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Homeownership is one of the most effective ways to create generational wealth. But its perks go beyond financial well-being.
Data compiled by the National Association of Realtors Off Site Link links homeownership to higher levels of civic and social engagement in addition to overall stability.
According to the research, “low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and higher perceived control over their lives.”
But the barriers to homeownership are significant – and disparities persist along racial and socioeconomic lines. New Americans are less likely to live in owner-occupied homes than native-born U.S. citizens. Off Site Link Foreign-born residents are also more often cost-burdened by their housing expenses.
Individual Tax Identification Number (ITIN) mortgage loans aim to bridge the homeownership gap for immigrants. Sunrise Banks’ Pathway2Home℠ mortgage program allows New Americans an opportunity to build wealth for their families and reap all the benefits associated with owning a home.
We talked with Sunrise Banks Mortgage Lender Rocio Gomez to learn more about the Pathway2Home℠ program and how it benefits ITIN borrowers. Here’s what she had to say.
How are ITIN loans helpful to New Americans?
RG: The Sunrise Banks Pathway2Home℠ ITIN mortgage program can make the dream of becoming a homeowner a reality for any applicant that has an active ITIN number. If you don’t have a Social Security number, don’t let this stop you from buying a home or providing a better future for you and your family.
How do ITIN loans align with Sunrise Banks’ mission of “empowering financial wellness?”
RG: While there are other banks that would not lend to borrowers with an ITIN, Sunrise Banks has created a program to help the underserved. Our mission is to empower everyone to achieve financial wellness, and this means that ITIN borrowers now have the opportunity to create generational wealth.
What’s the most rewarding part of offering ITIN loans?
RG: For me, it’s letting borrowers know that achieving financial wellness doesn’t have to be a dream; instead, it’s something we can actively help them achieve through this program.
What barriers do you see New Americans face when buying a home?
RG: There are two main barriers that stand out to me. The first is ensuring borrowers have an adequate credit score. New Americans don’t always have credit history in the United States. The second is saving up enough for a down payment. Sunrise works with borrowers to guide them through the process and provide knowledge on both items.
What else do you want people to know about Sunrise Banks’ Pathway2Home℠ mortgage program?
RG: Sunrise Banks’ Pathway2Home℠ Mortgage program allows borrowers to invest in a better future for themselves and their family. This loan program is available in all of Minnesota with no limits on the loan amount. Grants, seller contributions and gifts from family are also accepted through the program.
If you’re an ITIN borrower who wants to buy a home, I’d love to talk!
Start Your Journey Towards Homeownership
At Sunrise, we believe homeownership should be an option for everyone. Get in touch with our mortgage team and learn more about Pathway2Home℠ here.
Not sure if a Pathway2Home℠ ITIN Mortgage is right for you? View other loan options.