ITIN Mortgage Loans in Pennsylvania

Why do ITIN mortgages cost more?

ITIN loans are non-QM loans, which means Fannie Mae and Freddie Mac do not buy them. The investors who do take on more risk, and that usually shows up as higher pricing than an agency loan and an expectation of a larger down payment. Pricing still varies from lender to lender, so comparing Loan Estimates from more than one source is worth the effort.

Can I get a mortgage with an ITIN instead of a Social Security number?

You may qualify. Non-QM lenders offer programs for borrowers with an ITIN instead of a Social Security number. These loans sit outside Fannie Mae and Freddie Mac guidelines, so each investor sets its own rules for credit, income and property type. The lender still verifies that you can repay. Each program sets its own terms, and every file is subject to credit approval.

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.