Did you know that even if you don’t have a social security number that you can still apply for a home mortgage loan at Houz Mortgage? Even though, as a U.S. resident alien (based on days present in the United States) filing a U.S. tax return, you may not be eligible to receive a Social Security Number.
But you can receive an Individual Tax Identification Number (ITIN) regardless of your immigration status in the U.S. because both resident and nonresident individuals may have U.S. tax returns and payment responsibilities that they must adhere to annually. Even If you don’t have an exception to filing taxes in the U.S. and don’t have a social security number, you can receive an ITIN from the IRS. The IRS issues ITINs to individuals who are required to have a Taxpayer Identification Number and cannot obtain or are not eligible to receive a Social Security Number.
If you are not a United States resident (alien) or if you do not meet specific government requirements for a Social Security number, you can still be identified by the government through an Individual Tax Identification Number (ITIN). This number will allow you to follow and abide by the U.S tax laws, as well as productively process and account for tax returns and payments for individuals not qualified for Social Security Numbers (SSNs).
Here are the things that you
don’t need to qualify for an ITIN:
- No credit score is required
- No Social Security Number
- No green card
- No Seasoning Assets Required
Your ITIN allows you to take out a Tax ID loan out without showing legal residency in the U.S. With a proper ITIN, you are eligible to get a Tax ID loan that allows you to find a mortgage loan as a home buyer or a current homeowner who wants to refinance. Very often, homeowners will refinance mortgages to take advantage of a more favorable interest rate for potential savings on debt from a brand new refinancing agreement. Owning a home is an expensive proposition, but if you want to take advantage of the real estate market’s interest rates, an ITIN can do that for you.
Once you’ve successfully obtained your ITIN, the key to getting a Tax-ID loan is having all the proper documentation such as your income payment history, as well as having saved a significant amount of funds that can financially support this mortgage loan. ITIN loans have high-interest rates, so preparing correctly for this financial situation will benefit you in the long run. An ITIN loan down payment can be almost as much as 20% of the total value of the house.
MortgageDepot can assist you in this process by briefing you on the details of the loan and reviewing your credit history to make sure you understand the terms. Your credit history is evaluated by looking at your actual credit that can be gained by the use of an ITIN and making successful transactions, or looking at your monthly on-time, rental records/utility bills. And if you’re successfully pre-qualified for a mortgage, MortgageDepot can secure the best Tax-ID mortgage products for your homeownership or refinancing needs.
Contact Houz Mortgage Today!
Speak to one of our loan officers at Houz Mortgage for more information.