ITIN Mortgage Loans

ITIN Mortgage Loans


In this article, we will cover ITIN mortgage loans. Gustan Cho Associates, empowered by NEXA Mortgage, LLC.is the largest and most licensed lender in the United States. Gustan Cho Associates are mortgage brokers licensed in 48 states, including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. Gustan Cho Associates are experts in ITIN mortgage loans.  The team at Gustan Cho Associates are experts in helping undocumented wage earners qualify and get approved for a mortgage loan using their Individual Taxpayer Identification Number. 

Gustan Cho Associates has a lending network of 210 lending partners of FHA, VA, USDA,  Conventional, non-QM, and ITIN mortgage loans. The team at Gustan Cho Associates are experts in ITIN Mortgage Loans. We have a national reputation for being able to do mortgage loans other lenders cannot do. Over 80% of our borrowers are folks who could not qualify at other mortgage companies because the lender did not have the mortgage options the borrower was looking for.

Individual Tax Identification Number (ITIN Mortgage Loans) are for borrowers who do not have social security numbers and/or are not eligible for social security numbers. ITINs are issued to both resident and nonresident aliens for tax-reporting purposes. Gustan Cho Associates, with a network of over 210 wholesale mortgage lenders, offers Individual Tax Identification Number mortgage loans as well as hundreds of non-QM and alternative mortgage loan options for homebuyers of owner-occupant primary homes, second homes, and investment properties.

What Is An Individual Taxpayer Identification Number (ITIN Number)

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In this section, we will discuss what is an Individual Taxpayer Identification Number (ITIN). An individual taxpayer identification number is a tax identification provided by the Internal Revenue Service (IRS) for undocumented resident alien wage earners without permanent residency status or work visa

.Undocumented wage earners are issued an ITIN number by the Internal Revenue Service to document their earnings and pay their fair share of federal income taxes while working illegally in the United States. An individual taxpayer identification number is a nine-digit tax identification number beginning with the number 9 with a 7 or 8 as the fourth digit issued by the IRS.

ITIN numbers are issued by the IRS to people who are not documented and cannot have a social security number due to their undocumented residency in the United States.

What Is The Purpose For Getting a U.S. Individual Taxpayer Identification Number

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Resident and non-resident alien wage owners of the United States filing income tax returns without a social security number can request and be issued an ITIN. Individual Taxpayer Identification Numbers can be issued to dependents or spouses of undocumented or documented permanent resident aliens of the United States.

In general, independent taxpayer identification numbers has not been created and launched for undocumented illegal non-permanent resident alien wage earners. Individual taxpayer identification numbers are issued to wage earners or self-employed business owners who file U.S. income tax returns and is obligated to file U.S. income tax returns.

ITIN mortgage loans are home loans that allows using ITIN number versus a social security number because the borrower cannot get a social security number. All mortgage loans in the United States require a social security number but ITIN mortgage loans will replace using ITIN number instead.

ITIN Mortgage Loans

Can You Get ITIN Mortgage Loans With an Individual Taxpayer Identification Number?

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A frequently asked question at Gustan Cho Associates is can an undocumented person in the United States buy a house with a U.S. Individual Tax Identification Number. Undocumented workers in the U.S. with an Individual Tax Identification Number are required to pay federal income taxes even though they are not documented permanent resident aliens.

ITIN numbers  are assigned to undocumented workers in the U.S. without legal permanent residency status. ITIN numbers are different than a social security numbers. Social security numbers are assigned to legal permanent residents and citizens of the United States. Homebuyers can purchase a home in the United States using their Individual Taxpayer Identification Number in lieu of their social security number.

Homebuyers without a social security number and needing to qualify for a mortgage loan to purchase a house can qualify for a mortgage with an ITIN mortgage loan. ITIN mortgage loans allow people who has an Individual Taxpayer Identification Number eligible to qualify for a mortgage loan in the United States.

Who Needs In Individual Taxpayer Identification Number (ITIN Number)

All individual taxpayer identification numbers are assigned by the Internal Revenue Service to undocumented wage earners not eligible to receive a social security number from the U.S. Social  Security Administration (SSA).

