Thursday, March 5, 2009

Individual Tax Identification Number (ITIN) Loan Program

This product is designed to provide Non-Resident Aliens first time home buyers with an ITIN in lieu of a Social Security number better access to home ownership.

  • Serves low to moderate Non Residential Alien first time home buyers
  • All applications must be taken face to face
  • No minimum credit score – there must be a minimum of 3 different sources with a minimum of 12 months continuous credit. These can include landlord, utilities, etc.
  • A minimum of $1,000 down payment must come from the borrower
  • They must be a resident in the same market as the property during the last 12 months
  • 12 months continuous employment required
  • Maximum Loan to value is 97% for a single family home and 95% for a 2 family owner occupied home.
  • No investment or construction loans allowed under this program
  • No mortgage insurance ( No MI )
  • Must complete a HUD Approved Home Buyer Education Program – a suggestion is

No comments: