What Is an ITIN Loan?

Social Security numbers are an important part of the lending process because they allow lenders to reliably identify applicants. If someone doesn’t have a SSN, lenders generally can’t work with them. But there is another reliable way to identify someone, even if they don’t have a SSN. An ITIN also serves as a reliable identifier – one certain lenders are willing to base loans on.

With an ITIN loan, the lender verifies your identity through your ITIN and uses that identification to start the lending process. You provide all of the documentation the lender asks for, such as employment history, bank records, credit verification, and so on. The lender will then use your information to determine if you qualify for a loan.

Highlights of ITIN Mortgage Loans in Montana

There are number of benefits associated with taking out an ITIN home loan in Montana, including:

  • Don’t need a Social Security number. This is the biggest benefit because if you can’t get a SSN, your lending options for buying a home are very limited.
  • Build your credit history. Making regular mortgage payments is an excellent way to build and improve a credit score.
  • High loan amounts. When you take out an ITIN mortgage in Montana, you can qualify for up to $5 million in financing. 
  • Flexible property requirements. Montana ITIN loans can be used to purchase second homes, vacation homes, and investment properties. Additionally, you can use this type of financing to purchase single-family homes, townhomes, and condos. 
  • No FICO score required. You can qualify for an ITIN mortgage loan in Montana even if you don’t have a FICO score. Instead of using a FICO score to prove creditworthiness, you can use alternative methods or provide the lender with a credit report from your country of origin. 

Applying for an ITIN Home Loan in Montana

Applying for a Montana ITIN home loan is much like applying for a mortgage. Some of the key factors lenders will look for include:

  • Identification. In addition to the ITIN you get from the IRS, lenders may want other documentation like a driver’s license in order to verify identity. 
  • Proof of employment. Most lenders will expect you to provide evidence of at least two years of employment or evidence of similar self-employment.
  • Tax returns. Two years of tax returns are also usually required for an ITIN loan.
  • Credit score. The credit score requirements vary from lender to lender, but often the requirements are more lenient than some standard mortgages.
  • Financial documents. Typically, the better your finances, the better your loan options. If you have documentation showing various assets the lender will want to see proof of funds and other documentation.
  • Down payment. This is one area where ITIN loans can require more than some standard mortgages. Typical down payment requirements for ITIN home loans in Montana ask for at least 20 percent of the home’s price upfront.

It’s good to have all of the above documentation ready before you start the application process. However, you can also rely on your Montana ITIN mortgage lender to tell you everything you will need to apply for a loan. Your lender should be able to answer all of your questions and provide detailed guidance on how to get the financing you need to make your real estate purchase.

Work With a Trusted ITIN Mortgage Lender in Montana

Not every lender offers ITIN loans. When searching for a Montana ITIN mortgage lender, be sure to verify that the lender offers ITIN loans and that they have plenty of satisfied customers. 

A good ITIN loan lender will make it as easy as possible to start the application process. At Griffin Funding, we offer a wide range of ITIN loans throughout Montana, providing ITIN mortgages in Billings, Helena, Kalispell, and other cities. You can contact us easily through our website and get accurate information quickly from our helpful team. We try to streamline the loan process as much as possible because we know our clients need answers fast.  

Our company has helped numerous foreign nationals by providing funding for home purchases, investment property purchases, second home purchases, and more. We understand how important it is to purchase a home for you and your family, and we don’t think not having a SSN should stop you from realizing that dream. Reach out to Griffin Funding or fill out an online application today to take the first steps towards securing an ITIN mortgage in Montana.

Frequently Asked Questions: Montana ITIN Loans

Can I take out a loan with an ITIN if I don’t have a Social Security number?

Yes! The primary benefit of an ITIN loan is that it doesn’t require a Social Security number. Lenders can use your ITIN instead of a Social Security number to base your application on.

What are the qualification requirements for ITIN mortgages in Montana?

Qualifying for an ITIN mortgage in Montana requires many of the same things that a traditional home loan requires. These include proof of employment, tax returns, proof of creditworthiness, and a down payment. The exact criteria vary from lender to lender, but all lenders will require these basics.

Even if you don’t have a FICO score, you can prove your creditworthiness using alternative means or even submit a credit report from your country of origin.

Can I refinance an ITIN mortgage?

Yes, you can refinance your Montana ITIN mortgage loan just like you can with other mortgages. You can refinance an ITIN loan to potentially secure a better rate, lower your monthly payment, restructure loan terms, and more. If you want to refinance an ITIN loan in Whitefish, Bozeman, Billings, Helena, Kalispell, or any other city within Montana, reach out and we can help.