What Is an ITIN Loan?
An Individual Taxpayer Identification Number (ITIN) loan allows borrowers to qualify for home financing using their ITIN rather than their Social Security number. ITIN home loans in Hawaii are ideal for foreign nationals who wish to purchase property in the US, either to secure a temporary residence or an investment property. This type of financing makes it possible for foreign nationals to get Hawaii home loans even if they don’t have a Social Security number or FICO score.
A non-resident or US resident alien who files a tax return but is not eligible to have a Social Security number would be able to receive an ITIN. Spouses and dependents of a US citizen or a resident alien can also potentially get assigned an ITIN.
Key Benefits of Getting an ITIN Mortgage in Hawaii
There are a few major benefits to receiving a Hawaii ITIN mortgage:
- You don’t need to have a Social Security number: It can be incredibly frustrating to be told that a big barrier to purchasing a house is that you don’t have the right legal documentation. This still offers an adequate level of identification that will help you get a foreign national mortgage.
- You don’t have to be a US resident or citizen to qualify: The fact that you don’t have legal residency in the United States is no longer a barrier to homeownership.
- Secure as much as $5 million in financing: You can secure a significant amount of financing when you take out an ITIN home loan in Hawaii, allowing you to purchase your dream home.
- Establish and build credit: It’s possible to build and improve on your credit scores with a Hawaii ITIN home loan. Each ITIN loan payment gives you a chance to build up your credit score in the US.
- Finance various property types: ITIN mortgages in Hawaii don’t just limit you to buying primary residences. You can also use ITIN financing to purchase second homes, vacation homes, and investment properties.
Hawaii ITIN Home Loan Qualification Requirements
There are a few requirements you’ll have to meet in order to qualify for an ITIN loan in Hawaii. First off, you have to work with specific lending institutions that offer such loans. The exact things that you’ll need vary from place to place, so check with the loan provider before you begin gathering up information and necessary documents.
Below are some of the qualification requirements you should consider before applying for an ITIN home loan in Hawaii:
- Credit score: Your credit score will impact your rate and loan terms. However, you don’t need a FICO score to qualify for an ITIN loan in Hawaii—instead, you can use alternative methods to prove creditworthiness or provide a credit report from your country of origin.
- Down payment considerations: The down payment on an ITIN loan might be higher than what you’d put down for other kinds of mortgage loans. You should expect to pay at least 20 percent when you’re applying for ITIN loans.
- Identification: You likely will need to show other identification beyond your ITIN card, such as your driver’s license or passport.
- Proof of income and employment: You may need to show that you have at least two years of consistent employment, which may include self-employment.
In addition to the items listed above, lenders may request other mortgage pre-approval documents during the ITIN loan application process. It’s important that you show you have other supporting financial history so you can prove that you’ll be capable of making monthly payments.
Secure an ITIN Loan in Hawaii
Griffin Funding is experienced when it comes to working with foreign nationals and navigating the ITIN loan process. So, if you’re looking for a Hawaii ITIN mortgage loan, we would be happy to assist you in reviewing your options and seeing if an ITIN loan may be right for your needs.
Frequently Asked Questions: Hawaii ITIN Loans
What is the minimum credit score to secure an ITIN loan in Hawaii?
When taking out an ITIN loan, it’s ideal if you have a credit score of 660 and above. However, Griffin Funding can work with borrowers on a case-by-case basis down to 620. Reach out to see if you qualify for an ITIN loan in Hawaii. If an ITIN loan isn’t the best option in your case, we have plenty of other financing options to choose from.
How do I apply for an ITIN mortgage in Hawaii?
When applying for an ITIN mortgage in Hawaii, you should make it a priority to work with a lender that offers excellent customer service, expertise, and transparency. At Griffin Funding, we can sit down with you and talk over your options. If you decide that an ITIN loan is best for you, we will explain what documentation you need and any further steps. With just a few steps, you’ll find out if you’re qualified to get a Hawaii ITIN loan.
How much is the down payment for an ITIN loan in Hawaii?
ITIN loans often require a higher down payment than traditional financing options. With that being said, you should be prepared to put at least 20 percent down when applying for an ITIN mortgage loan in Hawaii.
What other loan options are available for non-U.S. citizens seeking out a mortgage in Hawaii?
Permanent resident alien (green card), and non-permanent resident alien (visa) loans in most cases have more favorable terms than ITIN loans.
- 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.