Mortgage Broker in Columbus OH | Home Loans | 614-505-0620
Liberty Capital Services is a 5 Star residential mortgage broker in Columbus OH that can help with many types of home loans. Call us today at 614-505-0620.
ITIN Loans
in Ohio
ITIN Loans in Ohio
Is it possible to buy a home as an undocumented immigrant in Ohio?
Yes! You do not need to have a social security number to purchase a home in Columbus or anywhere else in the state.
You Don’t Need a Social Security Number
to Apply for a Mortgage
To apply for an ITIN loan, you just need an ITIN (Individual Tax Identification Number) card. You also need to meet other basic mortgage requirements, just as you would if you had a Social Security number.
We will go over those requirements with you shortly. But first, let’s review some of the advantages of applying for an ITIN mortgage as an undocumented immigrant.
Benefits of ITIN Loans in Columbus
You do not need to have a social security card.
You do not need to verify your residency in the US using legal documents.
You may not need to have established credit.
You can use gift funds for your down payment.
You can save money with this type of foreign national loan compared to what you would pay in terms of interest for a hard money loan.
Do ITIN Loans Have Any Drawbacks?
For the most part, ITIN mortgages’ benefits far surpass their drawbacks. But you may need to make a higher down payment with this type of loan then you would for some other types of mortgages.
Even though your interest rate for an ITIN loan will probably be lower than it would be for a hard money loan, it will probably be a little higher than it would before a conventional mortgage.
What Can You Buy With an Ohio ITIN Loan?
You can use an ITIN loan to purchase a single family home, a condo, a 2-3 unit residential building, or a townhouse.
Most lenders who handle ITIN loans do so for primary residences, but some also allow you to purchase a second home or investment property using this type of mortgage.
How to Qualify for an ITIN Loan in OH
Are you ready to buy a home with an ITIN loan? Here is what you will need to apply:
- An ITIN card.
- Two years of steady employment. During that time, you must have filed tax returns. You will need them as part of your documentation.
- 30 days worth of pay stubs.
- Bank statements if you do not have the appropriate tax forms (if you are self-employed, this may be the case).
- You may not be required to have a credit score. If you are, it should be a minimum of 600.
- Your debt-to-income (DTI) ratio should be 50% or less.
- You need to be able to make a down payment of 25% or more.
ITIN Loan FAQ
Q: How can I raise my credit score before I apply for an ITIN loan?
Q: What counts as 2 years of employment?
Q: What will my interest rate be?
Q: What will my down payment be?
Q: Can I apply for an ITIN loan if I am self-employed, own my own business, or I am an investor?
Q: How will applying for an ITIN loan affect my status with the USCIS?
Buy Your Dream Home Now
Are you ready to own your piece of the American dream? We can walk you through the ITIN mortgage process step by step, making it fast and easy to apply for a loan.
To get started now, please give us a call today at (614) 505-0620. We can’t wait to help you move into your new home.
Liberty Capital Services LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
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