What Is an ITIN Home Loan?
ITIN stands for Individual Taxpayer Identification Number, and it is furnished by the IRS. The IRS generally tracks people using a Social Security number. However, there are some individuals who are required to pay taxes, but they don’t have one. In these cases, they are assigned an ITIN instead.
As the name suggests, with a Georgia ITIN loan, you can apply for a home loan using an ITIN. This means that even if you don’t have a Social Security number, you may be able to qualify for a property loan.
In many cases, these Georgia home loans also have less restrictive requirements. If you’ve been struggling to get approved for a traditional mortgage, consider an ITIN home loan instead.
Benefits of Georgia ITIN Loans
There are several significant benefits of this type of property loan. Some of the biggest advantages of ITIN loans in Georgia include:
- No SSN Required: Even if you don’t have a Social Security number, you may still be able to qualify for a property loan, thanks to ITIN lenders in Georgia.
- Flexible Credit History: While a higher credit score will always help you when you apply for a home loan, you don’t need to have a perfect credit history to qualify for ITIN mortgage loans in Georgia.
- Boost Your Credit Score: If you’re looking for a way to build on your credit history and improve your score for future loan applications, ITIN home loans in Georgia may help you.
- Foreign Citizens Could Qualify for This Loan: Even if you are a foreign national, you may still be able to purchase property in the United States with this lending program.
For the above reasons, this is one of the most popular types of foreign national mortgage solutions.
Requirements of ITIN Loans in Georgia
If you’re interested in qualifying for an ITIN loan in GA, there are several requirements you need to meet. First, you need to file a formal application with us, and we may ask you for additional documentation. For example, we might ask you for bank statements as well as prior tax returns.
While we do not necessarily have a strict minimum credit score, many of our loans allow credit scores of 620 or above.
Every application is different, so we encourage you to reach out to us to speak with one of our lending officers, who can evaluate your circumstances against our lending criteria.
Who Is Best Suited for Georgia ITIN Loans?
ITIN loans can be quite flexible when it comes to identity and income verification, making them a good option for borrowers who are foreign nationals. For example, if you are coming to the United States from overseas, you may not have a Social Security number. While this might automatically disqualify you from some mortgage programs, you may qualify for an ITIN loan.
Apply for an ITIN Mortgage Loan in Georgia
At Griffin Funding, we understand that everyone has different circumstances that may limit their options as a borrower–we seek to expand your options. That’s why we offer a wide variety of non-QM loans, like asset and bank statement loans, that allow for more flexible underwriting requirements and, in turn, open the door to homeownership for a lot more borrowers.
Our goal is to customize your loan package to meet your needs. If you’re struggling to find a home loan as a foreign national, we encourage you to reach out to learn more about personalizable loan programs.
As one of the top ITIN lenders in Georgia, we’re to help you get a mortgage with as little stress as possible. Start the application process online or contact us at 855-698-1098 to have a loan specialist help you over the phone.
Frequently Asked Questions: Georgia ITIN Loans
Are ITIN loans a good option for first-time buyers?
If you’re purchasing property for the first time, a Georgia ITIN loan could be an option to consider if you’re looking to buy a single-family home, PUD, or condo. While there are many first-time buyer programs that help many aspiring homeowners, ITIN loans are likely going to be the best option if you do not have an SSN.
However, if your spouse can qualify for a first-time buyer program and has an SSN, it may be worth considering as it may save you money in the long run and result in a lower down payment.
To determine the best loan program for buying your first home, you should speak with one of our loan specialists about our full range of mortgage products, including FHA loans.
Do all ITIN lenders in Georgia offer the same loan options?
No, not all ITIN lenders in GA offer the same loan options. Interest rates, accepted credit scores, and down payment requirements can vary from lender to lender.
When searching for a Georgia ITIN loan provider, you also want to consider whether they have a good reputation for being a trusted lender in the area. Checking reviews and even getting a referral can be helpful.
How do I get pre-approved for an ITIN loan in Georgia?
If you would like to get pre-approved for an ITIN loan in GA, complete an application or speak with one of our loan officers by calling 855-698-1098.
To pre-approve you, we may request certain documentation, including your ITIN number and financial records. The quicker you can provide this information, the sooner we can provide pre-approval. During the pre-approval process, we will also provide a loan estimate based on how much we believe you can afford.
With loan pre-approval, you can move through the home-buying process more efficiently.