What Is an ITIN loan?
An ITIN loan is often referred to as a foreign national loan or a non-permanent resident alien loan. These loans are available to first-time home buyers and existing homeowners alike, and involve a different set of parameters than a traditional mortgage in order to secure a loan.
Illinois ITIN loans make it possible for non-citizens and non-residents to purchase property in the United States without having a Social Security number or a FICO score. Instead, foreign nationals can qualify for home financing in the US by providing the lender with their Individual Taxpayer Identification Number (ITIN). Additionally, if a borrower doesn’t have a FICO score, they can prove creditworthiness through alternative means, such as providing the borrower with a credit report from their country of origin.
ITIN loans home loans in Illinois open up a path to homeownership for people from all walks of life. You can take out an ITIN loan in Chicago to buy real estate in one of America’s most populous cities, or use this type of financing to secure a home for your family in the suburbs.
Benefits of Getting an ITIN Loan in Illinois
If you’re a foreign national, then getting a traditional mortgage comes with a set of unique challenges. That’s because if you’re a non-resident or non-citizen, there’s a high likelihood that you don’t have a Social Security number and don’t qualify for one. A Social Security number is typically a necessary requirement to qualify for a traditional mortgage, so those without an SSN can get shut out from purchasing property in the US.
Using an ITIN loan in Chicago, you can open up a path to homeownership even if you’re a non-resident or non-citizen. Some of the key benefits of this type of financing include:
- No Social Security number required
- No FICO score required
- Loan amounts of up to $5 million
- Flexibility to purchase second home, vacation home, or investment property
- Unlimited cash out
- DSCR loan options available for investment properties
How to Apply for an ITIN Mortgage Loan in Illinois
In order to apply for ITIN loans in Illinois, you must be able to show proof of income or creditworthiness to secure the loan. The first step is to meet with a mortgage strategist to discuss your loan options. Then you can fill out an application either by phone or using our online portal at Griffin Funding.
Once you get pre-approved and lock in your rate for a Chicago ITIN loan, you will receive an application with disclosures through email or regular mail. A list will be sent to you that includes any missing documentation that you will need to provide to secure your Illinois ITIN loan.
After your application has been processed, the next step is underwriting the mortgage. The property is then appraised and inspected for pests. Once this is over, you can close on your loan. After you sign all necessary documents, the funds will be disbursed and you become the new owner of the property you have purchased.
See if an Illinois ITIN Loan Is Right for You
To qualify for an Illinois ITIN loan, you must be able to provide an Illinois ITIN number and show creditworthiness, proof of income, and a visa or visa waiver. If you don’t have the credit score you need to qualify for an Illinois ITIN loan, you will need to show at least three open trade-lines that are active and have been open for two years or more.
Working with an experienced ITIN lender can make the process of securing an ITIN home loan in Illinois go much more smoothly. Reach out to Griffin Funding today to review the details of Illinois ITIN loans and see if this financing option best aligns with your needs and goals.
Frequently Asked Questions: Idaho ITIN Loans
Can I buy a house using an ITIN number in Illinois?
Yes, you can purchase a house using an ITIN number in Illinois through a qualified ITIN loan lender. Using an ITIN loan allows you to qualify for financing using your ITIN rather than your Social Security number. Keep in mind that you must meet the lender’s qualifications to secure an ITIN mortgage loan in Illinois.
Who qualifies to get an ITIN loan in Illinois?
Foreign nationals can qualify for an ITIN loan in Illinois as long as they are not from an OFAC sanctioned country. You must be able to show that you have proof of income, creditworthiness, and a valid visa in order to secure an ITIN loan in Chicago and throughout Illinois.
What types of property can I purchase in Illinois using an ITIN loan?
Whether you want to purchase an investment property in Illinois or a home to visit throughout the year, you can use an Illinois ITIN loan to make the purchase. Some of the eligible property types you can purchase using Illinois ITIN loans include:
- Single-family homes
- Condos (including non-warrantable condos)
Whether you want to take out an ITIN loan in Chicago or rural Illinois to purchase real estate, Griffin Funding can help make it happen. Learn more about the different Illinois ITIN loans available through Griffin Funding, and meet with one of our mortgage specialists today to discuss your financing options.