It’s true, you can buy without a social and it’s totally legal. This is huge! California is home to an estimated 2.6-2.8 million undocumented immigrants and with a valid ITIN (individual taxpayer identification number) you can purchase a home.
So, if you’re looking to buy, an ITIN mortgage loan is the perfect solution.
In order to qualify for an ITIN loan in California, you will need to satisfy the lender’s requirements. Most lenders offering these programs will require the following:
- 2 years of steady employment.
- The last 2 years of your tax returns (W-2 or 1099).
- A down payment of at least 10-20% depending on the lender.
- Proof of some form of credit. A standard credit report is usually not required, but they may want to see you provide proof of paying bills such as those for home utilities and cell phones.
- Identification in the form of a copy of your ITIN card, and a state ID, driver’s license, or passport.
- Your most recent bank statements (some lenders will want to see the last 2 months, but others may require up to 6 months).
MOST COMMON QUESTIONS
What types of properties are eligible for these loans?
ITIN loans may be used on single family homes, condos, and PUDS. (condos/townhomes may require 25% down payment)
Can an ITIN loan be used for an investment property?
No, ITIN loans only may be used for a home that is owner-occupied (primary residence).
Are ITIN loans available through the FHA?
No, the FHA does not offer any ITIN programs.
Are there any laws against mortgages being issued to borrowers without a SSN?
There are no laws that exist that restrict mortgage loans being offered to non-citizens. It is just that most lending institutions have a preference to only offer loans to borrowers with a social security number. Additionally, neither Fannie Mae, Freddie Mac, or the FHA back these types of loans creating difficulties pertaining to the secondary mortgage market. Thus, only unique types of lenders, namely “portfolio lenders” offer these types of loans.
If you’d like to receive more information, email me and I can refer you out to a mortgage lender to help you get one step closer to becoming a homeowner.
Ready to find out more?
Just shoot me an email saying “Buying a home with an ITIN” and I will send you more information.