ITIN Mortgage Loan

The ITIN Number can be used to secure an ITIN mortgage loan with some banks. Depending on how the bank operates, there is a chance that they will work with consumers who have established credit with their ITIN Number.

Here are some general guidelines that some banks use when deciding if a consumer can be approved for a mortgage with ITIN Number:

  • Has the consumer established any credit?
  • Can the consumer prove that they are paying bills on time?
    • Use gas bills, phone bills or rent payments
  • Does the consumer have proof of income?
  • Can the consumer afford to pay the monthly mortgage amount compared to their monthly income?

Beyond the bullet points above, there are often some terms included in the ITIN Mortgage Loan that make it unique:

  • Loan to value percentage could be lower
  • Downpayment might be a bit higher
  • PMI – or private mortgage insurance might be higher
  • Interest Rate might be higher

These bullet points above are not always the case with every bank who finances an ITIN mortgage. These are just guidelines to think about when making the decision to move forward.

A little history of the ITIN Mortgage:

  • ITIN Numbers have been used by some banks over the past five years to allow some people 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. ITINs are acceptable forms of ID as described by the Patriot Act

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