Individual Tax Identification Number (ITIN) loans are for people who are ineligible for Social Security numbers. ITIN loan requirements can vary by lender. Therefore, borrowers who use ITIN cards for identification and tax purposes should call a lender to discuss requirements and eligibility

1. No Social Security Card Needed: If you are not a United States resident or do not meet government prerequisites for a Social Security number, you can still be identified by the government through an Individual Tax Identification Number (ITIN). This number will permit you to follow and abide by the U.S. tax laws and process and account for tax returns and payments for people not approved for Social Security Numbers (SSNs).
2. No Green Card Needed: Your ITIN allows you to take out a Tax ID loan without showing legal residency in the U.S.
3. Use it to refinance Mortgages: With a proper ITIN, you can get a Tax ID loan that permits you to find funds for something once again with a new loan.
4. Real-life example: This often happens in real estate involving mortgage refinancing due to a change in interest rate environment. As mortgage interest rates fall, homeowners will have more incentive to refinance.
5. You Can Build Credit with an ITIN: Building credit has and always will be incredibly important in the prosperity of one’s life in situations that need a mortgage or student loan. As a non-U.S citizen/ foreigner, you can build up your credit to a reasonable level with an ITIN.
6. It is Better than Hard Money Loans: A hard money loan is a non-conventional loan made through individuals or investors who loan cash based on property used as collateral.
7. The Application Process is available online: The whole process can be done online. All you require is a computer and proper internet access to get one step closer to your dream residence.
8. Living the American Dream: The American dream is most people’s dream goal to achieve in life. It is something almost anyone can achieve, even as a non-U.S Citizen, with the help of obtaining an Individual Tax Identification Number and acquiring a Tax ID loan.

Here are some primary requirements to qualify for an ITIN home loan:

1. Depending on your credit score, you must have a down payment of at least 15%. Cash and gift money are acceptable forms of financing.
2. Many banks in America offer an ITIN program where the minimum down payment prerequisite is 15%. In addition, they accept tax returns, bank statements, and credit card statements as documentation for a loan.
3. You need to file at least two years’ worth of tax returns, i.e., two years of work history under your ITIN number.
4. A minimum credit score of 600 is required but not compulsory. You can apply for ITIN with no credit score as well.
5. The last 30 days’ pay stubs must be provided as evidence of employment.
6. If you are self-employed, you must show your bank statements instead of tax returns for the past 12 months.