ITIN Mortgage Loan Programs
Non-QM (Non-Qualified Mortgage) ITIN (Individual Taxpayer Identification Number) mortgage loan programs are designed to provide financing options to borrowers who do not have a Social Security number but possess an ITIN issued by the Internal Revenue Service (IRS). Here's what borrowers should know about these programs:
ITIN Mortgage Loan Highlights
Eligibility: To qualify for a Non-QM ITIN mortgage loan, borrowers need to meet certain criteria, which may vary among lenders. Generally, lenders require a valid ITIN, a satisfactory credit history, and the ability to demonstrate income and repayment ability.
Property Types: Non-QM ITIN mortgage loan programs typically allow borrowers to finance various property types. This may include primary residences, investment properties, and second homes. However, the specific property types and their eligibility can vary among lenders, so it's essential to consult with individual lenders or mortgage brokers to determine the available options.
Maximum Loan-to-Value (LTV): The maximum loan-to-value ratio represents the percentage of the property's value that a lender is willing to finance. Non-QM ITIN mortgage loan programs may offer varying maximum LTV ratios, depending on the lender and the specific loan program. While the specific LTV limits can vary, it's not uncommon to see maximum LTV ratios of up to 80% for these types of loans. However, it's crucial to note that the actual LTV offered may depend on factors such as creditworthiness, income, property type, and the lender's guidelines.
Documentation and Underwriting: Non-QM ITIN mortgage loan programs generally have more flexible documentation and underwriting requirements compared to traditional mortgage programs. Lenders may consider alternative documentation options to verify income and creditworthiness, such as bank statements, tax returns, and other financial records. It's important to work closely with lenders or mortgage brokers experienced in Non-QM ITIN loans to understand the specific documentation and underwriting requirements for each program.
Interest Rates and Terms: Non-QM ITIN mortgage loan programs typically come with different interest rates and terms compared to conventional mortgage programs. Since these loans involve more risk for lenders, borrowers may experience slightly higher interest rates. Loan terms can vary, but common options include fixed-rate and adjustable-rate mortgages with terms ranging from 15 to 30 years.
It's important to note that specific program details, property types, and eligibility criteria can differ among lenders offering Non-QM ITIN mortgage loans. Find the program that fits best now at The Mortgage Calculator!
Non-QM Loan Program Terms:
- Up to 90% LTV Purchase with No MI
- Up to 80% LTV Cash Out
- 599 Min FICO
- Self Employed Programs: 1099, Bank Statements, P&L
- 30 Year Fixed & 40 Year Interest Only Available
- Up to $3M Loan Amount
- 1-4 Units, Condos, Manufactured Homes, Rural
- Up to 55% DTI