosure, deed-in-lieu in last four years.
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3 months reserves (monthly mortgage payment + property taxes + insurance)
20% Down Payment
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Minimum FICO of 600
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For FICO 600-640, six months of housing history required.
NEXT STEPS
What is an ITIN Mortgage Loan?
It is a mortgage program that AsertaLoans offers to individuals who do not have a Social Security Number, but have an ITIN Number (Individual Taxpayer ID Number).
Who should get an ITIN Mortgage Loan?
An individual whose status is a Non-Permanent Resident Alien. If the individual is not a US Citizen, but their status is a Permanent Resident Alien (or they have a Green Card), then they should be eligible for an FHA Loan, which has a much lower down payment of 3.5%.
Benefits of an ITIN Mortgage Loan
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Gives access to homeownership to those who don't qualify for a Social Security Number.
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Lower rates than a Hard Money Loan.
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Build credit with an ITIN Loan.
Disadvantages of an ITIN Mortgage Loan
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Rates are higher than a Conventional or FHA mortgage, typically double.
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Higher down payment (15-20%) than a Conventional or FHA (3.0-3.5%).
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Very few lenders offer them.
What do I need to qualify for an ITIN Mortgage Loan?
The minimum documents to get started would be the following:
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US Citizenship and Immigration Services (USCIS) photo ID (example: Employment Authorization card).
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Tax Returns for the last two years.
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Pay Stubs for the last 30 days.
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W2 tax statement for the last two years (if employed).
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Bank Statements for the last two months (12 months if self-employed).
Next Steps
