What is an ITIN Mortgage or Loan?
Individual Tax Identification Number (ITIN) loans are non-conventional loans designed for applicants that aren’t eligible for a social security number. ITIN loans are available to both resident and non-resident immigrants and are a great way to secure a home loan if you don’t have some of the typical tax-related documentation that comes hand-in-hand with having a social security number in the United States. As is the case with all loan types, there are pros and cons you should consider.
ITIN VS. Foreign National Loans
Foreign national loans are mortgages offered to non-residents of the United States. ITIN loans are a type of foreign national loan, as they are only available to those that aren’t eligible for social security numbers. Since some foreign buyers may be able to produce a tax ID number in the US (from their business or otherwise), not all foreign national loans are ITIN loans. ITIN loans are more niche than foreign national loans, which encompasses.