With the growing increase in new immigrants residing in the United States one issue that comes up is a place to live. Many immigrants like the Hispanics who are a large group would like to get a roof over their head without having to pay rent for the house.
Due to the intense competition in the mortgage business some lenders have opened up their lending to undocumented immigrants through the itin home loan.
Previously it was impossible for an undocumented immigrant to get a home loan. However some mortgage providers have improved the chances of such individuals acquiring a loan and fulfilling their dream of owning a house in United States.
This has been made possible by the use of the Individual Tax Identification Number ( ITIN ) which is a 9 digit tax processing number issued by The Internal Revenue Services.
The ITIN is not an identifying number but it is only used for federal tax reporting only and this number is not meant to serve any other purpose.
The ITIN number is usually issued to individuals who make tax returns but are not eligible to get the social security number. If you do not have valid a Social Security Card and you would like to apply for a home loan you may qualify for an Individual Tax Identification Number (ITIN) home loan.
Many undocumented immigrants might not be aware of this facility that they now have a better chance of securing home loans. A few mortgage providers have started accepting ITINs for individuals who cannot get a social Security Number.
If you do not have a valid Social Security Card and you would like to apply for a home loan you may qualify for an Individual Tax Identification Number (ITIN) home loan.
The lenders will require you to verify your two years income, show proof of payments made for utilities and other payments and any documents of your other indebtedness.
The Mortgage providers for this type of loans are not many and this is still being done on a limited selected basis.
You need to research online to determine the companies that can help you apply for this type of loan.
One downside of this type of loan is the loan approval process is manual and therefore the loan application procedure would take a while.
If you have been wondering about ever owning a house in this land of great opportunities then apply for an ITIN home loan and get you started in the process of buying your first home.