If you’re wondering “Can I buy a house with an ITIN number?” the answer is “Yes!” But there are challenges to overcome.
Your first challenge is unlocking banking with ITINs by determining how to open a US bank account for foreigners. More on this below.
Then need to qualify for a mortgage through that bank (ideally multiple banks), which is the easier step in the process – if you know where to look.
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 US financial institutions that accept Individual Taxpayer Identification Numbers (ITINs) from applicants.
Each bank has different acceptance criteria for ITIN holders. Likewise, each bank has different parameters for the properties that they are willing to finance, especially for foreign non-resident applicants.
With this in mind, the most important step for any ITIN holder looking to obtain a mortgage is to choose the right bank. This process is far more advanced than simply navigating sending, receiving, and tracking transfers to the US through services like Moneygram or even SWIFT. You need to know which banks to approach and how to apply.
Additionally, there are unique differences between banks and credit unions that applicants need to consider. These differences go beyond how accounts are organized at credit unions and relate primarily to the types of properties and jurisdictions that credit unions will consider financing through mortgages.
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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 creditworthiness 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 so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
