ITIN PROGRAM

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ITIN

 “An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN)”(https://www.irs.gov/individuals/individual-taxpayer-identification-number)

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Purpose:

  “Many of those in the immigrant population do not have a Social Security number and most have limited credit history. With most banks and mortgage lenders, this often disqualifies them from obtaining a mortgage loan. (AXESS Flyer)

We financed over 300 ITIN loans in 2018. (https://alterra.clicdata.com/login)

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ITIN Programs:

We divide our ITIN into 3 programs to ease underwriting. 

ITIN

ITIN PLUS

ITIN Jumbo

Each Program is Owner Occupied Only, allows up to 4 Applicants on a transaction, and the Co-Borrower is permitted to have an SSN

ITIN:

  • No Tradelines are required
  • 580 Minimum FICO
  • No FICO also acceptable
  • Maximum Allowable DTI up to 55%

ITIN PLUS:

  • 20% down for eligible clients (700+ FICO)
  • Fully Amortized 30 Year Loan Term
  • Must have at least 1 years filed tax returns under their ITIN
  • Maximum Allowable DTI up to 55%

ITIN JUMBO:

  • Up to $6mm loan amount
  • 660 Minimum FICO
  • 12 Months Bank Statements for income verification
  • No limitation on the number of other financed properties