What Is the ITIN Loan Program in New Jersey?
In case you’re unfamiliar with them, Individual Taxpayer Identification Number (ITIN) loans are home loans that allow borrowers to qualify for financing using their ITIN rather than a Social Security number. Borrowers taking out ITIN loans also don’t have to provide certain types of documentation and don’t need a FICO score to qualify.
Thus, ITIN loans in New Jersey can prove helpful to non-residents and non-citizens who want to purchase property in the United States. With ITIN mortgage loans in New Jersey, foreign nationals can buy second homes in the US or invest in real estate in the Garden State.
New Jersey ITIN Mortgages: Key Benefits
If you’re a non-US citizen who is interested in investing in American real estate, New Jersey ITIN loans provide various benefits. Some of the most prominent benefits are as follows:
- Secure high value loans: All loans have different parameters and limits. While some offer lower loan amounts, others offer far more in terms of the maximum loan amount allowed. When it comes to New Jersey ITIN loans, borrowers can secure loans of up to $5 million.
- Certain documentation isn’t required: You don’t have to provide the same amount of documentation to acquire a New Jersey ITIN mortgage loan as you would with a traditional mortgage.
- Finance second homes and investment properties: While some mortgages are required to be used for primary residences, ITIN loans enable borrowers to finance second homes and even investment properties.
- Get DSCR loans for investment properties:Real estate investors can take out debt service coverage ratio ITIN loans and qualify for investment property financing with no income.
- No FICO score required: One great benefit of getting a New Jersey ITIN loan is that no FICO score is required. If you don’t have a FICO score, you can still qualify for a New Jersey ITIN mortgage by providing a credit report from your country of origin or gathering other documents that let us evaluate your creditworthiness.
New Jersey ITIN Mortgage Loan Requirements
Here are some of the basic requirements you’ll need to meet in order to qualify for an ITIN mortgage loan in New Jersey:
- Visa or visa waiver: The first thing applicants must provide to obtain a New Jersey ITIN loan is a visa or visa waiver. We currently accept the following visa types: 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 income: You must provide proof of income by supplying the lender with documents such as tax returns, pay stubs, bank statements, proof of assets, etc.
- Proof of creditworthiness: While you don’t need a FICO score to qualify for an ITIN mortgage in New Jersey, you’ll still need to demonstrate creditworthiness using another method. For example, you can provide the lender with a credit report from your country of origin.
Apply for an ITIN Home Loan in New Jersey
Acquiring a New Jersey ITIN home loan is a fantastic option for those who are not US citizens, as well as those who want to invest in US real estate while residing in other countries. If you are seeking a New Jersey ITIN home loan, Griffin Funding is an excellent choice.
Our team offers New Jersey home loans with competitive rates and flexible terms. Clients of Griffin Funding receive access to an array of financial products and premium quality customer service. Ready to apply? Fill out an online application or contact us today to schedule a consultation.
Frequently Asked Questions: New Jersey ITIN Loans
How do I apply for an ITIN loan in New Jersey?
The application process for New Jersey ITIN loans requires you to fill out an application and provide necessary documentation. Then, we’ll review your application, underwrite the loan, and connect you with financing.
Preparing to apply for an ITIN mortgage in New Jersey? In that case, here are the basic steps to prepare for:
- Schedule a discovery meeting
- Complete an application and get pre-approved
- Lock in your interest rate
- Fill out the loan application and disclosures
- Provide supporting documentation
- We’ll process the loan
- Schedule a home appraisal and pest inspection
- Receive final loan approval
- Sign the final loan document
- We’ll fund your loan
What documents do I need to get an ITIN loan?
To secure an ITIN loan, you need to provide documentation that verifies that your income, credit, and visa status meet the lender’s minimum requirements. After you apply, you may be asked for documents such as tax returns, pay stubs, bank statements, proof of assets, and credit reports. The exact documents you’ll need can vary based on the structure of your loan and your unique financial circumstances.
How much is the down payment on an ITIN loan in New Jersey?
Those who want to take out an ITIN loan in New Jersey should be prepared to put at least 20 percent of the home’s price down at closing. While the down payment requirement for this type of financing is typically higher than with traditional mortgages, ITIN loans also tend to carry more risk for the lender. At the same time, with a higher down payment you can lower your monthly mortgage payments, potentially secure a lower rate, minimize the amount you pay in interest, and get more equity in your home upfront.