How To Get An ITIN Mortgage Loan in California

Don’t let the lack of having a social security number stop you from fulfilling your dream of home ownership. If you haven’t heard, you can still own a home by applying for a loan using just your ITIN number or Tax ID. Interested to learn more?

If you are planning to buy a home in California, but don’t have a social security number, you may encounter problems.  Most lending institutions hesitate to loan to those without social security numbers.

Your best option, in this case, is getting an ITIN mortgage in CA. If you have an ITIN (individual taxpayer identification number), you may qualify for loan programs available through ITIN mortgage lenders.

Let’s go through how you can get an ITIN number and how you can get an ITIN loan from Accelerated Lending Group, your trusted California mortgage lender.

How does the ITIN Mortgage Loan Program Work?

ITIN mortgage loans are available to both US and non-US citizens who don’t have a social security number. The program gives a chance to those not qualified for conventional mortgages because they do not possess a SSN.

All you need is to get an ITIN number and provide added documentation to show that you are a good borrower.

You need to take note that ITIN loans are only good for owner-occupied homes and may not be used to buy investment properties. You can buy a single-family home, condos, townhouses, and 2 to 4 residential unit properties as long as it will be your primary home.

Steps to get an ITIN number

The first step in getting an ITIN loan is to have an ITIN number. An ITIN is a nine-digit number that serves as an alternate proof of identification used by people who don’t have a social security number.

The IRS (Internal Revenue Service) issues an ITIN for those who are not eligible to get a social security number but are required to file tax returns. Having an ITIN puts you in good standing as a borrower since it proves that you are paying your taxes. 

To get your ITIN number, you can make an appointment at a designated IRS Taxpayer Assistance Center near you. You will get your ITIN number through the mail once you are done. 

What are the basic requirements for an ITIN home loan?

To qualify for an ITIN home loan in California, you must prepare these basic requirements:

• Proof of 2 years of steady employment

• 2 years of tax returns W2 or 1099

• 10% to 20% down payment

• Proof of billing from utilities or cell phone

• Identification like ITIN card, passport, state ID, or driver's license

• 12 months worth of your latest bank statements if self-employed

• No credit score needed

How to apply for an ITIN mortgage loan

You can apply for an ITIN mortgage with Accelerated Lending Group and get the best rates in town. Submit the needed documentation and come up with a strong application.

Decide on a down payment and loan term that fits your budget. We may ask for additional information just to ensure that you won’t default on your loan.  

Our loan officer will provide you with an estimate showing your loan amount and closing costs. 

If you decide to accept our loan offer, your loan gets disbursed into your US bank account as quickly as possible. 

If you want to learn more about foreign national loans, reach out to our loan officers at Accelerated Lending Group for a free consultation.

Tips to increase your chances of ITIN loan approval

Build your employment history

Lenders will look at your employment history and may deny your loan application if they see that you change jobs too often. Steady employment shows that you are receiving income that can pay off your loan. 

Pay your bills on time.

If you are late in paying your rent and bills, lenders may think twice before approving your loan application. Timely bill payments will show that you are a reliable borrower that can be trusted with a loan.

Build credit history with your ITIN

Once you get your ITIN number, you should start building your credit history by applying for a credit card or car loan if you need one. This can be a useful tool to determine if you can get a loan or not.

Get pre-approved before house hunting.

Getting pre-approved gives you the confidence to make offers once you find your dream home. Knowing your budget surely helps in choosing the best home without going overboard. Once pre-approved, you can now search for your American dream home. 

What are the benefits of an ITIN loan with Accelerated Lending Group?

• Get a loan to buy a home even if you are not an American citizen or resident alien.

• It allows you to buy your home faster than having to wait years of saving up to buy in cash.

• Applying for an ITIN loan is fast and easy and can be done online. 

• ITIN loans will cost lower than getting loans from hard money lenders

• An ITIN loan helps you build your credit score, making it easier for you to get other loans down the line like a car loan, student loan, or business loan.

The Bottom Line

Owning a home in the US is a dream come true for any individual. If you are a foreign national, resident alien, or non-resident alien, we understand the difficulty in getting access to financial services because you don’t have social security numbers or legal status. 

Fannie Mae and Freddie Mac guidelines on traditional mortgages require non-citizens to have a work visa, green card, and social security number. 

The good news is that applying for a mortgage for non-US citizens can get you one step closer to your dream of home ownership.

Allow our loan officers to assist you and give you a stress-free home buying experience.

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.