ITIN (individual tax identification number) holders are not United States citizens, but they can obtain mortgage loans in this country, so lenders that offer these mortgages typically either keep them in portfolios or sell them into the secondary market.
An ITIN mortgage is a type of mortgage that is available to individuals who have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. ITINs are issued by the Internal Revenue Service (IRS) to foreign nationals and other individuals who are not eligible for a Social Security number but are required to pay taxes in the United States.
ITIN mortgages are designed to help people who may not have a Social Security number but want to purchase a home in the United States. These mortgages typically require a larger down payment and have higher interest rates than traditional mortgages. They may also have more stringent credit requirements.
If you are considering an ITIN mortgage, it's important to work with a lender who has experience with these types of loans. They can help you understand the requirements and guide you through the process of obtaining financing for your home purchase.
What are some types of ITIN mortgages?
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