What Is an ITIN Loan?
An ITIN loan is a type of loan open to individuals who are ineligible for a Social Security number, which is typically required in order to qualify for a conventional home loan. An ITIN loan is a type of foreign national mortgage that makes it easier for non-residents and non-citizens to qualify for home financing.
Aside from not requiring a Social Security number, ITIN mortgages in Wisconsin cater to foreign nationals because they don’t require a FICO score. If a borrower doesn’t have an extensive credit history in the United States, then the lender can verify creditworthiness through other means, such as reviewing a credit report from the borrower’s country of origin.
Benefits of Wisconsin ITIN Mortgage Loans
ITIN home loans in Wisconsin offer a great opportunity for individuals without a Social Security number to get access to home loans in Wisconsin that they would otherwise be unable to access. If you’re a foreign national, this type of financing can be a great way for you to participate in the Wisconsin real estate market, whether you want to purchase a second home in the United States or an investment property.
With that being said, some of the top benefits offered by ITIN mortgage loans in Wisconsin include:
- No Social Security number required
- No FICO score required
- Loan amounts as high as $5 million
- Can be used for second homes and investment properties
- DSCR loan options available for investors
- Can be used to buy single-family homes, townhomes, and condos (including non-warrantable condos)
Wisconsin ITIN Mortgage Requirements
To qualify for a Wisconsin ITIN mortgage loan, borrowers must provide the necessary documentation, have a satisfactory credit history, hold a valid visa or visa waiver, and make a down payment.
Documentation required for Wisconsin ITIN home loans may include proof of employment, income, and assets. Credit history is important as well because lenders need to understand the applicant’s ability to repay debt. Building positive credit history is beneficial prior to applying for an ITIN loan in Wisconsin.
However, even if you don’t have a FICO score or established credit history in the United States, you can still qualify for an ITIN mortgage in Wisconsin. Rather than checking your FICO score, we can look at a credit report from your country of origin or verify your creditworthiness through alternative methods.
See If You Qualify for an ITIN Home Loan in Wisconsin
ITIN loans in Wisconsin provide individuals without a Social Security number an opportunity to secure financing and become homeowners, despite rapidly changing housing prices during inflation. Work with the team at Griffin Funding to see if you qualify for an ITIN home loan in Wisconsin. Reach out to us today for more information or fill out an online application to get the process started.
When you work with Griffin Funding, you’ll be working with an experienced team of mortgage specialists who can walk you through the lending process and answer all of your questions. Whether you’re interested in investing in real estate or purchasing a home for your family, we’re here to help. Reach out to us today and find out more about ITIN loans in Wisconsin!
Frequently Asked Questions: Wisconsin ITIN Loans
How do I apply for an ITIN loan in Wisconsin?
Applying for an ITIN loan in Wisconsin requires meeting certain eligibility criteria and obtaining specific documents. To learn more about whether you qualify for an ITIN loan in Wisconsin, please reach out to Griffin Funding and schedule a meeting with one of our mortgage specialists. Or, if you’re ready to apply, feel free to fill out our online application.
What documents do I need to get an ITIN loan?
When applying for an ITIN mortgage loan in Wisconsin, the main documents you need are your Individual Taxpayer Identification Number (ITIN) and supporting documentation. Supporting documentation may include W-2s, tax returns, bank statements, employment verification letters, or pay stubs. You will also need to provide a valid visa or visa waiver in order to qualify.
What is the down payment for an ITIN mortgage in Wisconsin?
When applying for an ITIN mortgage in Wisconsin, you should be prepared to put more money down than you would with a traditional home loan. ITIN loans will generally require a down payment of at least 20 percent. Keep in mind, though, that a higher down payment can earn you a better rate, more beneficial terms, and more upfront equity in the home you’re purchasing.