An ITIN Mortgage Loan Program is designed for people who have an Individual Taxpayer Identification Number (ITIN) but not a Social Security Number (SSN). The ITIN is issued by the IRS to individuals who need to file U.S. taxes but aren’t eligible for an SSN, such as resident or non-resident aliens. These programs allow ITIN holders to access home loans, which traditional lenders may not offer due to the lack of an SSN.
Most conventional lenders require an SSN because the secondary mortgage market centers around borrower credit info linked to that number. However, specialized lenders like some banks, credit unions, and private lenders offer ITIN mortgage loans by relying on alternative credit verification methods such as rent payment history, utility bills, and insurance payments. Lenders also require proof of stable income through tax returns filed using the ITIN and other financial documentation.
ITIN mortgage programs usually require higher down payments, often between 15% and 30% of the purchase price, and may have higher interest rates to offset lending risks since these loans are typically held in portfolio rather than sold to entities like Fannie Mae or Freddie Mac.
Eligibility depends on having a valid ITIN, a consistent income (verified through at least two years of ITIN-filed tax returns), good payment history (alternative or traditional credit), sufficient down payment, and proof of U.S. residency. The application process involves finding ITIN-specialized lenders, pre-approval, document collection, underwriting, and closing, similar to traditional mortgage loans but with adapted criteria.
Common misconceptions include the idea that ITIN holders cannot buy homes or that these mortgages are only for undocumented immigrants—both are incorrect. ITIN mortgages offer a legitimate pathway to homeownership for various individuals who pay taxes but don’t have an SSN.
To find lenders offering ITIN mortgage programs, consider local banks, credit unions, community development financial institutions (CDFIs), and real estate professionals experienced with ITIN borrowers.
For more on mortgage underwriting and credit requirements, see our glossary entries on Mortgage Underwriting and Individual Taxpayer Identification Number (ITIN) Loans. For guidance on down payments, check our Down Payment article.
Sources:
- IRS on ITIN: https://www.irs.gov/individuals/individual-taxpayer-identification-number
- Consumer Financial Protection Bureau: https://www.consumerfinance.gov/about-us/blog/people-with-itins-can-buy-homes-too/
- NerdWallet: https://www.nerdwallet.com/article/mortgages/itin-mortgage
These resources provide additional insights into ITIN mortgages and homebuying without an SSN.