Tuesday, January 17, 2012

For ITIN Borrowers There Is Still Housing Opportunity...

Just an interesting bit of info I acquired in the past 24 hours.  There are still lenders out there who will loan to folks that have ITINs.  If you are asking yourself, what exactly an ITIN is, then you probably don't or won't need one.  ITIN, stands for Individual Taxpayer Identification Number.  These are issued by the government to documented workers for purposes of collecting taxes. 

If you are a holder of an ITIN you can still purchase real estate in the United States, however, it has become more scrutinized as additional information and documentation is now required on the status of the holder's visa.  It can depend on the stability of your employment, debt to income ratio and other fairly standard rules of thumb for discerning qualified buyers.

The good news is that this product still does exist.  I had been under the impression that it was gone with the plethora of other boutique loans that disappeared. 

If you are a buyer looking to purchase a home and have an ITIN, feel free to call me or email me to be put in touch with our Allen Tate Mortgage representative who can assist you in the qualification process.

Brooke

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