What Is an ITIN Loan?
An ITIN mortgage loan is a type of Non-QM loan designed for non-residents and non-citizens of the US. These individuals take out foreign national mortgages because they don’t have a Social Security number, making them ineligible for traditional mortgages that require SSN identification.
However, borrowers may qualify for an ITIN loan if they have an Individual Taxpayer Identification Number (ITIN) issued by the IRS for tax purposes.
With ITIN mortgages, foreign nationals and non-citizens in the US can gain access to the Colorado housing market, enabling them to fulfill their dreams of homeownership or investing in real estate.
Benefits of ITIN Loans in Colorado
Foreign national loans allow borrowers to qualify for a home loan without a Social Security number, providing access to homeownership in Colorado. These loans open doors for a diverse group of individuals who don’t qualify for traditional mortgages based on their immigration statuses.
Additional benefits of Colorado ITIN loans include the following:
- Flexible eligibility criteria: With more flexible eligibility requirements, borrowers can use their ITIN as an alternative to an SSN, making it easier to qualify.
- Investment opportunities: ITIN mortgage loans in Colorado are available for investors looking to expand their portfolios.
- Building credit: ITIN home loans in Colorado can help borrowers build credit in the US to open other financial opportunities in the future.
- Diverse properties: ITIN loans enable borrowers to explore a wide range of property options and locations.
Colorado ITIN Loan Qualification Requirements
While borrowers don’t need a Social Security number to qualify for Colorado ITIN loans, lenders still have eligibility requirements to ensure a borrower can afford to repay the loan. A few common requirements to expect include the following:
- Valid ITIN: In order to qualify for an ITIN loan, you must have a valid ITIN issued by the IRS.
- Proof of income: Lenders must determine your ability to repay the ITIN mortgage loan by reviewing proof of income and work history. Proof of income documentation may include W-2s, pay stubs, tax returns, rental income, and bank statements.
- Employment: While there’s no specific employment requirement, lenders must ensure you have income stability that gives you access to the funds you need to repay the loan. While a job isn’t always necessary, you can discuss your options with your lender since ITIN loans in Colorado come with less stringent lending requirements.
- Credit history: While borrowers may not have a FICO score, lenders will consider alternative methods to assess an applicant’s creditworthiness, which may include reviewing payment history, bill payments, and loan payments. In some cases, borrowers can also provide lenders with a credit report from their country of origin in place of a FICO score.
- Down payment: ITIN Loans may require higher down payments, typically 20% or more, but the exact amount varies by lender.
- Additional documents: Your lender may ask for additional documents to determine your ability to repay the loan, which may include proof of assets or rental history.
- Occupancy: ITINs loans can be used for the purchase or refinance of primary residences, second homes, and investment properties.
Apply for an ITIN Mortgage Loan in Colorado
Getting home loans with your ITIN number in Colorado expands homeownership opportunities for individuals without SSNs, including foreign nationals. By offering flexible eligibility criteria and competitive interest rates, they pave the way for aspiring homeowners and investors.
Apply for an ITIN mortgage with Griffin Funding today. We offer Colorado home loans suited for all types of borrower. Get in touch and we can help you determine if an ITIN mortgage is right for you based on your unique financial situation.
Frequently Asked Questions: Colorado ITIN Loans
What kinds of properties can I use an ITIN loan for?
The types of properties you can use an ITIN loan for vary by lender. However, generally, you can expect to purchase properties such as:
- Single-family homes
- Condos & townhomes
- Vacation homes
- Investment properties
How do I apply for an ITIN loan in Colorado?
You can apply for an ITIN loan in Colorado by contacting Griffin Funding. We have an online application available to streamline the process, but you can also call us to discuss your options. During our discovery call, we’ll learn more about you to determine if an ITIN loan is the best fit, and we can provide guidance to answer all of your questions.
We can also get you pre-approved to help you understand your budget and estimated interest rate. A pre-approval letter can give you more negotiating power with sellers while improving your chances of finding a property you can afford.
Once your questions are answered and you’ve found a property you love, you can use our online application or apply over the phone with one of our mortgage specialists. We’ll ask you to provide supporting documents to prove your ability to repay the loan and any other information associated with your unique situation.
What documents will I need to apply for an ITIN home loan in Colorado?
Documents needed for an ITIN home loan in Colorado vary by lender. In general, you should expect to share the following with your lender:
- Proof of income: Proof of income can be anything from W-2s to bank statements to rental income that demonstrate your income and ability to repay the loan.
- Visa or visa Waiver: Your visa or visa waiver allows us to verify your residency status and eligibility to apply.
- Proof of creditworthiness: If you don’t have a credit history, we may require you to provide alternative documentation to prove creditworthiness, such as a credit report from your country of origin.
- ITIN Card or IRS Communication: It’s essential to have either a valid ITIN document or correspondence from the IRS displaying your ITIN details. This is vital because, for tax considerations related to the loan, the ITIN serves as an alternative to a Social Security number.
Contact Griffin Lending for specific documentation requirements and learn more about what it takes to get approved for a loan.