ITIN (Individual Taxpayer Identification Number) is a specialized mortgage program designed for borrowers without Social Security Numbers. It provides financing options for primary residences, second homes, and investment properties using FULL DOC, BANK STATEMENT, and 1099 documentation for income verification.
Eligibility:
- Loan amounts up to $1,500,000 for all transaction types.
- LTV up to 85% for primary residence purchases, 70% for second homes, and 65% for cash-out refinances.
- Minimum FICO: 660-700, with options for borrowers with no credit scores (capped at 80% LTV).
- Max DTI: 50%. Borrowers must provide a 12-month rental history with no late payments for first-time home purchases.
- Flexible income documentation options, including bank statements and 1099s.
Benefits:
- Supports first-time homebuyers and borrowers without traditional credit profiles.
- Wide eligibility across multiple states and property types (1-4 units, PUD, and warrantable condos).
- Allows non-occupant co-borrowers for primary residences.
Consideration:
- No subordinate financing or escrow waivers permitted.
- Delayed financing capped at 60% LTV. Maximum cash-out limited to $500,000.
- Ineligible properties include non-warrantable condos and agricultural or commercial zoning. Prepayment penalties apply to investment properties, subject to state-specific restrictions.