ITIN Loans
ITIN Loans
An ITIN loan is a mortgage for borrowers in Arizona who have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. An ITIN is a nine-digit number issued by the IRS to people who pay U.S. taxes but aren’t eligible for an SSN. If you work, pay taxes, and want to buy a home, an ITIN mortgage can be your path to ownership.
Key Requirements & Features
Below are the typical ITIN loan requirements we see from our lender network:
-
Minimum credit score: Starting at 640
-
Down payment: As little as 20% down with stronger credit. Lower scores and larger loan amounts typically require more
-
Loan amounts: Up to $1,500,000
-
ITIN documentation: A valid ITIN card or IRS ITIN letter, plus an unexpired government-issued photo ID
-
Income documentation: 12 or 24 months of bank statements, or full documentation
-
Debt-to-income (DTI) ratio: Up to 50% for purchases and rate-and-term refinances, and 43% for cash-out refinances
-
Reserves: Minimum of 3 months. Larger loans may require 6 months
-
Gift funds: Allowed for up to 50% of your down payment
-
Cash-out refinance: Available up to 75% LTV with a 680+ credit score
-
Occupancy: Primary residence
-
Property types: Single-family homes, townhomes, PUDs, warrantable condos, and multi-unit properties
-
Loan terms: 30-year fixed and 15-year fixed
Who ITIN Loans Are Best For
ITIN loans tend to be the best fit for Arizona homebuyers with an ITIN if you:
-
Have an ITIN and file U.S. taxes
-
Are buying a home you plan to live in
-
Have established U.S. credit with a score of 640 or higher
-
Are self-employed, or want to qualify with bank statements instead of traditional paperwork
-
Have saved at least 20% for a down payment, or have family who can help with gift funds
Not the best fit if: you’re buying an investment property or second home, since the ITIN program is for primary residences. A DSCR loan accepts ITIN borrowers and may fit rental purchases. If you have a Social Security number, a conventional or FHA loan may involve simpler documentation. If you’re self-employed, a bank statement loan is another option.
Frequently Asked Questions
What is an ITIN loan?
An ITIN loan is a mortgage for borrowers who use an Individual Taxpayer Identification Number instead of a Social Security number. It lets people who pay U.S. taxes qualify for a home loan using other documentation.
Can I get a mortgage with an ITIN in Arizona?
Yes. Our lender network offers ITIN loans for Arizona homebuyers. You’ll need a valid ITIN, established credit, and a down payment of at least 20% in most cases.
What are the requirements for an ITIN loan in Arizona?
You’ll typically need a valid ITIN card or IRS ITIN letter, an unexpired government-issued photo ID, a credit score starting at 640, at least 3 months of reserves, and a DTI of 50% or lower. You’ll also verify income with 12 or 24 months of bank statements or full documentation.
What credit score do I need for an ITIN loan?
Scores start at 640, though some programs require more. A higher score typically means a lower down payment and a better rate. We’ll compare programs to find the one that fits your score.
How much down payment do I need for an ITIN loan?
Borrowers with stronger credit can put down as little as 20%. Lower credit scores and larger loan amounts typically require more.
What documents do I need for an ITIN loan?
You’ll provide your ITIN card or IRS ITIN letter, an unexpired government-issued photo ID, and proof of income, such as 12 or 24 months of bank statements or full documentation like pay stubs and tax returns.
Can I use gift funds for my down payment?
Yes. Gift funds can cover up to 50% of your down payment, with proper documentation.
Can I buy an investment property with an ITIN?
The ITIN loan program is for primary residences. For rental properties, our DSCR loans accept ITIN borrowers and qualify you on the property’s rental income. They have their own credit and down payment requirements.
Can I do a cash-out refinance with an ITIN loan?
Yes. Cash-out refinances are available up to 75% loan-to-value with a credit score of 680 or higher.
How much can I borrow with an ITIN loan?
Loan amounts go up to $1,500,000 through our lender network, depending on your credit score, down payment, and property type.
Do ITIN loans have higher rates than conventional loans?
ITIN loans typically carry higher rates than conventional loans because of the added flexibility in documentation. Because we compare options across our network of lenders, we can often narrow that gap. We’ll show you real numbers so you can compare for yourself.
How do I get started with an ITIN loan in Arizona?
As a licensed Arizona mortgage broker, we compare ITIN loan options across our network of lenders. Reach out for a free consultation. Se habla español.
Ready to See Your Options?
Tell us a little about what you’re looking for, and one of our Arizona loan officers will reach out. No pressure, just options.
