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What is an ITIN Number?

Regardless of their legal or immigration status, all individuals living and working in the United States are required by the IRS to pay income taxes. For those without legal status, the IRS mandates that they apply for and obtain an Individual Taxpayer Identification Number (ITIN). This ITIN allows individuals without legal status to fulfill their tax obligations, open bank accounts, and apply for mortgage loans.

ITIN Loan Quick Facts

Down Payment requirements can vary.

Interest Rates and Terms can vary.

Lenders have some flexibility in proving your income.

Can be used for a Duplex, Triplex, or Fourplex.

ITIN Loans for Commercial Property are available.

For your ID, an unexpired Passport from your Birth Country is generally accepted.

Two major factors determine ITIN loan criteria

For ITIN mortgages, criteria like credit score, down payment, income verification methods, and terms can vary monthly. Many lenders selling ITIN loans do so on the secondary mortgage market, where institutional investors buy and sell large portfolios of loans. This means that the criteria, terms, and availability of ITIN loans are affected by the preferences and demands of these investors.

The Consumer Financial Protection Bureau (CFPB) was created by Congress in July 2010 to protect consumers. Regardless of the borrower's immigration or legal status, loans under CFPB's jurisdiction must meet Fair Lending standards and other federal regulations. For more details, visit the CFPB website. Additionally, Texas state laws govern consumer mortgage loans.