Only Have Tax ID? | How to Buy a House When You Live in the U.S. and Don’t Have a Social Security Nu



Everyone wants to own their dream home and have a wonderful place to call their own. But, it’s not always easy to purchase a home, especially since it’s quite expensive. Most people need to take out a loan to purchase a house, but you can’t get a loan without a Social Security Number.

There are different kinds of home loans, but those without a Social Security Number shy away from them because they would not be eligible. Fortunately, you can get itin mortgages with your ITIN number. In this guide, we take a closer look at the answer to the question, can I buy a house with an ITIN number?

Can People with ITIN Numbers Buy Homes in the U.S.?

You can acquire a home in the United States with your ITIN number. This is the Individual Taxpayer Identification Number and is a nine-digit number given by the Internal Revenue Service. There is an ITIN loan, which is specifically available to those without social security numbers. You need to present your ITIN number and other documents to confirm your eligibility.

ITIN Loans Texas

If you’re in Texas, you can apply for the ITIN mortgage. The loan is usually directed towards immigrants who don’t have the documentation for mortgage loans, which is basically a Social Security Number. If you have a minimum credit score of 600, you can qualify for the loan.

Every ITIN lender has their own guidelines for interest rates, underwritings and terms specific to the loan. But since you don’t have an SSN, you can apply for an ITIN loan with other documentation like employment verification, identification documents, proof of residence, and tax returns connected to the ITIN.

When getting an ITIN loan in Texas, you also need to consider factors like the down payment and income stability. You can access homeownership with the ITIN loan.

Other types of home loans in Texas

VA loan – A va loan is for active duty service members and Veterans.

VA construction loan – Vets can build a home with 100% financing. Texas VA construction loans don’t require a down payment. Mortgage lenders like Security America Mortgage specialize in this type of home loan. Tax returns are typically used in qualification.

VA renovation loan – Veterans looking to buy a home that needs work can do so by getting the work done before closing and the loan amount can cover the updates and repairs. A VA renovation loan is a great way to buy a home that needs work that the seller doesnt want to do. It helps you finance the repairs for the rehab.

VA one time close construction loan – A VA one time close construction loan can be 100% financing and cover your land and home construction.

FHA home loan – FHA loans offer a small down payment and are a alternative that civilians can choose. They typically have a lower down payment than conventional loans.

FHA construction loan – You can build a home and have one closing with a FHA one time close construction loan. If you are thinking about building a home with a FHA, VA, USDA or conventional home loan then you should utilize a construction loan calculator to estimate your costs.

Conventional loans- No MI if you put down 20% and with 20% down you get a very competitive interest rate. Often that is the only way you can get a lower rate than a va loan. Conventional loans and FHA loans have mortgage insurance and are a type of traditional mortgage. You can also get a Conventional rehab loan and FHA Rehab loan.

USDA home loans – USDA home loans are great when you want to buy a Rural property.

What is the Difference Between an ITIN and Other Tax Identification Numbers?

Aside from the ITIN, the other tax identification numbers are EIN and TIN. The ITIN is for individuals and Individual Taxpayer Identification Number. Then, the EIN number means Employer Identification Number and is also called the Federal Tax Identification Number. It is used for business entities.

TIN stands for a taxpayer identification number, and this is either an employer identification number given by the IRS or a Social Security Number given by the Social Security Administration. But you can get a loan with the ITIN.

How to Buy a Home with an ITIN Number

If you want to buy a home with an Individual Taxpayer Identification Number, you should first check to see if you meet the requirements. You would also have to get the Individual Tax Identification Number, and this guide will cover how to do that.

The minimum credit score for the loan is 600, and you must have a minimum down payment of 15%, depending on your credit score. You also need one year of proof of income and two years of employment history, along with the last 30-day pay stub, which shows that you have employment.

You can qualify for the ITIN mortgage loans with bank statements of 12 months. Keep in mind that the minimum credit score is not compulsory, and you can apply for an ITIN loan without the credit score.  

Steps to Get an Individual Tax Identification Number or Tax ID

If you don’t have an ITIN yet, you need to apply for one first before you can start the mortgage application number.

1.           First, you should consider the best time to apply for the number. You can apply for the Tax ID number at any time of the year, but since you need to file your current tax return before April 15th, you should consider getting the number before then.

2.           Use the W-7 Form to apply for the number. It would include documents like a National Identification Card, Civil Birth Certificate, U.S. Driver’s License, Foreign Driver’s License, Medical Records, and others.

3.           Now, you can mail the W-7 form to the address listed in the W-7 form. You also need to mail other important documentation.

4.           Once the application process is complete, you can qualify for the number. In four to six weeks, you would get a letter from the IRS providing you with a number.

Preparer Tax Identification Number (PTIN)

The Preparer Tax Identification Number is a number that is given by the IRS to paid tax return preparers. The tax return preparer can use this for their identification number, and it should be placed in the Paid Preparer section when the tax return preparer wants to ask for compensation. But you don’t need a PTIN to get a mortgage loan.

Gather all required documents.

You need to put together different documents when applying for an ITIN mortgage loan. If you are a foreign national, you would need your income statements, evidence of assets like stocks or savings, and identity verification.

But if you are a non-citizen, you would need a passport, a primary residence history of two years, a valid U.S. visa, and a completed International Credit Report form from the ITIN mortgage bank.

Interest rates on ITIN loans and loan processing and underwriting

You need to consider the interest rate on mortgage loans when applying for an ITIN loan. The interest rate on mortgage loans changes with the bond market. You can keep the interest rate fixed by locking in the ITIN mortgage rate after accepting the loan estimate.

