ITIN Mortgage Pre Approval Checklist
- – Credit will be pulled using borrower’s ITIN number and must have a minimum of two credit scores
- – Must meet normal tradeline requirements
- – Max 80% LTV Purchase & Rate/Term, max 75% LTV Cash out refinance
- – Minimum Loan Amount $100,000, Maximum Loan Amount $1,000,000
- – All income documentation types are available
- – Assets must be verified for 60 days
- – Must provide US Government issued valid ID and Copy of ITIN assignment document.
- The minimum credit depth is three (3) acceptable trade lines aged to a minimum of two (2) years for LTVs
greater than 70%. Only one (1) of the three (3) trade lines needs to be seasoned greater than two (2) years
for LTVs equal to or less than 70%. Florida ITIN Mortgage Lenders. has the discretion to determine the
acceptability of a trade line.
ITIN Mortgage Lenders – Assets in Foreign Accounts
Assets in foreign accounts must meet the following requirements:
Must be verified in U.S. Dollar equivalency at the current exchange rate via eitherwww.xe.com or the Wall Street Journal conversion table.
• Sufficient funds to close must be on deposit at a domestic bank three (3) days prior to any
• A copy of the two (2) most recent bank statements of the foreign account. If the funds are
not seasoned a minimum of sixty (60) days, a letter of explanation is required along with the
information to comprise a sixty (60) day chain of funds.
ITIN Mortgage Lenders Eligible Properties –
- Single Family Residence (SFR)
- Planned Unit Development (PUD)
- Low & High-Rise Condo
- Duplex, Triplex, & Fourplex (2-4 units)
ITIN Mortgage Lenders Identification Documentation
- US Government issued valid ID. • Copy of ITIN assignment document
- Individual tax identification number ( ITIN) loans are for mortgage applicants who are not eligible for Social Security numbers. ( ITINs are issued to both resident and nonresident aliens for tax-reporting purposes.) Historically, the biggest market for these types of mortgage loans is illegal immigrants. Because of the potential for controversy around these loans, it is difficult to find many mortgage lenders who will do them.
- Appraisal – ITIN Mortgage Lenders Review Product • Required for certain loans – See – ITIN Mortgage Lenders guidelines for details
- Property Types – ITIN Mortgage Lenders Approved Property types include: Single family • Townhomes • Condominiums (Non-Warrantable considered – see guidelines) • 2-4 Unit • Rural Properties • Log Homes • Modular Homes • Consideration will be given for flips within 6 months if supported comps.
- Assets – ITIN Mortgage Lenders • Assets sourced or seasoned for 60 days
- Cash Out – ITIN Mortgage Lenders – Cashout OK!
- Compliance– ITIN Mortgage Lenders • Escrows required for taxes and insurance • Fully documented ability-to-repay • Compliance with all applicable federal and state regulations • No section 32– ITIN Mortgage Lenders or state high cost ITIN Mortgage.
- Credit – ITIN Mortgage Lenders • If applicant has trade lines and a score the minimum score is 580 • If one borrower has scores and the co-borrower does not a 620 score will be used and the two scores will be averaged.
- Reserves– ITIN Mortgage Lenders Reserves can be used as compensating factors for loan exceptions
- Credit/Loan To Value ITIN Mortgage Lenders• 85% LTV (80% CA & IL): Primary applicant credit history must include 5 trade lines. At least 4 of these trade lines must have a 12 mo. or greater history and at least one trade line must have a 24 mo. or greater history. At least one of these trade lines must have a minimum $3,000 credit limit. One trade line can be housing history • If more than one applicant, primary applicant must have a 680 or greater credit score when using a blended score. If only one applicant, they must have a 700 or greater
- Occupancy ITIN Mortgage Lenders • Primary Residence, Second Homes, and Investment Properties
- Seller Concessions for ITIN Mortgage Lenders • Up to 6% towards closing mortgage offers portfolio loans to Foreign National borrowers. No credit scores required. Max LTV 50%, minimum loan amount $300K to a maximum of of $10M. No restrictions from our regular expanded types, nor underwriting features. Investment properties for foreign national borrowers considered on a case-by-case basis.
ITIN Mortgage Lenders Explained
ITIN mortgage lenders program include No credit scores required. LTVs up to 80%. property types include investment property, 2nd home, owner-occupied single-family, condos, duplexes, townhouses, etc. Loans are fixed rate.
An Individual Taxpayer Identification Number ( ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, example 9XX-7X-XXXX.
The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who donot have, and are not eligible to obtain, a Social Security Number (SSN) from the Social Security Administration (SSA).
ITINs are issued regardless of immigration status because both resident and nonresident aliens may have U.S.tax return and payment responsibilities under the Internal Revenue Code.
Individuals must have a filing requirement and file a valid federal income tax return to receive an ITIN, unless they meet an exception.
What is an ITIN?
What is an ITIN used for? ITINs are for federal tax reporting only, and are not intended to serve any other purpose. An ITIN does not authorize work in the U.S. or provide eligibility for Social Security benefits or the Earned Income Tax Credit. ITINs are not valid identification outside the tax system.
The IRS issues ITINs to help individuals comply with U.S. tax laws and to provide a means to efficiently process and account for tax returns and payments for those not eligible for Social Security Numbers.
Who needs an ITIN?
The IRS issues ITINs to foreign nationals and others who have federal tax reporting or filing requirements and do not qualify for SSNs. A non-resident alien not eligible for an SSN, who is required to file a U.S. tax return only to claim a refund of tax under the provisions of a U.S. tax treaty, needs an ITIN.
Examples of individuals who need ITINs include:
Non-resident aliens filing a U.S. tax return and not eligible for an SSN.
U.S. resident aliens (based on days present in the United States) filing a U.S. tax return and not eligible for an SSN.
Dependent or spouse of a U.S. citizen/resident alien.
Dependent or spouse of a non-resident alien visa holder.
How do I know if I need an ITIN? If you do not have an SSN and are not eligible to obtain an SSN, but you have a requirement to furnish a federal tax identification number or file a federal income tax return, you must apply for an ITIN By law, an alien individual cannot have both an ITIN and an SSN.
The IRS processes returns showing SSNs or ITINs in the blanks where tax forms request SSNs. The IRS no longer accepts, and will not process, forms showing “SSA205c,” “applied for,” “NRA,” blanks, etc.
Are ITINs valid for identification?
No. ITINs are not valid identification outside the tax system. Since ITINs are strictly for tax processing, the IRS does not apply the same standards as agencies that provide genuine identity certification.
ITIN applicants are not required to apply in person, and the IRS does not further validate the authenticity of identity documents. ITINs do not prove identity outside the tax system, and should not be offered or accepted as identification for non-tax purposes.
Are ITINs valid for work purposes? No. ITINs are for federal income tax purposes only.