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.
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.
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.
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.
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.
Are you ready to buy a home with an ITIN loan? Here is what you will need to apply:
A: There are any methods you can use to improve your credit score (or establish one) before you apply for a mortgage as a foreign national.
You can apply for a credit card if you haven’t already, or make regular purchases using one if you have a card now. Paying off your balance in full quickly each time can help you to build up your score.
You can also ask a family member or friend to add you as an authorized user to a credit account.
Keeping up with your bills and expenses will help you to maintain your score as well.
You also should try and keep your credit utilization under 30%.
A: The 2 years of employment you document must be the most recent 2 years. You cannot use previous years if you have gaps in your most recent 2-year history.
Additionally, the 2 years you document need to show consistency. Your work must be in the same industry, or the same type of work. You need to be on a clear and stable career path.
A: The interest rate for an ITIN loan can vary depending on your qualifications and your lender. While it will be slightly higher than what you would pay for a conventional loan, it should be lower than you would typically pay on a hard money loan.
A: The down payment for an ITIN loan is a minimum of 15%.
A: Yes, you can. You may not have the usual tax forms that you would need to provide if you were a traditional employee, but you are allowed to substitute bank statements instead.
A: When you apply for an ITIN loan, the US Citizenship and Immigration Services (USCIS) will receive no notification, nor will they see any info you provide to us. There is no danger of deportation.
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 located on 438 E Wilson Bridge Rd #106, Columbus. From John Glenn Columbus International Airport (CMH) head south on Stelzer Rd and use the right lane to turn right onto International Gateway. Then keep right to stay on International Gateway and merge onto I-670 E. Next, continue onto US-62 E and use the left 2 lanes to merge onto I-270 N toward Cleveland. After that take exit 27 toward Cleveland Ave and use the right 2 lanes to turn right onto Cleveland Ave. At this point use the left 2 lanes to turn left at the 1st cross street onto Schrock Rd and continue straight to stay on Schrock Rd. Finally, turn right onto Huntley Rd and turn right onto Worthington Galena Rd. Turn left and Liberty Capital Services LLC will be on your right.
We are open Monday - Friday 9am - 6pm.
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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