What Is an ITIN Loan?

You have options if you are looking for Virginia home loans, and one option is called a Virginia ITIN home loan. An ITIN, or Individual Taxpayer Identification Number, is something that can be given by the IRS to individuals who need to pay taxes in the United States, but might not be eligible for a Social Security number.

As an example, if you do business in the United States but you are not a citizen, you might not have a Social Security number. Therefore, the IRS will give you an ITIN instead, which you can use to file taxes. 

An ITIN mortgage loan in Virginia makes it so that you can secure a home loan using your ITIN rather than a Social Security number. This offers a pathway to homeownership for non-residents and non-citizens who want to purchase property in the US, as most traditional mortgages require borrowers to provide an SSN in order to secure financing.

Virginia ITIN Home Loan Benefits

If you are thinking about selling your house and buying a new one, you might be interested in your mortgage options. There are plenty of advantages that come with a Virginia ITIN mortgage loan. Some of the top benefits of Virginia ITIN mortgages include:

  • No Social Security number required 
  • No FICO score required 
  • Can be used to finance second homes and investment properties 
  • DSCR loan options available for real estate investors 
  • Loan amounts of up to $5 million available 
  • Unlimited cash out

If you want to take full advantage of these benefits, you need to work with an experienced Virginia ITIN mortgage lender. That is where our team can help you.

Virginia ITIN Mortgage Loan Requirements

If you are thinking about taking out a foreign national mortgage, then a Virginia ITIN home loan could be the right fit for you. However, you will need to meet a few basic eligibility requirements in order to qualify for this type of financing. Here are some of the things you’ll need in order to get approved for an ITIN loan in Virginia:

  • Proof of income and employment: Proof of income may include things like pay stubs, tax documents, bank statements, and employment contracts. 
  • Proof of creditworthiness: While you don’t need a FICO score to qualify for an ITIN mortgage in Virginia, you’ll still have to prove creditworthiness. With an ITIN loan, you can demonstrate creditworthiness by submitting a credit report from your country of origin or through other alternative means. 
  • A valid visa or visa waiver: Acceptable visa types include B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa.

The requirements can vary slightly depending on your individual situation, and it would be our pleasure to work with you to customize your loan package to meet your needs. If you have questions or concerns about your ability to qualify for an ITIN loan in Virginia, reach out to us today.

Work With a Trusted ITIN Mortgage Lender in Virginia

If you are interested in learning more about ITIN mortgage loans in Virginia, our experts are here to help you. At Griffin Funding, we understand that everyone is in a slightly different financial situation, and you might be interested in the flexibility provided by an ITIN loan.

Our team would be happy to assist you along every step of the way as you complete the mortgage process. From navigating the underwriting process to dealing with mortgage insurance, we can help answer all of your questions. Give us a call today to schedule a consultation or fill out an online application to get started.

Frequently Asked Questions: Virginia ITIN Loans

What is an ITIN number?

ITIN stands for Individual Taxpayer Identification Number. It is generally given to people who do not have a Social Security number, yet still have to pay taxes in the United States. The IRS provides this number to those individuals or entities, and you can use this number to apply for an ITIN home loan in Virginia.  

How do I apply for an ITIN mortgage in Virginia? 

If you are interested in applying for an ITIN mortgage in Virginia, the first thing you need to do is reach out to us to let us know you are interested in applying. We will provide you with a list of documentation that you’ll need in order to qualify and work closely with you throughout the mortgage application process. 

How do I improve my chances of getting approved for an ITIN loan in Virginia?

If you want to maximize your chances of getting approved for an ITIN loan in Virginia, you should consider paying down your existing debt, increasing the size of your down payment, and optimizing your credit score. Keeping your finances in order and applying for a loan amount that you can realistically afford can go a long way in helping you to qualify for financing.