If you have a rental history of 2 or more years and an established checking account, you may be a good candidate for an ITIN home loan.
Before even thinking of starting the process of becoming a homeowner it’s important that you already have your ITIN. If you don’t have one yet, find out how to get an ITIN today.
What Are the Home Loan Requirements?
The exact ITIN home loan requirements will vary depending on the lender you’re working with. However, below, I’ll list some of the standard requirements, so you have an idea of what to expect.
- Stable Credit History: Lenders are going to want to see that you can manage debt. Therefore, it’s important to have started building a credit history that displays multiple credit cards and loans in good standing.
- Employment History: It’s a good idea to have been working at your current job for a minimum of 2 years to show stability in cash flow.
- Tax Verification: Your lender is probably going to want to review the last 2 years of tax returns.
- Proof of Identity: You’ll be able to use the same documents that you used to obtain your ITIN to verify your identity, such as your passport or driver’s license.
- Bank Statements: If you’re applying for a home loan at a bank different from your main one, you’ll also want to bring in approximately 6 months to 1 year worth of bank statements.
How to Apply for An ITIN Home Loan
To apply for an ITIN home loan, you’ll need to make an appointment to meet with a lender.
I strongly recommend trying to take out the loan through your current bank as it’ll be easier to prove to them that you’re a good candidate for a mortgage based on their history of handling your finances.
Once you’ve decided on a lender, your next task is to get pre-approved.
Don’t be nervous about the preapproval process. The more information you can provide to show your financial stability, the better chance you have of being approved.
I recommend showing utility bills, phone bills, lease agreements, and anything else that you’ve been paying on time for an extended period.
Do you need help putting together a financial profile for the lender to judge your creditworthiness? If so, make an ITIN consultation today so we can assist.
What to Do After Being Approved for the Loan
After you’re approved for the loan it’s time to look for your home.
The preapproval process will let you know your budget. However, keep in mind, that the deposit you’re required to put down, will be more than applicants who apply for a loan with their social security number.
Once you’ve located the house that you want, you’ll be able to go ahead and purchase it.
What To Do Next
To buy a house with an ITIN number you’ll need to have at minimum 2 years’ worth of verification documentation to prove your creditworthiness to a lender. If you make it through the preapproval process, you’ll be a homeowner as soon as you find your home.
If you need any assistance with any part of this process click on our ITIN page to learn more about how to get an ITIN.
