What Is an ITIN Loan?

ITIN loans—otherwise known as foreign national mortgages—are a type of mortgage that is designed for non-American citizens to own residential property in the United States. While a traditional mortgage requires borrowers to provide a Social Security number and a W-2 as proof of income, these loans use a different process to verify credit and income.

The process used will vary from borrower to borrower, and often depends on the exact financial circumstances of the person or people who are trying to obtain the loan. While this means the mortgage process may have an extra step or two compared to a traditional mortgage, many borrowers find it relatively simple to get a home loan through this method.

In any case, our loan officers have plenty of experience with these types of mortgages, and they will guide you through every step of the process.

ITIN Mortgage Loans in Washington State: Key Benefits

If you are unable to obtain a traditional mortgage because you lack a Social Security number, an ITIN loan may be the perfect way for you to own a home. These loans are an ideal solution for individuals or couples who:

  • Don’t have a Social Security number, FICO score, or other “standard” documentation
  • Want to buy a second home or rental property
  • Don’t have a job that produces a W-2
  • Want to access up to $5 million in financing

On top of these benefits, there are other advantages that come with getting an ITIN home loan in Washington. For example, you can structure your loan as a bank statement loan, asset-based loan, DSCR loan, and more. This type of financing also offers unlimited cash out, which can be a great perk if you decide to refinance in the future.

Washington ITIN Mortgage Loan Requirements

There are a few general requirements that everyone must meet in order to get an ITIN mortgage in Washington State. When applying, you’ll need to provide the following to the lender:

  • Proof of income: This does not have to be a W-2. In many cases, a tax return or even bank statements showing regular deposits into a checking account will be enough to prove to a lender that your income is sufficient to meet the minimum monthly payments required by the mortgage. In fact, these requirements are very similar to a self-employed home loan, which often requires a series of bank statements or proof of assets to qualify.
  • Visa or visa waiver: While a Social Security number or green card is not necessary to get an ITIN loan, it is important to show that you have a valid and up-to-date visa.
  • Proof of Credit: Having a FICO score is not necessarily a requirement, but it can help the application process to move along faster. If you don’t have proof of credit in the United States, however, it is still possible to qualify for an ITIN loan in Washington. In these cases, our loan officers will simply access a credit report from your country of origin or use other methods to determine your creditworthiness.

See If You Qualify for an ITIN Home Loan in Washington

If you’re thinking about purchasing a home in Washington, visit our website today. The mortgage specialists at Griffin Funding would be happy to talk with you about the options you have when it comes to securing a Washington home loan using your ITIN!

Frequently Asked Questions

Can you buy a house using an ITIN number in Washington state?

Absolutely. Using an ITIN mortgage loan in Washington State, you can qualify for financing using your ITIN rather than your Social Security number. These loans are available as long as the borrower has some form of proof of income and credit history (even if that credit history is not in the United States).

How do I apply for an ITIN loan in Washington?

Start the application process either by reaching out to our team or filling out an online application. Our loan officers will be able to guide you through every step of the application process. We’ll let you know what documentation you need to help you to find the loan that is the best fit for you and your family.

What is the minimum down payment on an ITIN home loan?

Washington ITIN loans tend to have a higher down payment requirement when compared with traditional forms of financing. In general, you should be prepared to put at least 20 percent down when taking out an ITIN home loan in Washington. 

While saving for a down payment can be challenging, it’s important not to let other borrower’s experiences with down payments discourage you or your family from applying for a mortgage. Our loan agents are familiar with multiple types of home loan programs that many people are unaware of or simply don’t have access to. Don’t give up on your dream of homeownership until you have talked to us!

Do I have a credit score if I have an ITIN?

Possessing an ITIN doesn’t necessarily mean that you have a credit score. At the same time, it’s certainly possible that you have a credit score if you have an ITIN. If possible, see if you can obtain a credit report from a major reporting agency using your ITIN. This will give you a better understanding of what your credit currently looks like and, in turn, the types of loans you can qualify for.