What Is an ITIN loan?

An ITIN loan is a foreign national mortgage that allows for an individual who is not a citizen of the United States to purchase a home or investment property. Although conventional mortgages typically require borrowers to have a Social Security number, ITIN loans make it possible for borrowers to qualify using their Individual Taxpayer Identification Number (ITIN) instead. 

An Oregon ITIN home loan allows the buyer to borrow up to $5 million for a new home or property. This home can be a rental property, a vacation home, or a temporary residence the borrower uses while they’re in the United States. The buyer must be able to show that they are creditworthy, have proof of income, provide proof of employment, and hold a valid visa or visa waiver to qualify.

Oregon ITIN Mortgage Loan Benefits

One of the biggest benefits of an Oregon ITIN mortgage loan is the ability to buy property without having a Social Security number like United States residents do. Some of the other key benefits of taking out an ITIN mortgage loan in Oregon include:

  • No FICO score needed to qualify 
  • Loan amounts of up to $5 million
  • Can be used for second homes and investment properties
  • DSCR financing options available for real estate investors 
  • Unlimited cash out

Eligibility Requirements for ITIN Mortgages in Oregon

In order to qualify for an Oregon ITIN home loan, you must be able to show that you are creditworthy. Although lenders typically evaluate creditworthiness by looking at a borrower’s FICO score, you don’t necessarily need a FICO score when applying for an ITIN home loan in Oregon. Instead, you can provide two years of history with three active and open trade-lines or submit a credit report from your country of origin. 

You may also need to show proof of income, proof of assets (if you’re applying for an asset-based loan), and a visa or visa waiver to secure an ITIN mortgage. Keep in mind that if you are from an OFAC sanctioned country, you will not be eligible for an ITIN mortgage in Oregon.

Secure a Loan With the Best ITIN Mortgage Lender in Oregon

It’s important to find an Oregon ITIN mortgage lender who understands how ITIN mortgages work and who is in the best position to take advantage of them. When you find a home that you love or you want to purchase a rental property, it’s time to learn more about your mortgage options.

At Griffin Funding, we understand that you want to work with an Oregon ITIN mortgage lender you can trust. Our mortgage specialists are ready to answer any questions you have about the products we have to offer. From mortgage insurance requirements to ITIN home loans in Portland, Bend, and other cities, our mortgage specialists are available to discuss your options.

Frequently Asked Questions: Oregon ITIN Loans

Can you buy a house in Oregon with only an ITIN number?

Yes, you can purchase a home in Oregon using your ITIN when you take out an ITIN mortgage in Oregon. In addition to having a valid ITIN, you will need to be able to show proof of income and creditworthiness. So, if someone in Oregon is selling your house and you’re looking to buy, you don’t have to be held back by your lack of a Social Security number—take out an ITIN loan and get the home you want.

What is the minimum credit score required to get an ITIN loan in Oregon?

Credit requirements are flexible when you’re taking out an ITIN loan in Oregon. In general, you must be able to prove to the lender that you are creditworthy, and the easiest way to do this is to provide them with your FICO score. However, you can also provide the lender with a credit report from your country of origin. Contact us to learn more about the credit verification process when it comes to ITIN loans in Portland, Eugene, Bend, and other cities in Oregon. 

How do I get an ITIN?

An ITIN is an Individual Taxpayer Identification Number and it is obtained by applying for an ITIN with the Internal Revenue Service (IRS). You can apply as an individual and get your tax ID number online by filling out Form W-7. Once an ITIN has been assigned to you by the IRS, you can begin the process of applying for an ITIN mortgage in Oregon.