ITIN numbers are issued by the Internal Revenue Service to undocumented people filing a U.S. tax return but not eligible for a social security number. Also, dependent or a spouse of a non-resident alien person with a visa are issued a ITIN number. Not everyone living in the United States are eligible for a social security number.

Undocumented resident aliens who do not meet the eligibility requirements for a social security card and does not meet the IRS dependent test are issued the individual taxpayer identification number (ITIN). Undocumented resident aliens who do not meet to qualify for a social security card are able to get an ITIN number issued by the IRS by completing a Form W-7, to be able to work, file income taxes, and qualify for ITIN mortgage loans to qualify for a home purchase.

Can I Apply for ITIN Mortgage Loans Using My Individual Taxpayer Identification Number?

Can I get a mortgage loan without a social security number? In the United States, you can qualify and get approved for a mortgage loan without a social security number using an individual taxpayer identification number (ITIN number).

Not all mortgage lenders will approve ITIN mortgage loans. Most lenders will not accept individual taxpayer identification number in lieu of social security number. However, Gustan Cho Associates can approve ITIN mortgage loans to qualified undocumented non-permanent resident alien wage earnings using a U.S. individual taxpayer identification number.

Instead of your social security number, you ITIN number will be used as your tax ID number for a mortgage for your purchase of a home. Gustan Cho Associates are mortgage brokers licensed in 48 states including Washington, DC, Puerto Rico, and the United States Virgin Islands.

How To Get ITIN Mortgage Loans In The United States

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Individual Tax Identification Number holders can qualify for ITIN Mortgage Loans without a U.S. social security number. Most banks and mortgage lenders do not offer ITIN Mortgage Loans. However, the great news is the team at Gustan Cho Associates are experts in offering ITIN mortgage loans to homebuyers in 48 states including Puerto, Rico, Washington, DC, and the U.S. Virgin Islands.

ITIN mortgage loans are offered by non-QM and alternative financing portfolio lenders. Therefore, every lender has their own lending requirements and guidelines on ITIN mortgage loans. However, in general, a 20% to 30% down payment is required. Gifted funds by family members is allowed. Two years of income documents is required. Two years of tax returns, two years of W2s, two years of 1099s, or update audited Profit and Loss prepared by a certified public accounts. Whichever forms of income documents that is applicable for the holder of the individual taxpayer identification number. A valid passport is required.

Undocumented non-permanent resident wage earners in the United States can now qualify for a mortgage using their Individual Taxpayer Identification Number versus their social security number. Gustan Cho Associates can help you get a mortgage using your ITIN number without documents required with traditional mortgages.

What Is The Mortgage Process of ITIN Mortgage Loans

Many people are under the impression the ITIN Mortgage Process has tons of red tape tape with a lot of stress. This is not the case. ITIN mortgage loan process is streamlined and no different than a traditional conforming mortgage process. ITIN mortgage loans normally close in 30 days or less. The main difference on ITIN mortgage loans is an U.S. individual taxpayer identification number is used versus a social security number. The fist step of the ITIN mortgage loan process is for the borrower to complete at Form W-7 which is the formal ITIN application form for the Internal Revenue Service.

Homebuyers can purchase any residential one to four unit home with ITIN home loans. Single-family homes, townhomes, condominiums, and two-to-four unit multi-family homes are all permitted using U.S. individual taxpayer identification numbers.

Besides completing the Form W-7 Form, other documents required such as income docs and two years of income tax returns for the lender is required. Lenders will request other general documents required on traditional mortgage loans such as a copy of your drivers license, copy of birth certificate or passport, traditional or non-traditional credit tradeline information, verification of rent if applicable, most recent bank statements or recent investment accounts showing money that is going to be used for the home purchase.

Getting Pre-Approved For ITIN Mortgage Loans

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Individual taxpayer identification number holders ready to get qualified and pre-approved for an ITIN home loan, please contact us at Gustan Cho Associates at 262-716-8151 to get qualified and pre-approved in minutes. You can text us at the same number for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates are experts in ITIN mortgage loans. We can help ITIN holders in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands.

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