Texas Property Lending

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What is an ITIN Number?

Regardless of the legal or immigration Status of an immigrant residing in the United States, the IRS requires that everyone pays their fair share of income taxes. Therefore, when a person is working and living in the United States without a legal Status, the IRS requires that person to apply for and receive an Individual Tax Identification Number (aka an "ITIN Number"). From this IRS-issued ITIN, a person without a legal status can pay their income taxes, open bank accounts, and apply for mortgage loans.

ITIN Loan Quick Facts

Down Payment requirements can vary.

Interest Rates and Terms can vary.

Lenders have some flexibility in proving your income.

Can be used for a Duplex, Triplex, or Fourplex.

ITIN Loans for Commercial Property are available.

For your ID, an unexpired Passport from your Birth Country is generally accepted.

Two Major Factors determine ITIN Loan Criteria

1. Investor Demand

Most lenders who fund ITIN loans will sell their loans on the Secondary Mortgage Market, where investors buy and sell large bundles of individual loans. Therefore, investors and their demand for such loans in the Secondary Market heavily determine ITIN loan criteria.

2. Federal & State Laws and Regulations

The Consumer Finance Protection Bureau, aka CFPB, was established by the US Congress in July 2010 to protect all consumers. Any loan under the CFPB's jurisdiction must comply with their Fair Lending standards and other laws and regulations. Similarly, state laws and regulations may also govern consumer mortgage loans, regardless of the immigration or legal status of the borrower. For more information, please visit the website of the CFPB.