Buy a home using ITIN & only a 3.5% down payment!

Purchasing a home with an ITIN (Individual Taxpayer Identification Number) mortgage is a great option for those who do not have a Social Security number but are eager to achieve the dream of homeownership in the U.S. With some lenders offering ITIN mortgages that require as little as 3.5% down, the process can be more accessible than you might think. Here’s how to get started.

1. Understand ITIN Mortgages

An ITIN mortgage is designed for individuals who pay U.S. taxes but don’t qualify for a Social Security number. These loans are tailored for immigrant workers or those with residency status issues. They allow non-citizens to secure a home loan without needing traditional documentation like a Social Security number.

2. Find a Lender that Offers 3.5% Down ITIN Mortgages

• WE HAVE A LENDER THAT WILL DO ITIN LOANS WITH ONLY A 3.5% DOWN PAYMENT!

Not all lenders provide these types of loans, and fewer still offer them with such a low down payment. Start by researching local credit unions, community banks, or lenders that specialize in ITIN mortgages. Look for those with flexible down payment options and favorable terms. Lenders offering FHA-like ITIN loans may allow the 3.5% down payment, as long as you meet certain requirements.

3. Check Your Credit and Financial Status

Even though you don’t use a Social Security number, they do require proof of creditworthiness. Lenders will look at your credit history, typically using your ITIN number. Make sure your financial history is in good standing. You’ll need to provide tax returns for at least the past year, bank statements, proof of employment, and other documentation showing your ability to repay the loan.

4. Save for the Down Payment

While 3.5% is lower than the typical 20% down, you’ll still need to save for this amount. On a $300,000 home, for example, the required down payment would be $10,500. Besides this, account for closing costs and other home-buying fees.

5. Prepare Required Documentation

To apply for the mortgage, you’ll need several key documents, such as:
– Your ITIN number
– One year of tax returns (Form W-2 or 1099 if applicable)
– Bank statements (typically for the last two to three months)
– Employment verification (pay stubs, employer letters, or contract work documentation)

6. Apply and Get Pre-Approved

Once you’ve gathered your documents, approach lenders that offer ITIN mortgages and apply for pre-approval. This gives you an idea of how much you can afford, which helps you narrow down your home search.

7. Work with a Real Estate Agent Familiar with ITIN Purchases

• WE SPECIALIZE IN ITIN LOANS!

Find a real estate agent who understands ITIN mortgages and can guide you through the process of buying a home with this type of loan. They’ll help you find properties within your budget and ensure all the legal requirements are met during the transaction.

Final Thoughts…

Buying a home with just 3.5% down is possible with the right preparation. By working with the right lender and getting your finances in order, you can achieve homeownership and start building wealth, even without a Social Security number.

Contact us for more information or to get started today!