What Is an ITIN Loan?

An Individual Taxpayer Identification Number (ITIN) loan is a type of foreign national mortgage and it’s designed to help those without a Social Security number qualify for a home loan. While most home loans in the United States require borrowers to provide the lender with their Social Security number, ITIN loans make it possible to qualify using your ITIN rather than an SSN, thus allowing those who are ineligible for an SSN to purchase real estate in the US. 

ITIN loans in Delaware are an ideal financing option for foreign nationals who want to buy a home in the state. Whether you’re looking for a second home to stay at while in the state or an investment property to open up a new income stream, ITIN mortgage loans in Delaware can help.

Benefits of Delaware ITIN Mortgages

Delaware home loans come in many shapes and forms, but there are several unique advantages that come with taking out an ITIN mortgage in Delaware. Some of the top advantages of Delaware ITIN home loan include:

  • No SSN required: The key benefit of ITIN loans is that borrowers don’t need an SSN to qualify. Instead, you can access financing using your ITIN. 
  • Flexible credit requirements: If you don’t have a credit score at all, you may still be able to qualify for an ITIN home loan in Delaware. In place of reviewing a FICO score, we can accept a credit report from your country of origin or evaluate your credit in other ways. 
  • Loan amounts of up to $5 million: When you apply for an ITIN mortgage in Delaware, you can secure up to $5 million in financing to buy the exact home that you want.
  • Purchase different property types: You can use Delaware ITIN mortgages to purchase single-family homes, townhouses, and condos (including non-warrantable condos) and use these properties as second homes, vacation homes, or investment properties.

Delaware ITIN Mortgage Loan Requirements

When applying for an ITIN loan in Delaware, there are a few requirements that you need to meet if you would like to be approved. Some of the key requirements include:

  • Proof of creditworthiness: In order to get approved for an ITIN loan, you must demonstrate your creditworthiness. This can mean submitting a FICO score to the lender, or, if you don’t have a FICO score, obtaining a credit report from your country of origin. 
  • Proof of income and employment: You will need to provide financial documentation such as tax returns, pay stubs, proof of assets, and/or employment contracts in order to prove that you’re capable of repaying the loan amount.
  • A visa or visa waiver: You need to have a valid and up-to-date visa or visa waiver to qualify for an ITIN mortgage in Delaware. Acceptable visa types include B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa.

Work With an Experienced ITIN Mortgage Lender in Delaware

If you want to find the right second home for your family or maximize your return on investment on real estate in the US, you need to find the right loan package to meet your needs. At Griffin Funding, and we are proud to be a trusted Delaware ITIN mortgage lender. We understand that the process of applying for a home loan can be confusing, but the first step in buying a home is finding the right lender and financing product for your needs.

That is where we can help you. We can customize your loan package to meet your needs, whether you’re looking for a self-employed home loan or an ITIN mortgage in Delaware. Give us a call today to schedule a consultation with a member of our team or fill out an online application to get started right away.

Frequently Asked Questions: Delaware ITIN Loans

How do I apply for an ITIN home loan in Delaware?

If you would like to apply for an ITIN home loan in Delaware, the first thing you need to do is reach out to us to schedule a consultation. We will let you know what you need to do to fill out the application and provide you with a list of documentation you’ll need when applying for an ITIN loan. If you’re ready to get started, you can also fill out an online application to get pre-approved for an ITIN mortgage in Delaware. 

What documents do I need to get an ITIN loan in Delaware? 

There are different types of documents we might ask for during the mortgage application process. In particular, we may need documents that demonstrate income or assets, employment records, a visa or visa waiver, and a credit report or other documentation that allows us to assess your creditworthiness. 

How much is the down payment for an ITIN loan?

Down payments on ITIN loans tend to be higher than those required for traditional loans. Borrowers should be prepared to put down at least 20 percent down when taking out an ITIN mortgage loan in Delaware. However, this requirement can vary based on other determining factors, so please reach out to us to discuss your unique situation.