If you are an undocumented immigrant living in Illinois, Indiana, or Florida, we can help you buy a home without a social security number.
We offer a specialized mortgage product for this purpose called an ITIN loan.
Apply for a Mortgage Without a Social
Security Number in Illinois
ITIN stands for “Individual Tax Identification Number.”
If you have an ITN card, you can apply for an ITIN loan. You do not need to have a social security number to qualify for this type of home loan.
Chicago ITIN Loan Benefits
- No social security card is needed.
- There is zero requirement to verify US residency with legal documents.
- Gift funds may be used for your down payment.
- You do not need to have credit in some cases.
- The interest rate for an ITIN loan is lower than it would be if you applied for a hard money loan.
- We will be here to explain everything you need to know about ITIN loans and to walk you step-by-step through the application process.
What Else Should You Know About ITIN
Although interest rates on ITIN loans can be competitive, it is common for the down payment requirement to be higher than it is for other loan types.
So, you may need to be prepared for that higher down payment requirement. If you need recommendations for how you can afford the down payment, we can offer you personalized advice.
What Can You Buy With an Illinois ITIN
With an ITIN loan, you can purchase:
- A single family home
- A 2-3 unit residential building
- A condominium
- A townhouse
The majority of applicants for ITIN loans are shopping for a home to serve as their primary residence.
Already have a primary residence? If you want to buy a second home or invest in real estate, you may also be able to do so with an ITIN loan.
Do You Qualify for an ITIN Loan?
We receive a lot of questions about who is eligible to apply for an ITIN loan. Here are the basic requirements:
- You must have an ITIN card.
- Over the past two years, you must have been gainfully and steadily employed.
To verify your income and employment status, you will need to provide the following documents:
- Pay stubs for the past 30-day period.
- Tax documents (or bank statements, if appropriate).
- Credit score requirements may vary. In some cases, you can apply for an ITIN loan with no credit. But if you are required to have a credit score, it will need to be 600 at a minimum.
- 50% or less is the requirement for your debt-to-income (DTI) ratio.
- ITIN loan down payments start at 15%.
Frequently Asked Questions About ITIN
You may have a lot of questions about ITIN loans. We can answer them in detail during your consultation. But below, you can find quick answers to a few of our most frequently asked questions.
Q: Will the USCIS deport me if I apply for an ITIN loan?
A: No. We do not provide any information to the USCIS or notify them in any way about your application. You will not be deported for applying for an ITIN loan.
Q: I do not have a regular job as an employee. Can I still qualify for
an ITIN loan?
A: So long as you have a steady income, yes. You may be a business owner, freelancer, self-employed person, or investor. There might be another status that describes you. Regardless, if you can document your income through bank statements, you should be able to apply for an ITIN loan.
Q: What should I know about the employment history
A: The first important thing to know about the employment history requirement is that it refers to the previous two years. There can be no gaps in your employment over that time period.
Something else that is important in meeting this requirement is that there must be consistency in your 2-year employment history.
If you have been jumping from industry to industry and job role to job role with no clear career trajectory, your employment history may not be sufficient to satisfy the requirement.
During your consult, we can take a look at your employment history and let you know if it will be acceptable for your ITIN loan application.
Q: What is the interest rate and down payment on an ITIN loan?
A: The minimum down payment for an ITIN loan is 15%. As for the interest rate, both the lender you choose and your borrower qualifications will impact the rate you are offered. We can help you find a competitive interest rate.
Q: My credit score is below 600. How do I raise it?
A: There are many possible ways you can improve your credit score before applying for an ITIN loan.
Some ideas include getting a credit card, paying your bills in a timely fashion, and becoming an authorized user on the credit account of a family member or friend with good credit. We can offer you additional advice during your consultation.
Buy a Home in Illinois Without a Social
Security Number Now
Are you ready to move into the home of your dreams? You do not need to wait until you have a social security card to make it happen. You can buy your dream home now with an ITIN loan.
To get started, please call MidAmerica Bancorp, Inc. today at (708) 237-4050 to schedule your free consultation. We work with undocumented immigrants in and around Chicago and throughout the states of Illinois, Indiana, and Florida.