ITIN Loans
Homebuyers who don’t have a Social Security number (SSN) may think getting a home loan is out of reach. But Individual Tax Identification Number (ITIN) loans can make the home of their dreams possible.
What is an ITIN loan?
ITIN loans are unique home loans that allow borrowers to obtain home financing using their ITIN instead of traditional documentation. If you have an ITIN, the CCM Signature Expanded ITIN Loan may provide a path to homeownership.
What’s an ITIN?
ITINs are issued by the Internal Revenue Service (IRS) and can be used as a form of ID in place of a Social Security number. If you don’t currently have an ITIN, getting one is relatively straightforward. You’ll need to gather tax returns and identification documents, fill out Form W-7, and apply with the IRS.
Non-QM loans
Traditional mortgages often don’t fit non-traditional financial circumstances. For example, individuals without a Social Security number often struggle to secure home financing due to identification requirements. But CCM is committed to providing for every borrower through the CCM Signature Expanded Series.
Our in-house Non-Qualified loans (Non-QM) offer financing for everyone from retirees to self-employed workers and real estate investors. Borrowers can use bank statements, liquid assets, 1099 income, and more to achieve their homeownership dreams. No matter your goal or finances, we’re dedicated to getting it done.
How do ITIN loans work?
ITIN loans allow you to qualify for a home loan using your ITIN instead of a Social Security number for identification.
The CCM Signature Expanded ITIN Loan offers alternative income qualification using our Full Doc and Bank Statement programs. That means you may be able to finance your home despite financial challenges or lack of tax returns, W-2s, or pay stubs.
Who are ITIN loans for?
Borrowers with an ITIN. While it can be challenging to find loan options without a Social Security number, ITIN loans offer a path to homeownership without the significantly higher interest rates of hard money loans.
ITIN loan requirements
Here are the following requirements when applying for a bank statement loan.
- 10% minimum down payment
- Can be used for primary and second homes and investment properties
- Full doc or bank statement income qualification
How to get an ITIN loan
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1
Gather supplemental documentation, including tax returns that confirm you’re a non-resident in the United States and forms of identification, like an ID card, birth certificate, driver’s license, and medical and/or school records.
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2
Fill out Form W-7.
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3
Submit Form W-7 and any additional documentation to the IRS.
The purpose of the W-7 form is to tie your documents with your identification, verify it against the information on your tax return, and assign a number accordingly. Your ITIN will be tied to your tax return, so using your latest filing as part of the application is essential.
While the processing time varies, most people receive an outcome for their application within 4-6 weeks.
ITIN loan FAQs
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Yes! No Social Security number is needed with the CCM Signature Expanded ITIN Loan.
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No. The FHA requires all borrowers to have a Social Security number to qualify.
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No. We provide an easy qualification process with the CCM Signature Expanded ITIN Loan.
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Fill out Form W-7 and apply with the IRS. Generally, applications receive a response within 4-6 weeks.
Related articles
What Is a DSCR Loan?
What Is a Non-QM Loan?
How to Get a Mortgage with a 1099
