CAN YOU PLEASE SAY MORE ABOUT WHY I NEED AN INDIVIDUAL TAXPAYER I.D. NUMBER

Because you don’t have a social security number. Income earned in the US is tracked by a citizen’s social security number (i.e., universal tracking number). When an employee is hired they’re required to complete an IRS W-4 form. Along with the employee’s name and address, the W-4 form tells the employer the employee’s social security number, filing status, number of jobs held, number of dependents, and other income and deductions. When the employer pays the employee, the amount paid, along with the amount of taxes withheld is matched with the employee’s social security number, and forwarded to the Internal Revenue Service. The IRS credits the employer-withheld tax payments to the employee’s social security number, and records the amount the employer paid the employee. When the employee / taxpayer files their taxes, and requests a refund or submits a payment, the IRS reconciles the amounts reported on their tax returns, with the taxes withheld, and income paid, as reported by the employer.

The social security number is also used to tally social security contributions, record and maintain credit history, high school and college transcripts, military records, judgments, liens, marriages, criminal history, etc.

If you’re required to file taxes and are not eligible for a social security number, the IRS requires that you be tracked by an alternative universal identifier: an Individual Taxpayer Identification Number. For qualifying purposes the lender uses the ITIN number to track and cross verify tax and reported income history. 

HOW DO I QUALIFY AND APPLY FOR AN ITIN MORTGAGE?

We offer two ways to qualify, as an employee working for someone else, or as a self-employed entrepreneur, working for yourself.

If Qualifying As An Employee Here’s What We Need:

• 2 years of 1040s bearing your Tax ID Number (ITIN)
• Written Verification of Employment
• Verbal Verification of Employment
• No pay stubs accepted
• No W-2s accepted

If Qualifying As Self-Employed Here’s What We Need:

• 24 months of Bank Statements
• Must be Self-Employed for at least 2 years

Credit – For Borrower Who DO NOT Have US Credit Or Only 1 Credit Score

• Canceled checks verifying rent or other housing expense
• Minimum of 2 trade lines
• Reduction in Loan-To-Value

Loan-To-Values

• Purchase Money: 75%
• Rate & Term Refinances: 70%
• No Credit Score: 70%
• Cash-Out Refinances: 65%