What is an ITIN Loan?
When looking to purchase a home and take out a mortgage, buyers will be subject to various underwriting standards including checking a credit score and verifying income. For those that are not US citizens or residents, this can create some challenges. If you are a non-resident or non-citizen looking to purchase a property, an ITIN (Individual Taxpayer Identification Number) loan can be a good idea.
Idaho ITIN loans are designed to help valid visa holders obtain a loan while going through a slightly different approval and underwriting process. These loans are typically referred to as an ITIN loan since a borrower will use their tax identification number instead of their Social Security number when applying for a loan.
Idaho ITIN loans in Boise and cities across the state can open up a path to homeownership for foreign nationals. If you’re interested in getting an ITIN mortgage in Idaho, Griffin Funding can help you better assess the benefits of an Idaho ITIN mortgage to determine if it’s the right option for your situation.
Idaho ITIN Mortgage Benefits
When you are looking for Idaho home loans, an ITIN loan can be a great option. One of the key benefits is that the loan has a different set of underwriting standards that can make approval and funding possible, even if you do not have a credit score or Social Security number. When underwriting a mortgage, a lender will look for alternative ways to confirm your creditworthiness and validate your income, which can include having you provide a credit report from your country of origin instead of a FICO score.
Another advantage of an ITIN loan is that it can be used for more than standard purchases of primary mortgages. A foreign national or ITIN loan can be used to purchase many types of property, including primary homes, vacation properties, or even investment assets. There is also no limit on cash out if you are looking to capitalize on your home equity later on down the line.
Apply for an ITIN Loan in Idaho Today
If you are looking to purchase a home in Idaho and hold a valid visa, consider applying for an ITIN home loan in Idaho today. When you are looking to take out an ITIN loan in Boise, Griffin Funding continues to be a great company to work with. At Griffin Funding, we bring experience and expertise to the table, and are dedicated to helping clients finance the home of their dreams.
Griffin Funding is very experienced when it comes to providing Idaho home loans to visa holders and foreign nationals. We can walk you through the process to ensure you are aware of all requirements that need to be met in order to close on your loan. We will also provide you with an efficient underwriting and approval process in order to streamline the home buying timeline and get you in your new home.
Frequently Asked Questions: Idaho ITIN Loans
Who is eligible for an ITIN loan?
An ITIN loan, which is also commonly referred to as a foreign national mortgage, is an ideal mortgage for a foreign national in the United States who has a visa or visa waiver and is interested in purchasing a home. Getting an ITIN loan in Boise, for instance, can make it much easier for a foreign national to purchase real estate in Idaho’s biggest city.
To be eligible for an ITIN loan, you will need to have a valid visa. The visa types that are allowed include B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, and Laser Visa. Our team at Griffin Funding can help determine if your visa status allows you to qualify for the Idaho ITIN home loan program.
There are also general underwriting standards that need to be met in order to qualify for this loan. To start, you will need to be able to prove your income through documents such as W-2s and bank statements. You will also need to show proof of creditworthiness. If you do not have a credit score or formal history, you will need to provide a credit report from your country of origin or prove creditworthiness through alternative means.
How much is the down payment for an ITIN loan in Idaho?
The down payment required for an ITIN loan in Idaho tends to be higher than what is required for traditional mortgages. Generally, you will need to have at least a 20 percent down payment ready in order to secure an ITIN loan in Idaho.
In general, higher down payments tend to earn you lower rates, more favorable loan terms, and more equity in your home upfront. With a down payment of more than 20 percent, you can also avoid the requirement to pay PMI, which can save you a significant amount of money over the course of a year.
What is the minimum credit score needed to qualify for an ITIN mortgage in Idaho?
Many people that apply for an ITIN mortgage will not have a credit score, which is a standard requirement for traditional mortgages. To qualify for Idaho ITIN home loans, you will need to prove your creditworthiness using alternative methods.
Generally, this means having at least three active credit cards, loans, or other forms of debt that show you have successfully managed the account and made payments on time. You may also submit a credit report from your country of origin to the lender in place of a FICO score.
Whether you’re in search of an ITIN home loan in Boise or Meridian, you can count on Griffin Funding to provide ITIN mortgages across the state of Idaho that have competitive rates and terms.