Someone obliged to file a federal tax return but does not qualify for a Social Security number may apply to the Internal Revenue Service (IRS) for an individual taxpayer identification number, often known as an ITIN. The IRS grants this number to the person. ITINs may be required of a variety of people, including lawfully residing and employed immigrants who are not citizens of the United States. On the Internal Revenue Service (IRS) website, you may find instructions on applying for an ITIN.

What are ITIN mortgages?

ITIN mortgages are types of house loans available to borrowers who do not have Social Security numbers and need to meet the requirements to get them. When applying for an ITIN mortgage, the borrower must provide their taxpayer identification number and other required paperwork. So what are the best mortgage lenders for ITIN loans?

Mortgage Lenders for ITIN Loans

New American Funding

Beneficial for: Borrowers purchasing their first home as well as other borrowers searching for a diverse selection of financing options

Pros

• Provides a comprehensive range of mortgage options for purchasing a home as well as refinancing existing mortgages, with a primary focus on assisting areas that have been historically neglected.
• It is possible to utilize either an owner-occupied or a second house as collateral for its home equity line of credit.
• Provides potential purchasers with a service that enables them to make cash bids.

Cons

• According to the most recent statistics from the federal government, mortgage origination costs tend to be on the higher end.

Fairway Independent Mortgage

Borrowers who desire access to a broad array of mortgages, such as ITIN loans and remodeling loans, are the ideal candidates for this product.

Pros

• Provides a wide variety of lending options, such as Individual Taxpayer Identification Number (ITIN) loans for borrowers who do not have Social Security numbers, loans for home renovations, loans for self-employed borrowers, and mortgages guaranteed by the government.
• According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.

Cons

• The interest rates on mortgage loans for the various kinds of loans are not available online.
• According to the most recent statistics from the federal government, origination costs are on the higher end of the spectrum than those charged by other lenders.

CrossCountry Mortgage

Borrowers looking for a range of home loan choices, such as a home equity line of credit and a government-backed renovation loan, are the ideal candidates for this kind of loan.

Pros

• Provides access to a comprehensive range of mortgage financing options and products.
• According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.

Cons

• Keep information private regarding the prices and fees associated with the service.
• According to the most recent statistics released by the federal government, mortgage origination costs tend to be on the higher end.

loanDepot

Borrowers who want to complete their applications online and have access to a wide range of loan options may benefit from this lender.

Pros

• Customers who want face-to-face assistance may visit one of the many locations located around the nation.
• According to J.D. Power and Zillow, it achieves a high level of success in terms of customer satisfaction.
• According to the most recent statistics from the federal mortgage, interest rates for mortgages are typically on the lower end of the spectrum.

Cons

• You will need to speak with a loan officer to get mortgage rates since they are not accessible online.
• Home equity loans and lines of credit are not available via this lender.

Sebonic Financial

Beneficial for borrowers who want a selection of loan options together with a streamlined digital application procedure.

Pros

• Application and loan procedure modifications may be completed online for your convenience.
• Provides access to several mortgage programs, such as those administered by the FHA, VA, and USDA.

Cons

• There is no internet publication on mortgage interest rates.
• Home equity loans and lines of credit are not available via this lender.
• According to the most recent statistics from the federal government, the costs charged by lenders are rather substantial.

Qualifying for an ITIN mortgage

Traditional mortgages require prospective borrowers to provide their Social Security numbers, which the lender then uses to research the applicant's credit history at the credit reporting agencies. Lenders are required to depend on alternative proof without a Social Security number. Examples of such documentation include tax returns, bank accounts, and utility bills.

The paperwork and credit criteria differ from lender to lender, but you will need to produce evidence of employment for two years and two years' worth of tax returns. Additionally, you should be prepared to make a larger down payment than you would for a conventional mortgage. An ITIN mortgage normally requires a down payment of between 10 and 20 percent of the total loan amount, and applicants may be required to demonstrate that they have a particular level of cash reserves.