ITIN
ITIN loans are for buyers who report income using an individual taxpayer identification number issued by the IRS. We accept buyers who report income received from employer paid W2 wages, 1099 wages and even self-employed wages.
ITIN ( NO VISA )
DOWN PAYMENT
ITIN loans usually require between 10%-25% of a down payment for the purchase.
INTEREST RATES
Interest rates vary depending on credit score, credit history, and down payment. Rates are relatively higher than a regular home loan and can range from as low as 5.99% to as high as 12% in some rare cases. The higher the down payment the buyer can give, the lower the interest rate will be.
LOAN REPAYMENT TERMS
Traditionally, ITIN loans carry a variable interest rate that can change every 5 years. Although there is a 30-year fixed rate option, it is not the most common for these loans.
OTHER IMPORTANT INFORMATION ABOUT ITIN LOANS
ITIN loans may be refinanced to lower the interest rate. There is no pre-payment penalty on ITIN loans that are used to purchase a primary residence. ITIN loans donot require a credit score, although having a score may improve the interest rate.
DOCUMENTS REQUIRED FOR ITIN LOANS
Valid Photo Identification Card.
ITIN number page issued by the IRS.
Bank Statements For the most recent 12 months for self-employed or 1099 employees.
Bank Statement for the most recent month verifying the money that will be used to purchase the property.
Paycheck stubs for applicants that are paid with a W2 form.
Tax Returns for the most recent 2 Years.
If you currently own a home or are refinancing, please include the following:
Mortgage Statement, or owner to owner financing contract.
Property Tax Statement
Home Insurance Statement or HOA statement.
832 301 6541
All other trademarks are the property of their respective owners, not endorsed or affiliated with any government entity. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Visit the NMLS Consumer Access website for regulatory information about us.
Figure: 7 TAC § 80.200(b) CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
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