An ITIN (Individual Taxpayer Identification Number) loan is a type of mortgage loan designed for individuals who do not have a Social Security Number (SSN) but have an ITIN issued by the Internal Revenue Service (IRS). ITINs are typically issued to foreign nationals and non-resident individuals who have U.S. tax filing obligations or need to report income in the United States. ITIN loans allow these individuals to finance the purchase of a home in the United States. Here are some key aspects of ITIN Loans:
- Contract Duration: Typically 30 days to buy the land, 12 months of building time followed by 3 24 days for loan remodification.
- Credit Score Requirements: Minimum 620, best for 680 and above.
- Down Payment: A minimum down payment of 20% is required.
- Borrower Eligibility: Self-employed clients only.
- Compensation: Both lender and Borrower paid compensation