What Is an ITIN Home Loan?

ITIN stands for Individual Taxpayer Identification Number, a number issued by the IRS to individuals who pay taxes in the US even though they don’t have a Social Security number (SSN). An ITIN home loan is a type of Non-QM loan available to individuals with an ITIN, allowing them to secure funding for the purchase of property without using a Social Security number as identification.

ITIN home loans in South Carolina are similar to foreign national loans, and these terms are often used interchangeably. However, ITIN loans are specifically for individuals who don’t have an SSN but do have an ITIN, which may apply to resident or non-resident aliens who earn an income in the US and are required to pay taxes.

On the other hand, foreign national mortgage loans are designed for non-US citizens that don’t live or pay taxes in the US but want to purchase property here. These borrowers may not have either an SSN or ITIN.

Benefits of ITIN Mortgage Loans in South Carolina

An ITIN loan can provide an avenue toward homeownership for borrowers without Social Security numbers, breaking down common barriers and providing opportunities for them to own property. Whether you’re a non-resident or ineligible for a conventional loan due to your immigration status, this type of loan can help you secure the financing you need to purchase a home or investment property. 

The benefits of ITIN mortgage loans in South Carolina include: 

  • Credit building: With an ITIN mortgage, individuals with no credit history can begin building credit in the US if their lenders report mortgage payments to the major credit bureaus. This can help borrowers build a more extensive credit history in the US that can then be used for future financing needs. 
  • Flexibility: Some lenders offer ITIN mortgages with more flexible lending requirements in terms of down payment amounts, employment history, and credit history. 
  • Types of properties: ITIN mortgage loans allow you to finance primary residences, second homes, vacation homes, and investment properties. 
  • Tax benefits: With an ITIN, homeowners may be eligible to deduct the cost of interest on their tax returns, reducing their tax burdens. 

ITIN loans may also come with higher interest rates and down payment requirements compared to traditional loans. Griffin Funding strives to offer competitive interest rates and flexible terms to accommodate borrowers’ unique circumstances.

South Carolina ITIN Loan Qualification Requirements

Qualification requirements are set by ITIN lenders in South Carolina. In addition, not all lenders offer these mortgage programs, so you should do your research to find a lender near you who understands your particular situation. A few common ITIN loan requirements include the following:

  • Identification: South Carolina ITIN loan borrowers must have their ITIN card to prove their identity. Lenders may also ask for additional documentation, such as a driver’s license or passport. 
  • Credit history: ITIN loans typically have more flexible credit score requirements, but most lending institutions must determine whether the borrower is someone who has a history of paying bills on time, which may include proof of paid electricity bills and other loan payments. If you apply with Griffin Funding, we require proof of three active and open tradelines. 
  • Proof of income and employment: ITIN lenders in South Carolina must determine a borrower’s ability to repay the loan, which they do by verifying employment and confirming income.
  • Down payment: Minimum down payment amounts vary by lender, but they’re typically higher than other types of loans. In most cases, you should expect to make a down payment of at least 20% of the home’s purchase price.

Work With a Trusted ITIN Lender in South Carolina

An ITIN loan allows individuals without SSNs to pursue homeownership or investment opportunities despite not having traditional loan qualifications, eliminating the barriers associated with lending. This type of loan increases access to the real estate market, offering a path to wealth building and fulfilling the American dream regardless of immigration status.

Choose Griffin Funding as your ITIN mortgage lender in South Carolina. We specialize in South Carolina home loans like ITIN mortgages and other Non-QM loans, working with our borrowers to find the best solution based on their unique circumstances. Whether you’re interested in an ITIN loan in Charleston, Greenville, or Hilton Head, we can help you through the application process and set you up with fair rates and terms.

Frequently Asked Questions: South Carolina ITIN Loans

Can I purchase a home using an ITIN number in South Carolina?

Not everyone can purchase a home using an ITIN number in South Carolina. To qualify for this type of loan, you must have a valid ITIN. In addition, if you have a Social Security number, you’re not eligible for this type of mortgage loan. Eligible borrowers will also need to provide proof of steady income and employment and meet other requirements set by ITIN mortgage lenders in South Carolina. 

What types of properties can I buy with a South Carolina ITIN loan?

Lenders can limit the type of properties you can purchase with an ITIN loan. However, in general, you can finance a variety of properties, including:

  • Primary residences
  • Second homes
  • Vacation homes
  • Investment properties, including short- and long-term rentals

Apply for an ITIN loan Charleston, Myrtle Beach, or another South Carolina city to purchase the type of real estate that aligns with your goals. 

How do I get pre-approved for an ITIN loan in South Carolina?

The process for getting pre-approved for an ITIN loan in South Carolina varies by lender. Griffin Funding streamlines the process while working directly with prospective borrowers to ensure we understand their unique needs and situation. To get a mortgage, you can apply online or contact us today, and we can begin the application process over the phone. 

If you meet our criteria, you’ll receive a pre-approval letter, which states you’re eligible to borrow up to a certain amount. It’s important to note that pre-approval is not the same as final loan approval. Once you make an offer on a home, you’ll apply for the mortgage loan with your current information to determine how much you’re eligible to borrow.