ITIN Loans in Florida
Individual Taxpayer Identification Number (ITIN) loans are unique loans that will help borrowers who do not have the traditional documentation needed for conventional loans get a home loan.
What is an ITIN Loan?
Borrowers without Social Security numbers but are filing tax returns are eligible for an ITIN loan regardless of whether they’re U.S. resident aliens or non-resident aliens. Instead of using the borrower’s Social Security number, the lender will use the individual tax number issued by the IRS.
Who Can Benefit from an ITIN Loan?
ITIN Loans are loans that are designed for financially stable and responsible borrowers who may not have access to traditional forms of identification, like:
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- Non-U.S. citizens: This will include borrowers who are living in the U.S. legally but do not possess a Social Security number
- Self-employed: Business owners, independent contractors, and freelancers who do not have W-2s but can prove their stable income via tax returns will benefit from this.
The Benefits of an ITIN Loan
The benefits of using this type of loan include:
- Building credit history: building a credit history without a Social Security number can be hard if you’re not able to take out loans. ITIN can help borrowers build their credit history and improve their score.
- Lower repayments: while the mortgage rates are higher than a traditional mortgage, the rates are lower than subprime loans
ITIN Loan vs. Traditional Loan
Unlike traditional conventional loans, ITIN loans are designed for people who lack a Social Security number but have still filed taxes with the IRS. ITIN loans are generally easier to qualify for as long as the borrower has a reliable income history and an established tax record, even without a Social Security number.
Requirements to Apply
To qualify for this loan, you need to:
- Have two years of employment history
- Have proof of legal residency such as valid passport, visa or work permit.
Apply For an ITIN Loan in Florida
Open the door to homeownership with an ITIN loan from Avanti Lending. As trusted mortgage experts, we offer open and honest guidance, tailored solutions to your unique financial needs, and competitive rates. Start your home mortgage with us by contacting us at (954) 440-6274.
Do you know how much home you can afford?
Most people don’t… Find out in 10 minutes.