ITIN Loan Program - No Social Security Required

[Vinnie Da silva]

Hello Everyone,

Here is a type of creative Financing for those who do not have Social Security. 

ITIN loan Program is a type of loan program for a segments of the population where it might be difficult to pursue conventional loan options. An ITIN is an Individual Tax Identification Number (ITIN) issued by the IRS and can be used as a form of ID for individuals.

ITIN loans are a unique kind of loan for individuals that may not have the traditional documentation needed, to obtain mortgage loan. ITIN loans can be a great option for individuals who do not have social security.

ITIN are issued to anyone who files a U.S. tax return and has payment responsibilities, regardless of immigration status. The difference in the case of an ITIN loan, the number acts as a form of identification that can be used if a Social Security Number is not an option. And the process is very similar to the conventional loan. 

Feel free to add any information or tips you might have.

Requirement for this type of program.

-Minimum of 20% Down Payment

-Primary Residency Only

-At least 2 years of taxable income. ( This is how we calculate self-employed income, we will add the last 2 years of income and divide by 24. For Ex: you made 150k in both years 2020/2021 after deductibles your net was 60k-2020 and 55k-2021. So that would be 60k + 55k = 115k which will give you a total monthly income of $4,791.66 - then you will have to subtract your other debts, car payments, credit card, other loans etc.) 

-Profit n Loss - Year to date Profit n' Loss signed by a CPA. ( needs to match bank statements ) 

-CPA letter confirming that borrower is self-employed and the business is profitable and legit . Needs to be signed a CPA

-Credit score: ITIN loans may have more flexible credit score requirements compared to other types of mortgage loans. ( The higher the score the better 700+. Anything less interest rates will be a lot higher ) 

-Government issued ID > Passport , Driver license, Matricula Consular. 

-Banks Statements or seasoned assets to document income.