What Is an ITIN Loan?

An ITIN loan is a type of loan available to individuals who pay US taxes and have obtained an ITIN from the IRS. Getting an ITIN is a process that requires proving your identity to the IRS using a variety of documentation, such as a birth certificate. You fill out Form W-7 and provide documents like tax returns to show you are a non-resident in the US. It can take from four to six weeks to process your application, and, if approved, the IRS will assign you an ITIN.

Wth a valid ITIN, you can proceed to apply for a North Carolina ITIN home loan with a lender. This process is a lot like the process of applying for a traditional mortgage. The lender will ask for a variety of documentation to prove your identification, employment status, finances, and other important factors used in making lending decisions.

Generally, you can assume that if you would be a good candidate for a traditional mortgage if you had a SSN, you would probably be a good candidate for an ITIN loan.

Key Benefits of ITIN Mortgage Loans in North Carolina

For those without an SSN, ITIN mortgage loans offer plenty of benefits. These include:

  • No Social Security number is required. Not having a SSN prevents you from getting a traditional mortgage, but it’s not a problem for an ITIN loan.
  • No FICO score is required. The lack of a FICO score will not prevent you from securing an ITIN loan. Instead, you can prove creditworthiness through other means, like by submitting a credit report from your country of origin. 
  • Allows you to build credit. Making regular, on-time payments on an ITIN loan helps you build a good credit history and establish a better credit score.
  • No need to give up your home country residency. Many individuals who apply for ITIN loans want to retain their home country residency. ITIN loans are great options that don’t require you to become a US citizen.
  • Flexible property requirements. You can use a North Carolina ITIN mortgage to purchase second homes, vacation homes, and investment properties. You can also use this type of financing to buy single-family homes, condos, and townhouses.

Applying for an ITIN Mortgage in North Carolina

Applying for a North Carolina ITIN mortgage loan with Griffin Funding follows this process:

  1. Discovery meeting. Meet with a mortgage strategist to evaluate your specific financial situation and identify the best loan options for you.
  2. Complete loan application. You can complete your loan application either by phone or by filling out the required documents in our online digital mortgage portal.
  3. Lock in your rate. Once we process your information and determine the loan rate, you can lock in your rate.
  4. Application and disclosures. With the interest rate locked in, we can send the initial application to you and provide you with any disclosures, either by mail or online.
  5. List of supporting documents. We will let you know all of the supporting documents we will require to continue processing your loan application.
  6. Process and underwrite the loan. With all documentation in hand, we can go through the fine details of processing and underwriting the loan.
  7. Appraise the property and conduct pest inspection. We will order an appraisal of the property and help you find a pest inspector.
  8. Approve the loan. Once we verify the value of the property through the appraisal, we can finalize the loan approval.
  9. Signing. Here you can review all of the loan documentation and sign the documents in front of a notary.
  10. Loan funding and recording. Purchase loans are typically funded immediately, while refinance loans require a three-day waiting period before funding.

This process can take some time and some back and forth to gather all documentation. However, our loan specialists will guide you through all of it and update you as necessary. We can also advise you on any other requirements for your purchase, such as mortgage insurance requirements.

Work With North Carolina’s Leading ITIN Mortgage Lender

As North Carolina’s leading ITIN mortgage lender, we make this process as easy as possible. Our company has helped many foreign nationals get the funding they want and need. We offer options to fit many different situations. Whether you need an ITIN loan, a self-employed mortgage, or a conventional mortgage, we can help.

Part of what sets our company apart is our focus on clear communication and great customer service. Many clients come to us for information first, then choose to borrow from us. We help people like you to identify what their lending options are and how to achieve their financial goals. If you have questions, we are here to answer them.

The best time to find out your financing options is right now. We encourage you to contact us and speak to one of our loan specialists. Whether you’re seeking out an ITIN loan in Charlotte or Durham, it only takes a quick phone call to get accurate information so you can plan your financial future. Apply now.

Frequently Asked Questions: North Carolina ITIN Loans

Can I take out a home loan with an ITIN?

If you qualify, you can take out a home loan with an ITIN. An ITIN loan is designed to help you finance the purchase of real estate. As long as you meet the lending criteria, you should be able to get a home loan using your ITIN.

Can I get an ITIN mortgage in North Carolina if I’m not a U.S. citizen?

Yes, you can get an ITIN mortgage loan in North Carolina without US citizenship. You just need your ITIN and a North Carolina ITIN mortgage lender to get started.

How do I qualify for an ITIN loan in North Carolina?

To qualify for an ITIN home loan in North Carolina, you need an ITIN, two years of employment history, two years of tax returns, and a big enough down payment. There may be other requirements, which is why it’s best to contact a lending specialist for information specific to your situation. Reach out to Griffin Funding today to learn more about how to qualify for an ITIN loan in Charlotte, Greensboro, Durham, and other North Carolina cities.