What Is an ITIN Loan?

If you are looking for a foreign national mortgage a Tennesse ITIN home loan might be for you. ITIN, which stands for Individual Taxpayer Identification Number, is a number that is furnished by the IRS to certain non-residents and non-citizens who aren’t able to qualify for a Social Security number. 

If you have an SSN, that is how the IRS tracks you to make sure that you pay your taxes. If you do not have an SSN but still pay taxes in the United States, you might be given an ITIN that the IRS can use instead.

With an ITIN, you could be eligible to apply for a Tennessee ITIN mortgage loan. This method of financing can be a great way for you to purchase property in the United States even if you do not have an SSN.

Advantages of Tennessee ITIN Mortgage Loans

Tennessee home loans come in all shapes and sizes. There are several significant benefits you will enjoy if you decide to apply for an ITIN loan in Tennessee. Some of the top benefits include:

  • No Social Security number required: When taking out an ITIN mortgage loan in Tennessee, you can qualify for the loan using your ITIN rather than your SSN. 
  • Access up to $5 million in financing: You can access generous amounts of financing with Tennessee ITIN loans, enabling you to purchase high-value properties. 
  • Invest in US real estate: ITIN mortgage loans in Tennessee can be used for second homes and investment properties, so you can use this type of financing to start investing in US real estate. 
  • Flexible credit requirements: It is always better to have a high credit score if you apply for a home loan, but even if you do not have a credit score at all, you may still be eligible for this type of mortgage. With an ITIN loan, we can use credit verification methods other than looking at your FICO score, such as reviewing a credit report from your country of origin. 
  • Build your credit score: If you are looking for a way to build a credit score, an ITIN home loan could be a great way for you to do so. Making timely payments on your ITIN mortgage can help build up your credit score over time.

If you want to take advantage of all of these benefits, you need to work with a reputable Tennessee ITIN mortgage lender. That is where we can help you. Griffin Funding offers ITIN mortgages in Nashville, Chattanooga, Franklin, and every other city in the state of Tennessee.

Qualification Requirements for ITIN Mortgages in Tennessee

Like any other mortgage, there are several qualifications that you will need to meet if you would like to be approved for an ITIN mortgage. They include:

  • Financial history: Even if you do not have a credit score, we will need to take a close look at your financial history to make sure you can pay back the loan. When applying, you will likely need to provide proof of employment, income, and possibly assets. 
  • Credit score: We do not necessarily have a minimum credit score, but individuals with a credit score of 620 or higher are more likely to be approved. 
  • Tax returns: We will need to see prior tax returns to make sure you are on solid financial ground.
  • Visa or visa waiver: You will need to have a valid visa or visa waiver in order to qualify for an ITIN home loan in Tennessee. 

If you have questions about the requirements you need to meet to be approved for an ITIN loan, we recommend you reach out to us to schedule a consultation.

Work With an Experienced ITIN Mortgage Lender in Tennessee

Whether you want to sell your home and buy a new one or you’re buying property for the first time, we would be happy to help you. At Griffin Funding, we have plenty of financing options available, and we can customize your financial loan package to meet your needs. From questions you may have about down payment requirements to mortgage insurance, we can walk you through the mortgage process and provide support along the way.

Because we have so many options available, we are likely to be more flexible than other lenders and we’d be happy to show you why. Ready to apply for an ITIN mortgage in Memphis or Nashville? Give us a call to schedule a consultation and let us help you make your next real estate dream a reality. Apply now.

Frequently Asked Questions: Tennessee ITIN Loans

How do I apply for an ITIN loan in Tennessee? 

If you would like to apply for an ITIN loan in Tennessee, an expert from our team would be happy to help you. The first step is to reach out to us or fill out an online application, which is available on our website. Once you start the process, we can provide you with a list of documentation that you’ll need to supply and help you along through the ITIN mortgage process.

Will I qualify for an ITIN loan if I’m not a US citizen?

Yes. Even if you are not a citizen of the United States, this is still a loan that you should be eligible to apply for if you have an ITIN. If you have questions about your ITIN, reach out to our team for more information.

What are the downsides of getting an ITIN loan in Tennessee?

There are a few potential downsides to this type of loan. You might be required to put down a larger down payment that you would with a conventional loan and you might end up with a higher interest rate. However, each loan is different and we can work with you to make your loan as affordable as possible.