If you're thinking about applying for a mortgage and don't have a Social Security number, don't worry! You might be able to get a mortgage even with an ITIN (individual tax identification number). An ITIN is for people who are not eligible for Social Security numbers. The IRS issues these numbers so that U.S.-based individuals can pay taxes and certain other government fees. Here's everything you need to know about getting an ITIN—and securing a mortgage with it!
What Is an ITIN?
An ITIN is a nine-digit number issued by the Internal Revenue Service (IRS) to individuals who are not eligible to obtain a Social Security Number (SSN). ITINs are used to file taxes in the United States, and they can also be used as identification when opening bank accounts or applying for loans.
An ITIN may be assigned to you if:
- You are not authorized to work in the U.S., but have taxes withheld from your paycheck by an employer who does business in this country;
- You're here on a student visa and have income from work done outside of school hours; or
- You're undocumented and need proof that you've paid your taxes so that you can visit certain countries without facing deportation
How Do You Apply for an ITIN?
To apply for an ITIN, you must first have all the documents listed above. Then, go to the IRS website and click on "Apply for an Individual Taxpayer Identification Number." After that, follow the steps and fill out your information. The IRS will send you your ITIN within three weeks of receiving your application.
What Credit Score Do I Need to Apply for a Mortgage with an ITIN?
Your credit score is not as important when applying for a mortgage with an ITIN number. You can still get approved even if you have a low or no credit history.
The reason for this is that most lenders use FICO scores when evaluating whether or not to approve your application, but they also look at other factors as well--including income and assets in addition to debt-to-income ratios and other measures of financial responsibility.
Secure, Non-QM loans are available to borrowers with ITIN numbers.
If you have an ITIN and want to buy a home, it's important to know that secure and non-QM loans are available for your use. These mortgages aren't guaranteed by the government like FHA or VA mortgages are, but they can help you get into your dream house.
If you have an ITIN number and are looking to buy a home, we can help. We have a wide selection of lenders who offer loans that don't require credit scores or personal income verification. Contact us today to learn more about how we can assist you!