If you’re wondering “can I buy a house with an ITIN number?” the answer is yes.
However, there are several challenges that ITIN holders need to overcome that SSN holders will not face.
In this article, we’ll share the other challenges and how to overcome them.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Can I Buy a House With an ITIN Number?
- Where Can I Apply for an ITIN Home Loan?
- How to Apply for ITIN Mortgage Loans
- Frequently Asked Questions
- Ready to Explore Your Options?
Can I Buy a House With an ITIN Number?
You can buy a house with an ITIN number if you qualify for a mortgage at one of the specific banks that issue mortgages to ITIN holders. That said, each bank has different acceptance criteria for ITIN holders. Likewise, each bank has different parameters for the properties that they are willing to finance.
With this in mind, the most important step for any ITIN holder looking to obtain a mortgage to buy a home is to choose the right bank. We share how you can find the right bank for your unique situation at the end of this article.
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Where Can I Apply for an ITIN Home Loan?
Not surprisingly, if you’re looking to apply for a home loan with an ITIN you’ll have fewer financial institutions available to you than if you were applying with an SSN. That said, there are options available to most applicants if they know where to look.
Importantly, mortgage applications from ITIN holders looking to buy property in all states are eligible. However, the banks will vary depending on the specific state you’re considering buying in and the type of property you’re considering.
With this in mind, we’ll share how you can find specific banks that will accept your mortgage at the end of this article.
How to Apply for ITIN Mortgage Loans
In order to apply for ITIN mortgage loans, you will need to complete the following steps:
- Find a bank that accepts ITIN mortgage applications
- Confirm the bank’s property acceptance criteria
- Confirm the bank’s loan application requirements
- Provide documentation to demonstrate you meet the requirements
- Demonstrate credit worthiness with local or foreign sources
- Directly complete the application process with the bank
Out of all these steps, most individuals report that step one (finding a bank that accepts ITIN mortgage applications) is the most challenging. But, it doesn’t have to be a challenge.
In fact, our team has helped many members of GlobalBanks USA find suitable banks that accept ITIN mortgage applications in their desired states. We’ll share how you can unlock this information below.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to purchase a home with an ITIN number. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Get a Home Loan With an ITIN Number?
Yes, you can get a home loan with an ITIN number if you apply to the correct banks. Additionally, you will need to be purchasing a qualifying home in an approved state. Of course, applicants need to complete an application and get approval from the bank’s credit department using information about their foreign-sourced income, assets, and credit history (where applicable).
Do All Banks Accept an ITIN?
Not all banks accept an ITIN for account opening even though government regulations do not restrict them from doing so. Instead, internal bank policies dictate whether or not they can accept an ITIN as a valid form of government ID. Additionally, many banks in the US do not accept account opening applications from foreign non-residents, which is also a reflection of their internal policies.
Ready to Explore Your Options?
If you would like assistance navigating your ITIN mortgage options in the USA, we can help.
You can access GlobalBanks USA, our dedicated US account opening service, in just a few clicks.
GlobalBanks USA is 100% personalized, with dedicated account management, tapping into our team’s expertise, including suggestions on which banks are best for you and direct banker introductions.
Of course, if you have any questions, please contact us directly.