South Dakota ITIN Loans

When seeking a home loan, traditional mortgages in South Dakota require applicants to have a Social Security number (SSN). While this isn’t a problem for US-born mortgage applicants and naturalized citizens, it poses a serious issue for non-US citizens who live and work in the United States but don’t have a Social Security number.  How can these individuals secure mortgages without the required information?

Fortunately, South Dakota ITIN loans provide an answer. ITIN loans in South Dakota are a mortgage lending solution that allows borrowers to apply with an ITIN, or Individual Taxpayer Identification Number, in place of an SSN.

ITIN loans are a type of non-QM loan, or non-qualified mortgage loan. These are loans that allow applicants to qualify based on non-traditional methods. They’re considered “non-qualified” because their terms and conditions don’t meet the Consumer Financial Protection Bureau’s lending requirements — but that doesn’t make them any less legitimate. ITIN loans are a safe and low-risk path to homeownership in the United States.

Griffin Funding offers several South Dakota ITIN loan options to suit a range of different needs. Those include: 

• Full documentation loans: A loan based on comprehensive income and financial records. Full documentation loans can secure lower down payments and highly competitive interest rates, but many are unable to provide the level of documentation they require. 
• Bank statement loans: For those with non-traditional earning methods like the self employed or entrepreneurs. These loans verify your income based on 12-24 months of your bank statements, rather than via W-2.
• Debt-service coverage ratio loans: Another non-traditional loan type that qualifies applicants based on the ratio of a borrower’s income versus their debt. 
• Asset-based loans: This financing option allows borrowers to leverage their assets in order to get financing.
• Interest-only loans: Interest-only loans allow the borrower to pay only the interest on their loan for a predetermined amount of time, typically between 5 and 10 years.

There are many benefits of an ITIN mortgage loan in South Dakota, including: 

• Path to homeownership for those without SSNs: ITIN mortgage loans in South Dakota open the doors to many loan applicants who may not otherwise qualify for the mortgage application process. For those without a Social Security number, ITIN mortgage loans may mean the difference between homeownership and a life of renting.
• Greater flexibility with loan eligibility: Because ITIN loans are non-QM loans, they offer much greater flexibility when it comes to eligibility. Those with non-traditional income or lower credit scores may still qualify.
• Strong lending terms: With Griffin Funding as your ITIN mortgage lender in South Dakota, you may qualify for loans up to $5 million, unlimited cash out, and as little as 20% down payment.
• Purchase second homes and invest in real estate: You can use an ITIN mortgage loan in South Dakota to purchase a second home, a vacation home, or an investment property if you’d like.

Interested in beginning the ITIN loan application process? The following are requirements for ITIN loan eligibility in South Dakota: 

• Valid ITIN: To qualify for an ITIN loan, you must first have a valid ITIN number from the IRS. 
• Residency status: You don’t need to be a US citizen to qualify for an ITIN loan, but you do need to be a legal resident of the US. You will need to present a valid visa or visa waiver in order to qualify. 
• Financial documentation: There are many ways to verify your income for an ITIN home loan in South Dakota. While income can be verified via W-2 income statements, it may also be verified through personal or business bank statements, debt-to-income ratio, or even secured using your assets as collateral.
• Creditworthiness: To secure an ITIN mortgage loan in South Dakota via Griffin Funding, you should have a minimum credit score of 620. If you don’t have credit established in the US, you may be able to submit a credit report from your country of origin. 

If you’re ready to begin your journey towards an ITIN mortgage loan, get your personalized action plan with the Griffin Gold app. You can check your path to homeownership, improve your credit score, and get on your way to owning a home.

Has the lack of an SSN held you back from achieving your property ownership dreams? Griffin Funding can help. We’re the leading ITIN mortgage lender in South Dakota, with flexible solutions to suit many hopeful borrowers who would not otherwise qualify.

Our mortgage professionals are experts in home loans for non-citizens and foreign national loans. Contact us today and learn how you can begin the journey to homeownership. Or, if you’re ready to get started, fill out an online application.

Where can I get an ITIN loan in South Dakota? 

Not every bank offers ITIN mortgage loans in South Dakota. Plus, requirements surrounding credit scores and income verification, as well as terms like interest rates and down payments, can vary from lender to lender. 

Whichever lender you choose, it’s important to ensure they’re reputable. At Griffin Funding, our mission is to serve our customers with honesty, integrity, and competence. Don’t just take our word for it — we’re proud to have glowing reviews on Yelp, BBB, and Google.  

What does the mortgage process look like when applying for an ITIN loan? 

The mortgage application process shouldn’t be stressful. Our experienced mortgage professionals are committed to guiding you through the ITIN home loan process and your financial future. Here’s what to expect: 

• Discovery meeting: First, we’ll decide which loan option is best for your financial situation.
• Loan application: You can complete the loan via our online digital mortgage portal — and even from your phone. 
• Set rate: We’ll establish an interest rate based on your application. 
• Application and disclosures: We can send these to you online or physically via the mail. 
• Supporting documentation: We’ll provide a list of all required documentation. 
• Loan underwriting process: Next, we’ll process and underwrite your loan. 
• Appraisal and pest inspection: We’ll request an appraisal of your potential home and help with pest inspection needs. 
• Loan approval: Once we’ve approved the loan, we’ll let you know if there’s anything else we need. 
• Document signing: You’ll sign the final loan document in the presence of a notary. 
• Loan funding/recording: Funds for purchase loans are available immediately, while refinance loans are available in 3 days. 

What types of properties can I buy with an ITIN loan?

ITIN loans in South Dakota are not only available for purchasing a primary residence, but can be used to purchase a second home, investment property, or vacation home as well.