If you’re looking to apply for an ITIN mortgage loan, you’re in the right place…
In this article, we’re going to discuss mortgages for ITIN holders, the properties that can be purchased, and important application considerations.
That said, if you do not already have a non-resident bank account in the US, you may want to consider reading our article “Can a tourist open a bank account in the US” to make sure you can qualify in the US and apply for a mortgage.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- ITIN Mortgage Loans 101
- How to Apply for a Mortgage in the US With an ITIN
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
ITIN Mortgage Loans 101
ITIN mortgage loans are one of the most common ways of financing real estate purchases in the United States by foreign non-residents.
However, getting approved for a mortgage as a foreign non-resident can be a challenge.
As we’ve discussed in relation to obtaining a personal loan with an ITIN, banks often require specific documentation, KYC requirements, and higher down payments or guarantees.
But, the good news is that mortgages are available for ITIN holders if you know which banks to approach and how to apply.
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How to Apply for a Mortgage in the US With an ITIN
When it comes to applying for a mortgage or a loan with an ITIN number, your first challenge is finding a bank that is willing to approve ITIN applicants. Fortunately, there are lenders available.
In most cases, these lenders will require additional documentation. However, many of them are familiar with international applicants and can help you navigate the mortgage process, including from abroad.
Properties You Can Purchase With an ITIN Mortgage
The specific properties that ITIN mortgage loans can apply to include the following:
- Secondary residence
- Family vacation home
- Home for a family member (e.g. child studying in the US)
- Investment property (buy to rent)
As you can see, most properties can qualify for ITIN mortgage loans.
That said, there are differences in terms of the financing terms and interest rates that will be applied to the different types of property that you are looking to buy.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to obtain a mortgage in the US with an ITIN. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Non-Residents Obtain Mortgage Loans in the US?
Yes, non-residents can obtain mortgage loans in the US either for a second residence or for income properties. That said, the specific rates and terms can vary depending on the individual’s risk profile, credit history, and the purpose of the property.
Can I Apply for a Mortgage Loan in the US With an Individual Tax Identification Number?
Yes, you can apply for a mortgage loan in the US with an Individual Taxpayer Identification Number (ITIN). That said, not all banks approve mortgage loans for ITIN holders. Instead, it’s best to apply to specific banks that have a history of issuing mortgages to foreign non-resident ITIN holders. If you need assistance with this please let us know.
Do Banks Require a Social Security Number When Applying for Lending?
No, banks do not require a Social Security Number (SSN) when applying for lending. However, they do require a tax identification number either from the US (ITIN) or from certain other countries.
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