What Is an ITIN Home Loan?

California ITIN home loans, also known as foreign national mortgages, are a type of Non-QM loan designed for non-US citizens who don’t have a Social Security number but still want to invest in property or purchase a home in the US. 

To do this, they can use their Individual Taxpayer Identification Number (ITIN) in place of their SSN. ITIN home loans in California are an alternative to traditional home loans because they have more flexible lending requirements, offering foreign nationals and non-residents an easier path to homeownership.

Highlights of ITIN Mortgage Loans in California

ITIN mortgages in California offer several benefits that make them attractive to individuals without SSNs but who still want to own property in the US:

  • Accessibility: These loans are more accessible than traditional home loans because they don’t require an SSN for verification. Instead, non-residents and non-citizens can get a mortgage without an SSN, allowing them to participate in the real estate market. 
  • Flexible lending criteria: Traditional mortgage loans require an SSN for identification purposes. However, ITIN loans have more flexibility, allowing individuals to qualify using their ITINs issued by the IRS as an alternative to the SSN. 
  • Competitive interest rates: ITINs come with competitive interest rates to ensure borrowers have access to financing. 
  • Variety of property types eligible: With an ITIN loan, you may be able to purchase anything from a single-family home to an investment or vacation property. The exact types of properties eligible for a California ITIN mortgage vary by lender. 
  • Investment opportunities: ITIN DSCR mortgage loans in California make real estate investing easier for non-resident inventors without an SSN. 

ITIN Mortgage Qualification Requirements

While ITIN loans in California have less stringent lending criteria, borrowers must meet their lender’s requirements to qualify. These may include:

  • Proof of income: ITIN lenders in California must determine a borrower’s ability to repay the loan, which means providing them with proof of income. Documentation may include paystubs, tax returns, or bank statements to ensure there’s sufficient income to repay the mortgage debt. 
  • Job history or income source: Lenders typically like to see that a borrower has a stable job or source of income. 
  • Credit history: Credit score requirements vary by lender, but some lenders may consider traditional credit history. However, since ITIN borrowers typically don’t have a conventional credit history, they can use alternative methods to qualify for the loan. To determine an ITIN borrower’s creditworthiness, California ITIN lenders may review bill payments like rent, utility bills, car loans, and so forth.
  • Down payment: ITIN loan down payments tend to be higher than traditional mortgages because they’re a higher risk for the lender. However, the higher the down payment, the better your interest rate. Griffin Funding offers as little as 20% down.

Work With a Trusted ITIN Lender in California

ITIN loans in California offer a path to home and property ownership for non-U.S. citizens without a Social Security number. When looking for an ITIN mortgage, always work with a trusted lender that understands your unique needs. 

Griffin Funding takes pride in offering California home loans. We’re committed to guiding you through the application process, offering competitive rates, and finding the best solution based on your individual circumstances. Apply for an ITIN loan with Griffin Funding today.

Frequently Asked Questions: California ITIN Loans

Can I purchase a home using an ITIN number in California?  

Yes, you can purchase a home in California using your ITIN number. ITIN loans are designed for borrowers without Social Security numbers. If you have an SSN, you can’t purchase a home using an ITIN number in California. 

With these loans, the ITIN is an alternative identification number issued by the IRS for tax purposes, allowing individuals without SSNs to file taxes and qualify for a mortgage. 

If you already have a Social Security number, you are not eligible for an ITIN loan. In this case, you’ll follow the standard procedures of securing a mortgage, which means choosing from an array of other mortgage programs, which may include conventional or Non-QM mortgage loans. 

What types of properties can I buy with a California ITIN loan?

The types of properties you can buy with California ITIN loans depend on the lender. Some may only allow a select few types of properties, while others allow for the same types of properties you can purchase with a conventional mortgage. In general, you may be able to purchase the following types of properties with a California ITIN loan:

  • Single-family homes: California ITIN loans can be used to purchase single-family residential homes. 
  • Condos: These loans can also be used to finance condo units. 
  • Townhomes: ITIN loans in California can also be used to purchase townhomes. 
  • Multi-unit properties: Whether you plan to live in one of the units or use the property as an investment property, a California ITIN loan can finance multi-unit properties like duplexes. 
  • Investment properties: ITIN loans in California can also be used to finance investment properties to help you build your portfolio. 
  • Vacation homes: ITIN loans may also finance vacation or second homes across California. 

What are the different types of Non-U.S. citizen loans that are available in California?

The loan programs available to non-U.S. citizens depend on residency status.

  • Permanent Resident Alien Loans: Non-citizens living permanently in California with a green card can purchase primary residences, second homes, and investment properties.
  • Non-Permanent Resident Alien Loans: Non-citizens living temporarily in California on a visa, can qualify for a mortgage on primary residences, second homes, and investment properties.
  • ITIN Loans: Non-citizens living in California with an ITIN number issued by the IRS (without a social security number), can purchase or refinance primary residences, second homes, and investment properties.
  • Foreign National  Loans: Non-citizens wanting to invest in California real estate without a social security number, green card, or visa can purchase or refinance second homes, and investment properties. Foreign national loans are not available for primary residences.

Permanent and non-permanent resident alien loans are the go-to loans for non-U.S. citizens since they typically have the most favorable terms with lower interest rates, lower down-payment requirements, and lower credit score requirements with the ability to purchase or refinance California primary residences, second homes and investment properties. Foreign national loans and ITIN loans are most commonly used when a California non-U.S. citizen borrower does not meet the requirements of permanent resident alien and non-permanent resident alien. These types of programs make it possible for non-U.S. citizens to purchase property in California, even if they lack documentation that’s traditionally required to secure a home loan.

How do I get pre-approved for an ITIN loan in California?

The easiest way to get pre-approved for an ITIN loan is by contacting Griffin Funding. By calling us today, we can determine if an ITIN loan is the right solution for you and start the pre-approval process. You can also fill out our online application for pre-approval and prepare the necessary documents we’ll need to review your loan application. 

After we review your application, we’ll issue a pre-approval letter stating the maximum loan amount you qualify for based on the information provided. Then, you can use your pre-approval for house hunting by sharing it with a realtor to help them find properties within your budget. 

Once you make an offer, we’ll walk you through the final application process from start to close.