Are you looking to obtain loans without an SSN or ITIN? If so, you’ve come to the right place.
Below, we break down the process and explain the options that exist for anyone looking to get loans at the best US banks for non-residents.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
Table of Contents
US Loans Without an SSN or ITIN 101
While it’s true that most US banks require applicants to have US credit history, a decent credit score, and a US tax identification number to apply for a loan, there are options available that cater to foreign non-residents.
Unfortunately, most people are unaware of these options and therefore think it’s impossible to complete a loan application without a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Well, now that you know it’s possible, let’s discuss how to start the process…
US Loan Application Process
A loan application process will vary depending on the bank or lender you choose to apply with.
Generally speaking, you will be required to fill out an application form, submit identification papers, and provide any supporting documentation requested by the bank.
The application process can take anywhere from a couple of days to a couple of weeks depending on the type of loan you are applying for (typically a mortgage or auto loan), the documents needing to be reviewed, and the lender processing the application.
Unique Requirements if You Do Not Have an SSN or ITIN
If you do not have an ITIN or SSN, it is common for the bank to require a sizable deposit to be kept on deposit with the bank for the term of the loan as added security. But some banks will consider other forms of collateral as well.
In other words, banks use your deposit to help offset some of their risk in lending to a non-resident with unverifiable credit history.
Additionally, the bank may request supporting documentation from other countries where you have established credit history. For example, it is common for banks to request credit history from both Canada and the UK in the case of Canadian and British borrowers.
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Loans & Mortgage Considerations
It’s important to note that if you are specifically looking for a mortgage, most banks will only provide financing for specific regions of the United States (or specific US states).
In most cases, the regions that they are willing to finance overlap with the regions where the bank has an operating presence and therefore an understanding of the local market.
So, if you are specifically looking for a mortgage without an SSN or ITIN, target banks in the area where you are looking to buy real estate.
We’ve listed two of the most common questions that we receive from people looking for US loans without an SSN or ITIN. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Get a Loan in the US?
Yes, a foreigner can get a loan in the US if they choose the right bank (or lender). That said, the process to get approved and the specific documents required will vary depending on your citizenship, residency, income sources, assets, and the type of loan you are trying to obtain.
Can I Get a Loan With an ITIN Number?
Yes, a foreign non-resident individual can get a loan with an ITIN if they have established US credit history. If they have an ITIN number but no US credit history, other alternative options are also available.
Note: additional requirements and supporting documents will be required for proving identity and income, if you do not live in the United States.
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Of course, if you have any questions before deciding whether you would like to move forward, don’t hesitate to contact us directly!