FULL DOCUMENT PROGRAM FOR ITIN BUYERS

A full documentation loan program will require a credit history of at least 2 years that is associated with your ITIN. Similar to US citizen buyers, this program will look at all of your monthly debt and your monthly income in order to determine your debt to income ratio ("dti"). The debt to income ratio cannot be higher than 50% in most cases and is determined by taking your current monthly debt PLUS your proposed mortgage payment and dividing it by your monthly income. The proposed mortgage payment number will include Principal, Interest, Property Taxes, Homeowner's Insurance and any Condominium/Association fees. ("PITIA")

Below we will take a look at the required documentation necessary to satisfy the criteria of a full document loan program. First let's start with some characteristics that are common to ITIN Buyer Programs:

ELIGIBLE PROPERTY TYPES

1 Unit Properties
2-4 Unit Properties (One unit must be occupied by the Buyer as their primary residence.)
Condominiums (Both warrantable and non-warrantable)
Townhouses/Planned Unit Developments

MINIMUM DOWN PAYMENT

Your minimum down payment will depend on your credit score as follows:

740 or above = 20% down
720 - 739 = 25% down
700 - 719 = 30% down
680 - 699 = 35% down

ELIGIBLE PARTIES

All parties (borrowers, banks and property sellers) involved on the transaction must be screened through exclusionary lists, and must be cleared through OFAC's SDN list.
Borrowers from OFAC sanctioned countries are ineligible. Access the link below for a list of sanctioned countries: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx
Individuals with diplomatic immunity are not eligible.

CLOSING REQUIREMENTS

Any loan made to an ITIN Buyer have an ACH agreement signed at the closing table. The ACH account must be set to draw from a US bank account. The Borrower shall provide proof that a US bank account is opened in their name (or in the name of the LLC which owns the property, if applicable) and that the account is funded with the first month’s payment.

DOCUMENTS

All documentation provided that has or will be translated to English must have a Certified Translator Stamp
Documents signed outside of the United States must be notarized by a U.S. embassy or consular official. The certificate of acknowledgment must meet the standard notarial requirements and must include the embassy or consular seal.

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REQUIRED DOCUMENTATION FOR ITIN BUYERS

PROOF OF STATUS

1 Unexpired Government Issued Photo ID (Driver's License)
A copy of your ITIN Card; OR
A Letter from the IRS stating you have been assigned an ITIN
Buyer must be OFAC compliant

CREDIT REQUIREMENTS

PROOF OF STATUS

A 36 month history of using credit in the U.S. with 3 tradelines that have been reporting payments/usage for 12+ months and have been active some time in the last 12 months; OR
2 tradelines that have been reporting payments/usage for 24+ months with some activity in the past 12 months.
A tradeline is typically a credit card, personal loan, or car loan. But some lenders will allow you to use other accounts as tradelines such as cable, utility, or cellphone accounts.
If a complete credit history is not available the ITIN Buyer may be able to supplement their credit history by providing a history of paying rent on time. This can be provided via a verification from the landlord or through other sources.
A credit score of at least 680 is required for most lenders.
Borrowed Social Security Numbers are not allowed.

INCOME REQUIREMENTS

PROOF OF STATUS

INCOME REQUIREMENTS

2 years Federal Income Tax Returns
Your Debt To Income Ratio (DTR) can be as high as 50%.
Down Payments as low as 20%
Income should be traced to the ITIN
Assets must be tracked and sourced from an institutional (i.e. Bank) account to the ITIN Buyer for the last 60 days

Reserves

Closing Terms

INCOME REQUIREMENTS

In addition to the down payment and closing costs, the Buyer will have to show they have enough funds in their account(s) to cover 3 months of mortgage payments including principal, interest, property taxes, homeowners insurance, and association/condo fees (if applicable).
6 months reserves will be required for loan amounts over 1 million US dollars.

Loan Terms

Closing Terms

30 year fixed rate mortgage with no prepayment penalties
40 year fixed rate mortgage with no prepayment penalties
Adjustable Rate mortgage with no prepayment penalties

Closing Terms

ACH direct deposit account set up