ITIN Mortgage Loans in New Jersey

Does applying for an ITIN loan involve my immigration status?

A mortgage application is a credit decision, and a loan officer cannot advise you on immigration questions. Lenders ask for documents such as your ITIN letter, passport and a visa if applicable to verify your identity. If you have questions about how buying property or applying for credit relates to your personal situation, consult an immigration attorney before you apply.

Can self-employed ITIN borrowers qualify?

Many programs accept self-employed borrowers with an ITIN. Income may be documented with tax returns filed under your ITIN, or with personal or business bank statements reviewed over 12 or 24 months. When bank statements are used, the lender applies an expense factor to business deposits or relies on an expense letter from a CPA or tax preparer. Keeping business and personal money in separate accounts makes the review smoother.

Do I need a credit score for an ITIN loan?

Not always. Some ITIN programs use a standard credit report, while others accept alternative credit, such as a record of on-time rent, utility, phone or insurance payments. Lenders usually want those accounts documented with bank records, canceled checks or letters from the companies you pay. A thin file can still work, but expect the lender to look closely at how you have handled the bills you do have.