What Is an ITIN Loan?

For those who are unfamiliar, ITIN loans offer financing for non-US residents who don’t have a Social Security number, which is typically required to qualify for traditional home loans. Instead, those who obtain Maryland ITIN mortgage loans can qualify for financing using an Individual Taxpayer Identification Number (ITIN). 

Maryland ITIN loans enable potential homebuyers to invest in real estate in the United States without needing to be a resident or citizen. Therefore, this type of financing is ideal for those seeking ways to purchase homes while going through the citizenship process or those who wish to invest in American real estate while living in a foreign country.

Key Benefits of ITIN Home Loans in Maryland

If you’re wondering about the benefits of Maryland ITIN home loans, some of them are as follows:

  • No Social Security number required: Those who apply for ITIN loans are not required to have a Social Security number. Instead, borrowers can qualify for a loan using their ITIN. 
  • Generous loan amounts: When you apply for an ITIN loan in Maryland, you can secure up to $5 million in financing. 
  • Purchase second homes: Maryland ITIN home loans can be used to finance second homes, vacation homes, and investment properties. 
  • Build credit: ITIN loans can also enable borrowers to build credit. As long as you are able to make payments on time and carry out other transactions successfully, you will be able to build up your credit score in the US. 
  • No FICO required: You can qualify for an ITIN mortgage in Maryland even if you don’t have a FICO score. Instead, lenders can evaluate your creditworthiness through alternative methods or you can submit a credit report from your country of origin. 

How to Get an ITIN Mortgage in Maryland

If you are interested in applying for an ITIN loan in Baltimore, Columbia, or another city in Maryland, but are unsure of the requirements for doing so, they are as follows:

  • Proof of income: The first thing anyone who wants access to a Maryland ITIN home loan must provide is proof of income in order to assure the lender that you can repay the loan. You may also be required to provide up to two years of tax returns. 
  • Visa or visa waiver: Applicants must provide a visa or visa waiver. We accept the following visa type for Maryland ITIN financing: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, and Laser Visa.
  • Proof of creditworthiness: Lastly, even if the applicant does not yet have credit in the United States, they must prove their creditworthiness. This often involves providing various types of documentation to confirm your credit history from your country of origin. 

To get approved for a loan, applicants must meet these requirements, as well as others that may be requested from their chosen financial institutions. Reach out to Griffin Funding to learn more about how ITIN mortgages work. Or, if ITIN loans aren’t the best option for you at the moment, we can help you explore the advantages and tax benefits of other types of home financing products.

Secure Financing Through a Leading ITIN Mortgage Lender in Maryland

Overall, ITIN loans are an excellent option for those who are not yet US citizens or those who want to invest in US real estate while living elsewhere. If you are looking to secure financing through a leading ITIN mortgage lender in Maryland, Griffin Funding is a fantastic option. 

Offering premium quality Maryland home loans of all kinds, clients of Griffin Funding enjoy access to various types of financing products as well as excellent customer service. Start the process of securing an ITIN loan in Maryland by contacting us or filling out an online application.

Frequently Asked Questions: Maryland ITIN Loans

What are the drawbacks of an ITIN loan?

When considering whether to take out an ITIN mortgage in Maryland, it’s important to weigh the pros and cons of this type of financing. Some of the drawbacks of ITIN loans include:

  • Higher down payment: ITIN loans typically require a higher down payment than traditional home loans. Borrowers should be prepared to put at least 20 percent of the home’s price down when taking out an ITIN loan. 
  • Higher interest rates: Given that those who are in the market for ITIN loans may not be able to provide sufficient credit history and often live outside of the US, they can be considered a higher credit risk by lenders. Therefore, borrowers may pay a slightly higher rate on ITIN loans than they would with something like a conventional fixed-rate mortgage or VA loan. 
  • Property restrictions: There may also be some restrictions on how the loan can be used. For instance, ITIN loans typically can’t be used to fund commercial real estate projects.

What is the minimum credit score requirement for an ITIN loan?

The minimum credit score for an ITIN loan will depend on the lender’s requirements. Many lenders require a credit score of 660 or higher in order to qualify for an ITIN loan in Baltimore, Maryland. However, we can also work with you if you haven’t yet established a FICO score by verifying your creditworthiness through other means. 

What types of property can I buy with a Maryland ITIN loan? 

You can purchase several different property types using ITIN financing in Baltimore and other Maryland cities. Some of the property types you can purchase with a Maryland ITIN loan include:

  • Single-family homes
  • Condos (including non-warrantable condos)
  • Townhomes