An ITIN is a unique identifier containing a nine-digit tax processing number – resembling a Social Security number – that starts with the number nine. The Internal Revenue Service issues ITIN cards to individuals who are ineligible for a social security number.

Because both residents and nonresidents can have U.S. tax payment responsibilities, you can receive an ITIN card regardless of immigration status.

If you are interested in homeownership but are not eligible for a social security number, the first step is to obtain an ITIN card. Visit the IRS website for more information about how to obtain an ITIN card, as well as form W-7 to apply for an ITIN number

Step 1: Inquiry

• Connect with one of our mortgage loan experts to start the process. You can find us online, send an email, or call us. Our loan officers are all listed on the mortgage website. When you work with Sunrise Banks, you will have a dedicated loan officer throughout the mortgage loan process.
• ITIN mortgage loans in MN go through the same process as standard mortgage loans. Our lenders will be with you every step of the way.

Step 2: Pre-Approval

• Our mortgage team will work with you on how to complete an application to start the process.
• Your credit report will be obtained and the mortgage lender will ask about your income and assets.
• Your mortgage lender will review your information to help you find a price range for your home search and give direction on down payment cost and options.
• At this time, your mortgage lender will explain which types of mortgage loans you qualify for to help you determine which loan option is best for your personal situation.
• Once you are pre-qualified, we will provide you with a pre-approval letter to include with any purchase offers you make while shopping for a home.

Step 3: Find Your Dream Home and Make An Offer

• Now is the time to explore homes and put in an offer based on your pre-approval loan amount.
• Work with your real estate agent to find homes that fit your criteria.
• Make an offer!
• Once your offer is accepted it is time to sign a purchase agreement.

Step 4: Application and Loan Processing

• With your purchase agreement in place, your mortgage team will provide you with disclosures regarding the mortgage process and costs associated with the mortgage loan. If everything is acceptable to you, you’ll tell your mortgage lender that you want to proceed with the loan.
• If the mortgage lender has not already collected loan verification documents, the processing team will reach out to introduce themselves and gather more documentation needed to complete the loan.
• Information they will need includes but is not limited to your identification, income, assets, and credit history. Be prepared to share bank account statements, pay stubs, W-2s, and tax returns as well as other general documents needed to verify relevant information.
• You will also need to find and secure Homeowners Insurance for your new home and provide us with this information.

Step 5: Home Appraisal

• A standard appraisal of the house is required from Sunrise Banks before moving forward with the loan. An appraisal will determine the market value of the home.
• Sunrise will order the appraisal.
• Note that appraisals may take time to be completed (approximately two to three weeks).
• Additionally at this time your mortgage processor will also order;
  • Title Search.
  • Verification of Employment.
  • Flood Certification.
  • Verification of Rent.

Step 6: Rate Lock

• Your mortgage lender will work with you to ensure that throughout the loan process you are keeping in touch to determine the best time for you to “lock” the interest rate on your loan.

Step 7: Loan Underwriting

• During the previous loan processing steps, your mortgage team compiles all the necessary documents required for an underwriter to review and verify to make a formal loan decision.
• The Underwriter may approve a loan as is or require additional information before issuing a final decision.
• Your mortgage lender will provide periodic updates on your loan status.
• Once underwriting is complete, you may be conditionally approved for your loan (which can take up to 72 hours).

Step 8: Closing Preparation

• Your loan has officially been approved!
• You will be provided with a Closing Disclosure a few days before your scheduled closing date. This outlines the final terms and costs of your mortgage.
• The mortgage title company will confirm what you should bring to your upcoming closing date. Some general items needed may include:
  • Cashiers Check for required funds.
  • Government-issued ID for all parties.

Step 9: Closing Day

• Congratulations! You have made it to Closing Day!
• During closing, you’ll pay for the down payment and closing costs. You will sign all legally binding documents such as a promissory note and mortgage or deed of trust. You will be handed the keys to your new home! Welcome home!

While the first few steps of the process are varied, including the time to find a home, a loan closing takes about 30-45 days from the accepted offer on the house.