ITIN Loans
An ITIN loan is a non-QM mortgage for borrowers who file taxes with an Individual Taxpayer Identification Number instead of a Social Security number. Several of the lenders I work with have programs built for it, each with its own documentation and down payment requirements.
Justin Lazzaro, NMLS #1229453 | Reasy Financial, LLC, NMLS #2446155 | Licensed in Arizona, Pennsylvania, Florida, and Texas
Who an ITIN loan fits
These programs are for people who work, file taxes with an ITIN, and are ready to own a home.
Buyers of a primary home
Most ITIN programs are built around a home you will live in. Some lenders also allow second homes and rentals.
Self-employed ITIN borrowers
Income can often be documented with bank statements or 1099 forms instead of tax returns.
Who it usually does not fit
Borrowers with a valid Social Security number generally have lower-cost options, and I will point you to those first.
How qualifying works
1
We document your ITIN
Lenders ask for IRS paperwork that shows your ITIN, such as the assignment letter. Some want to see a history of tax filing under it.
2
We document income and credit
Full documentation or an alternative such as bank statements, depending on the lender. Some lenders require a U.S. credit report, and some accept alternative credit history.
3
The loan is underwritten like any other
An appraisal, verified funds to close, and often reserves. The steps are the same as any purchase loan.
Requirements differ a great deal from one lender to the next, including which property types and transactions are allowed. I confirm the details for your situation before you apply.
How it compares to other options
ITIN borrowers have more than one way to document income.
| Option | How income is documented | Worth knowing |
|---|---|---|
| ITIN loan with full documentation | Tax returns and standard income documents | Usually the best terms available to an ITIN borrower |
| ITIN loan with bank statements | Twelve or twenty-four months of bank deposits | For self-employed borrowers whose returns understate income |
| ITIN loan with 1099 income | 1099 forms plus proof of year-to-date earnings | Offered by some lenders, not all |
| DSCR loan for a rental | The property's rent instead of personal income | Some lenders offer an ITIN version for investment property |
Three things to know before you apply
1
Expect a larger down payment
ITIN programs lend a smaller share of the home's value than most standard loan programs, so you will need more of your own funds or gift funds.
2
It costs more than a conventional loan
Rates and fees are higher because these are specialty programs. I will show you the full cost before you decide.
3
Lender rules are not uniform
Credit requirements, eligible property types, and gift fund rules change from lender to lender, which is why comparing programs matters here.
Guidelines change. I confirm current requirements with the lender before quoting anything.
Common questions about ITIN loans
Short answers to common questions. Program rules vary by lender, so treat these as general guidance, not a loan decision.
What is an ITIN?
An Individual Taxpayer Identification Number is a tax processing number the IRS issues to people who need to file taxes and are not eligible for a Social Security number.
Do I need a U.S. credit history?
It depends on the lender. Some require a standard credit report, and some will consider alternative credit history.
Can I use gift funds for the down payment?
Some programs allow gift funds from family. The rules on how much can be a gift differ by lender.
Can I refinance with an ITIN loan?
Many programs allow a rate and term refinance, and some allow cash out. Others do not allow cash out at all.
Can I buy a rental property?
Some lenders allow second homes and investment properties, and some offer a DSCR loan for ITIN borrowers. Others are limited to a primary home.
Where do you offer ITIN loans?
I am licensed in Arizona, Pennsylvania, Florida, and Texas, and I compare ITIN programs across multiple wholesale lenders.
Ready to talk it through?
Pick a time that works for you. We'll go over your goals and next steps, no pressure, just a conversation. Prefer to call or text instead? Reach me directly at (412) 638-4982, or book a quick Zoom if that's easier.
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Licensing
Justin Lazzaro, NMLS #1229453
Reasy Financial, LLC, Company NMLS #2446155
AZ Mortgage Banker License BK #2012302
FL Mortgage Lender License MBR6883
PA Mortgage Lender License 107748
TX Mortgage Company License 2446155
Licensed in Arizona (LO-2001846), Florida (LO71883), Pennsylvania (73668), and Texas
Contact
14100 N 83rd Ave, Suite B-230
Peoria, AZ 85381
