What Is an ITIN loan?
ITIN stands for Individual Taxpayer Identification Number, which is a processing number assigned to certain non-residents and resident aliens by the IRS. While most people in the US have a Social Security number for tax purposes, there are some people who may have an ITIN instead because they are required to pay taxes to the IRS but might not meet the requirements necessary to obtain an SSN. This could include foreigners doing business with the United States or foreign nationals who might not have resident status.
Without an SSN, you may have a difficult time qualifying for a traditional home loan, but that is where an ITIN loan could be beneficial. This might be the perfect foreign national mortgage, and it provides you with a path to property ownership even if you do not have a Social Security number.
Benefits of Getting an ITIN Mortgage in Louisiana
There are plenty of Louisiana home loans available, but there are a few specific benefits of getting an ITIN mortgage in Louisiana. A few of the top benefits include:
- Flexible credit history: A flexible credit history is always going to be beneficial for your home loan application, but even if your credit history is not perfect, you may still qualify for an ITIN loan. You don’t even need a FICO score to qualify. Instead, you can prove your creditworthiness through alternative methods or submit a credit report from your country of origin.
- No SSN needed: An ITIN mortgage allows you to qualify for a home loan using your ITIN rather than your Social Security number.
- Generous loans amounts: If you qualify for an ITIN loan in Louisiana, you can get up to $5 million in financing.
- Purchase different property types: ITIN loans can be used to purchase second homes, vacation homes, or even investment properties. You can use this type of financing to single-family homes, townhouses, and condos, including non-warrantable condos.
These are just a few of the top benefits to keep in mind, so if you would like to learn whether an ITIN loan in New Orleans is right for you, give us a call to schedule a consultation.
How to Get an ITIN Home Loan in Louisiana
If you are interested in taking out this type of loan in Louisiana, there are several steps you need to follow. They include:
- Initial meeting: The first step is to reach out to us to let us know you are interested in getting financing. We can help you decide which type of loan package is right for your needs.
- Application: The next step is to file an application, which can be done online or over the phone. It does not necessarily have to be done in person.
- Lock in your rate: Based on the terms in the loan package, we can lock in your interest rate as we go through the rest of the financing process.
- Additional documents: We will review your application to see if we need any other types of documentation, such as employment history or proof of assets.
- Appraisal and inspection: As we go through the underwriting process, we may request a home appraisal and an inspection to make sure the property meets certain standards.
- Final approval: Finally, we will notify you when your loan is approved and let you know if we need any additional information.
Our goal is to streamline the process as much as possible, so reach out to us with any questions you might have. We can help you secure an ITIN mortgage in New Orleans, Baton Rouge, Lafayette, or any other city in Louisiana.
Work With a Qualified ITIN Mortgage Lender in Louisiana
Clearly, there are plenty of options available if you are interested in a Louisiana ITIN home loan, but you need to work with a Louisiana ITIN mortgage lender who can help you. At Griffin Funding, we have a tremendous amount of experience with different types of loan packages, and that includes ITIN financing in Louisiana.
An ITIN home loan could be perfect for you if you do not have a Social Security number or if you are looking for an alternative path to financing. We would love to see if we can help you finance your next real estate purchase, so give us a call today to schedule a consultation with our team.
Not sure if an ITIN loan in Louisiana is right for you? Speak with us to discuss other financing options we have available. Whether you want to apply for a VA loan, secure a Non-QM loan, or take out a home equity line of credit, our team can help.
Frequently Asked Questions: Louisiana ITIN Loans
How is an ITIN loan different from a conventional loan?
The biggest difference between a conventional loan and an ITIN loan is that you generally need to have an SSN to take out a conventional loan, but you do not need to have one if you apply for an ITIN loan. Also, the credit requirements and documentation requests might be a bit more flexible with an ITIN loan when compared to a conventional loan.
What credit score do I need to qualify for ITIN financing in Louisiana?
Borrowers taking out ITIN loans in New Orleans and other cities may not always have a FICO score, so we can work with borrowers on a case-by-case basis to determine creditworthiness. While a higher credit score is always favorable, there are other ways you can prove your financial character, even if your credit score is not that high or you don’t have credit established in the United States.
How long does it take to get an ITIN loan in Louisiana?
Generally, we try to approve loan applications in 30 days, but the exact amount of time it may take to get approved can vary depending on the market conditions and the financial circumstances of the applicant. We will work with you to get you approved as quickly as possible.