What Is an ITIN Home Loan?

When looking for Florida home loans, one option to consider is an ITIN home loan. ITIN stands for Individual Taxpayer Identification Number. Many people in the United States are tracked for tax purposes using their Social Security numbers; however, there are some people who need to pay taxes who may not have a Social Security number. Examples include foreign nationals and foreign businesses that are conducting commerce within the United States.

These individuals and entities are assigned an ITIN. Without a Social Security number, traditional home loans might be difficult to qualify for. This is where ITIN home loans in Florida can be beneficial. Instead of applying for a loan using your Social Security number, you will apply for a home loan using your ITIN.

Benefits of Florida ITIN Loans

There are several key benefits for borrowers considering ITIN loans in Florida, including:

  • No SSN Needed: Of course, the first benefit is that you do not necessarily need to have a Social Security number. This opens the door to foreign nationals who might be interested in purchasing property in the United States.
  • Less Stringent Documentation Requirements: ITIN loans also may not have as strict documentation requirements. While you might still be asked to provide tax returns, bank statements, and proof of employment, you might not need to provide as many documents when compared to a traditional loan and may have more flexibility depending on what you can provide.
  • Flexible Credit Requirements: If you do not have a long credit history, you may still be able to apply for ITIN loans. While it is always beneficial to have a high credit score, you may still qualify for an ITIN loan even if your credit score is not perfect.

For the right borrower, these benefits can make an ITIN loan in Florida the best option for buying a home. If you think you might be well suited for an ITIN but want more information, our loan specialists are extensively knowledgeable about these loans and would be happy to answer any questions.

ITIN Loan Requirements

Documentation for mortgage approval is important, even for ITIN loans. Some of the borrower requirements include:

  • Valid ITIN: First, we will need to verify that you have an ITIN and that it is valid.
  • Proof of Income: You will need to prove that you have the income or assets to cover the cost of the monthly mortgage payments. There are different types of verification that we might accept, which we’ll cover in more detail below.
  • Tax Returns: Because you have an ITIN, you should be paying taxes. We might ask for two years of tax returns to verify your financial history unless you are applying for an ITIN bank statement loan, ITIN DSCR loan, or ITIN asset-based loan.
  • Down Payment: We also need to make sure that you have enough money to cover the down payment. The down payment required will depend on your financial history and the property you purchase.
  • Credit Score: While we do not necessarily have a minimum credit score, we generally accept people with credit scores as low as 620. We may also accept a credit score as low as 580, dependent on compensating factors.

If you think you qualify, we encourage you to request a quote online today.

What Types of Income Verification Is Accepted?

For a foreign national mortgage, there are different types of income verification that we might accept. We need to make sure that you have the ability to repay your loan. We might ask for pay stubs if you have gainful employment, or we might ask for a longer tax history or bank statement deposits if you are self-employed. 

We may also ask for bank statements to take a closer look at the assets you have, particularly when it comes to verifying the down payment. If you’re unsure whether we accept the income verification method that best proves your eligibility, we recommend speaking with one of our loan specialists.

Apply for an ITIN Mortgage Loan in Florida

Griffin Funding is one of the leading lenders for non-QM loans in Florida. We have helped many self-employed borrowers through the home-buying process and take pride in serving our customers with honesty, integrity, and competency for the best experience.

Our approach to lending includes creating highly personalized home loan packages tailored to your specific financial situation. We can help you determine if an ITIN loan is right for you and assist you in securing the loan that best suits your needs. 

Apply online today or call us at 855-698-1098 to get started.

Frequently Asked Questions: Florida ITIN Loans

How much do you need to put down on an ITIN home loan?

There are a variety of factors that will influence how much money you need to put down if you are applying for a Florida ITIN home loan. Factors like the price of the property, the length of the loan, your past credit history, and your current financial situation will all impact how much money you need to put down. 

You may be able to put down as little as 20 percent, depending on your specific circumstances.

Can you get an ITIN loan if you don’t have a credit score?

Even though having a credit score is not required for an ITIN loan, we need to have some other way of verifying your financial history. Having a credit history with a U.S. credit score can make the process easier.

For non-QM mortgage programs, we generally allow credit scores as low as 620, although we may still approve you with a 580 credit score in certain circumstances. If you do not have a credit score at all, we encourage you to speak with one of our loan specialists to determine if you can qualify.

What types of property can you buy with an ITIN loan in Florida?

Some of the types of property you can buy with ITIN mortgage loans in Florida include:

  • Single-family homes
  • Condos
  • PUDs

What types of loan programs are available with an ITIN loan in Florida?

Some of the types of loan programs that can be used for ITIN loans are:

  • ITIN full documentation
  • ITIN bank statement loans
  • ITIN debt service coverage ratio loans (ITIN DSCR)
  • ITIN asset-based loans
  • ITIN interest-only loans

If you have questions about financing your next property purchase, contact us today to speak to a member of our team.As one of the leading ITIN lenders in Florida, we are happy to help you secure a loan.