You want to move up the ladder of owning a home in your adopted country, but you fear that you are not eligible because you do not have the proper documents for a loan or a mortgage. Most of the time, paying in cash is the only alternative a non-US Citizen or a non-Resident can do if there’s a need to pay something. But what if it is a life-defining purchase, like a residence? As a non-US citizen or a non-resident, there is an alternative to financing your dream house in the United States.
Mortgage and Owning Your Own Home as an Immigrant Tax Payer in the United States
Millions of people in the United States workforce are dutiful in paying their share of taxes but have remained unable to enjoy the benefits financial institutions offer. They have, so to speak, remained unbanked, or they have just not been taken seriously by the traditional and established banking institutions. They are not remiss in their tax obligations. They are contributors to the wheels of industry and commerce in the country while at the same time hoping for a better tomorrow not only for themselves but also for their families. They are left out of the banking mainstream and can not fully utilize the benefits legitimate financial institutions offer. But now they have ITIN Loans, a program that can finally allow productive non-US Citizens and non-residents the financial inclusion they deserve.
What is an ITIN Lending?
The concept of ITIN Lending was one of the five finance programs subjected to evaluation over eighteen months by Fille, Visa, and the Ford Foundation. The response to ITIN Lending was so overwhelming that Filene collaborated with other organizations “to develop an ITIN Lending Implementation Guide to share best practices, tools, and resources to help financial institutions replicate this success around the country.”
Designed to address the needs of those who do not have access to or limited access to financial opportunities such as loans and mortgages, it aimed to lead them towards banking empowerment. If you do not have a FICO Score, a Credit Score, Credit History, or are not yet qualified to get a Social Security Number, you will benefit from ITIN Lending. If you are an immigrant productively working in the United States or do not qualify based on residency requirements, ITIN Lending is for you.
The ITIN or the Individual Taxpayer Identification Number now allows its holders to open bank accounts, apply for credit cards, apply for an auto loan, and best of all, an ITIN holder can now own residential property. However, the program is limited to ownership of primary residences only.
The ITIN Mortgage Concept
An ITIN mortgage has more flexible credit requirements. In place of the usual documents, there are alternative documents that you can submit for proper loan evaluation. In an ITIN Mortgage, you still have to prove your capacity to pay, your financial history, how stable you are in your current job, or how long your business has been operating. The last condition may be what an ITIN Mortgage would check. As an alternative to a credit score and credit history, an ITIN lender may require you to provide proof that you have no late payments under your name.
An ITIN Mortgage can also help you build your credit history and score. Thus, when you are ready to exit from the mortgage or finally get an SSN, excelle527970nt credit history and favorable credit score increase your chances of approval.
The Requirements are Easier
With that said, take note of what usually are the other requirements for an ITIN Mortgage:
- Proof of Identification. As an alternative to the SSN, your ITIN is just as acceptable. However, it is also advisable to present other IDs such as your passport or a driver’s license from your home country.
- Proof of Payments to utilities such as electricity or mobile phones. Home rental payments are also acceptable. Proof of payments will showcase your payment behavior. Showing that you have not missed any scheduled payments with your utilities, credit card, or house rental will give you better chances of loan approval. ITIN lenders tend to require these documents in place of credit history.
- Bank Statements. You must provide around two to six months’ worth of bank statements showing transactions. If you are self-employed, you have to submit twelve months’ worth of bank statements. Bank statements also reflect your behavior in fund management, and they show how you take care of your finances and your money. They also help show if you can handle the monthly payments of an ITIN mortgage.
- Certificate of Employment and payslips. ITIN Lenders also want to verify your capability to pay and commit to a long-term business partnership. Hence, you have to be working for the same employer for a minimum of two years to qualify. This requirement shall testify to your readiness and ability to sustain a longer commitment. In the case of self-employed individuals,
- Tax Returns for the immediate past two years. Likewise, a strict requirement that you are ready and can maintain a long-term loan commitment, especially for home mortgages. The two-year tax returns requirement also verifies that you are religious in your obligations to the country because the ITIN is a privilege for those who pay their taxes.
Terms and Conditions in an ITIN Mortgage
Lenders differ in implementing ITIN Mortgages but have similarities in the terms and conditions of the loan. ITIN lenders require higher equity or down payments for real estate properties, thus affecting the loan amount you can get. Only properties for primary homes are accepted. They also charge higher rates than mortgages from traditional or commercial banks. As for the costs, you will still pay for the typical costs and fees associated with mortgages.
GL&L Holdings ITIN Mortgage Made Easy for You
ITIN Mortgage brings an opportunity to live independently closer to the millions who deserve it. There was also the revision of requirements to accommodate many people in the facility. For you and all the other taxpayers who only want to own a bit of their American Dream, for now, ITIN Mortgage will help you achieve that feeling of euphoria of living in your own home. GL&L Holdings can help you own your very first home here. We have a mortgage facility ready for you and your family. We also make the process easy for you because at GL&L Holdings, we do not require income verification, work visa, foreign income, and US Fico score. Call us now at (832) 770-9415 or email us at info@gllholdings.com.