After receiving your loan estimate, the mortgage loan application file will be submitted to an underwriter. The underwriter would verify your job status, income, assets, and other information. Then, it would determine whether your loan application will be accepted or not.

Build Credit History

You can receive an ITIN loan with no credit history at all, although you have a better chance of receiving the mortgage loan if you have a credit score of 600. If you have a thin or no credit history, you can still apply for it. The ITIN lenders in Texas use the ITIN to check your home country’s credit history if you are a foreigner.

Keep in mind that some lenders might ask for proof of payment history for bills like your cell phone or home utility. Also, keep in mind that the credit history requirements differ based on the lender.

Confirm your foreign status and identity with three documents

The ITIN mortgage loan is available to Texans and residents of the U.S., but it is also available to foreigners. If you are a foreign national who wants to purchase a house, you can apply as a non-resident foreigner. Non-US resident investors or foreign investors can also apply for a Foreign National Mortgage Program under ITIN.  

Foreigners with an ITIN card would need three documents, which include evidence of assets, income statements and identity verification.

The Application Process for ITIN Home Loans

If you want to apply for an ITIN home loan, you need to follow the steps below:

1.           To apply for the mortgage loan, you would provide your ITIN as an alternative form of identification.

2.           The ITIN would help the lender verify your identity and process the loan application. As a foreign borrower, you can use the ITIN to review the credit history from your home country.

3.           Understand the terms and conditions for the ITIN loan, which might be different from that of conventional loans.

4.           You also need to check the loan terms and repayment schedules given by the lender.

5.           Once you are approved for the loan, you should make regular monthly mortgage payments and enjoy your new home.

Look for Lenders that offer itin loans

If you want to apply for an ITIN mortgage loan, you should look for the ideal lender that you can work with. You should consider the online reputation of the lenders that you are considering. Look out for online reviews to check what others are when lenders offer itin loans.

You can also consider whether the mortgage lenders are licensed and offer the ITIN mortgage loan that you want to apply for. It’s important to speak with a lender like Security America Mortgage which specializes in ITIN home loans. Check their website to see the mortgage options that they have. You should also consider the requirements that they place on the ITIN loans to ensure that you can meet them.

Consult with an experienced loan officer who specializes in ITIN loans so that you get a clear understanding of your options and professional guidance.

Apply for the ITIN loans as early as possible.

When you want to apply for your ITIN home loan, you need to consider an important factor, which is the monthly payment requirement. The purchase price is not the only important factor because you would have to pay monthly after collecting the ITIN home loan.

When applying for itin loans, you also have to consider the insurance premium, real estate taxes, the mortgage principal, and the interest rates. Also, you need to apply for the home loan promptly.

You can get the forehand approval of an ITIN home loan, which lets you know how much you can get as the loan before you start looking for a house. It would also help real estate brokers figure out how much you can spend on the house.

Now, you can search for the home that you want. You should work with an agent with CIPS designation, which can help you get the best offer. Once you find your dream home, you can make an offer and sign an agreement to purchase the property. Then, you would pay the deposit.

After making an offer, the ITIN mortgage process would start. You will agree upon a repayment duration and down payment amount. Within three days, you get the mortgage loan amount that you can use to purchase the home.

On-time filing of the income tax return

It’s important to file your income tax return on time if you have an ITIN number and you want to use that to get a mortgage loan. You should file the income tax return before April 15th each year. If you apply late, you will have to pay a fee. If you don’t have an ITIN, you need to apply for it before April 15th.

Qualifying for an ITIN mortgage

If you want to qualify for an ITIN mortgage, you need to ensure that you qualify. There are different criteria that you must meet to qualify for the loan. These include:

·           A minimum down payment of 15%, depending on your credit score.

·           30-day pay stub, which is evidence of employment authorization.

·           Two years of employment history.

·           One year of proof of income.

·           Bank statements of 12 months if you are self-employed.

·           A minimum credit score of 600 but it is not mandatory.

The ITIN mortgage loan is not available to those who are U.S. citizens, individuals with valid visas and green card holders, as these people already have a SSN.

If you want to get an ITIN mortgage, you should be in any of these categories:

·           Non-resident foreigners.

·           Foreign investors or non-US resident investors.

·           Asylum seekers or immigrants with improper documentation.

·           Self-employed individual.

·           Borrowers with income sources that are not reflected in traditional employment records.

·           If you want to buy a primary residence and you don’t have an SSN, you will qualify for the loan.

Get Pre-Approved

You need to get pre-approved and pre-qualified before you can apply for an ITIN mortgage loan. If you submit your application to the lender for prequalification, it will help you figure out whether or not you are eligible for the loan.

If you are pre-approved, the ITIN lender will give you a formal pre-approval loan application that shows the maximum loan amount you qualify for. If you qualify, you can submit your ITIN mortgage loan application and get approved.

How To Buy a House with an ITIN Number?

If you want to buy a house with an ITIN number, you should follow the steps below:

1.           Carry out research and choose the right lender that can help you with receiving a loan.

2.           Then, you should put together the necessary documents. You need to get tax returns for the past two years, identification documents, proof of creditworthiness, and recent bank statements.

3.           Apply for pre-approval and prequalification from your lender.

4.           If your lender approves you, you can submit the needed documentation to your lender for verification and underwriting.

5.           Once you’re approved, you can close the loan and become the proud owner of your new home.

→ Assistance Program for people with ITIN

You can also work with services that provide direct assistance programs for people with an ITIN rather than SSN. If you’re unsure of how to use your ITIN when applying for a loan, you can apply for an assistance program. Get the step-by-step process at Security America Mortgage a lender headquartered in Houston Texas that helps home buyers with the American dream of homeownership. They provide a varietty of houston home loans to suit your needs and they also lend in most US States.


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