What Is an ITIN Loan Program?

In a nutshell, Michigan ITIN loans are designed for US resident aliens or non-resident aliens ineligible for a Social Security number. When using this type of mortgage, your Individual Taxpayer Identification Number (ITIN) acts as your Social Security number. Note that you can only use this option if you don’t qualify for an SSN.

Griffin Funding is a Michigan ITIN mortgage lender, and our team can walk you through the ins and outs of a foreign national mortgage.

Highlights of Michigan ITIN Mortgage Loans

If you are a foreign national dreaming of homeownership, you may find the mortgage loan application process daunting. However, a Michigan ITIN mortgage can open up new doors that help you move forward with your new home or investment goals.

Even if you don’t have a Social Security card, it doesn’t have to be a barrier to a home mortgage. These loans also give you a great deal of flexibility if you don’t have legal residency status. Plus, Griffin Funding will work with you to help you navigate the process more easily.

Here are some of the benefits of ITIN mortgages:

  • Loan amounts as high as $5 million. High loan amounts give you more flexibility while house hunting and allows you to afford your dream home. 
  • You can build your credit. If you don’t yet have a FICO score in the US, taking out an ITIN loan and making timely payments can help you establish and build credit over time. 
  • Finance a second home or investment property. You can use a Michigan ITIN loan to purchase single-family homes, condos, and townhomes to use as vacation homes or investment properties. 
  • Unlimited cash out. You can tap into your home’s equity if you need to and get cash for renovations, repairs, large expenses, and more. 
  • No FICO score required. Borrowers can prove their creditworthiness by going through alternative credit verification processes or by providing their lender with a credit report from their country of origin. 

How to Apply for a Michigan ITIN Home Loan

Are you ready to apply for an ITIN mortgage loan in Michigan? Here’s an overview to guide you through the lending process at Griffin Funding: 

  1. Consult and apply: You will consult with a mortgage expert who’ll recommend the best loan options for you. Then, it’s time to fill out a loan application online or by phone and secure your rate.
  2. Review and submit: You will complete the application and disclosures electronically or mail them to our mortgage team.
  3. Process and approve: We will evaluate your information and credit history and finalize your loan. A home appraisal and pest inspection may also be completed.
  4. Sign and close: You will review and sign the final loan documents with a notary. After a 3-day waiting period, you can close the deal.
  5. Fund and record: Your loan will be funded and recorded, and you will receive the funds or the keys to your new home or investment property.

Our loan specialists will do everything possible to help you get approved for a mortgage.

Work With Michigan’s Best ITIN Mortgage Lender

Whether you want to live in the beautiful Michigan countryside or in the heart of the city, Michigan ITIN mortgages offer many benefits. That’s especially true when you partner with the best ITIN mortgage lender in Michigan. 

At Griffin Funding, we understand how busy you are. Looking for a home and getting your finances in order is difficult enough. If you don’t have a Social Security number and have trouble qualifying for other types of financing, that puts you at an extreme disadvantage.

Reach out to Griffin Funding today to learn more about ITIN home loans in Michigan and whether this type of financing is right for you. We can help you better understand the process, associated costs, requirements, and tax implications associated with Michigan ITIN loans.

Frequently Asked Questions: Michigan ITIN Loans

What types of property can I buy with an ITIN loan in Michigan?

Use a Michigan ITIN home loan to buy a primary residence, investment properties, or a vacation home. We can also help you refinance your single-family home, townhome, condo, or prefab home. If you have questions regarding a home you’re interested in, reach out to a Michigan ITIN mortgage lender like Griffin Funding. 

What are the qualification requirements for an ITIN loan?

You’ll need to meet certain requirements in order to qualify for an ITIN loan in Michigan. Three of the main requirements to consider before applying include:

  • Proof of creditworthiness
  • Proof of income
  • An Approved VISA Type: B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa

If your credit history is limited, you may need to provide information regarding three active trade lines established at least two years ago. Also note that if you’re from an OFAC sanctioned country, you won’t qualify for anITIN home loan in Detroit, Michigan.

Can I get an ITIN loan in Michigan if I’m not a US citizen?

Yes, ITIN loans can be used by non-residents and non-citizens to purchase a home in the United States. If you’re a foreign national, a Michigan ITIN loan can be a great way to secure a second home and invest in real estate. Reach out if you’re interested in applying for an ITIN loan in Detroit, Ann Arbor, Grand Rapids, or any other city within the state of Michigan.