Home ownership is a cornerstone of the American dream no matter what economic bracket, status of citizenship, or geographic location you’re in. It is because of Sunrise Banks’ commitment to community, and our belief that everyone deserves to own their own home, that we are proud to offer the Sunrise Banks Pathway2Home ITIN mortgage program.
What is the Pathway2Home ITIN mortgage?
The goal of the Sunrise Banks Pathway2Home ITIN mortgage program is to provide access to lending for individuals who do not have a social security number, but who do have an Individual Tax Identification Number (ITIN).
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.
Benefits of this mortgage program for ITIN holders include the ability to use down payment and grant programs to help offset costs, having closing costs covered by the seller of the house, and the availability of lender credits to help minimize closing costs.
Meet new homeowner, Mr. Gutierrez
We recently talked with ITIN mortgage borrower Mr. Gutierrez about his experience working with Sunrise Banks to secure this loan.
“I don’t know how the process is for the general Hispanic community, but for me it was a fast purchase,” Mr. Gutierrez explains.
He says he didn’t experience any roadblocks along the way, part of which he contributes to having the down payment for closing.
Along with the requirement to participate in homebuyer education, individuals securing a Sunrise Banks Pathway2Home ITIN mortgage must also provide a down payment on the home they are purchasing. Because it is seen as riskier than other more conventional loans (which are likely to require a down payment of around 3%), ITIN mortgage programs commonly require a minimum of 10% in down payment funds. The exact number will depend on the specific ITIN mortgage lender – for Sunrise Banks it’s 10%. Sunrise Banks borrowers are also required to show proof of employment for two years, as well as provide two years worth of tax returns and a minimum 670 credit score.
“Another fundamental part of the process was the service that I received from Rocio,” Mr. Gutierrez says. “She explained everything I needed to do for the process step by step.”
Rocio Gomez is a mortgage loan officer with Sunrise Banks who worked closely with Mr. Gutierrez during the Pathway2Home ITIN mortgage process. She encourages individuals without a social security number to not let that obstacle stand in their way of achieving home ownership.
“If the objective is to purchase a home and provide stable housing for themselves and their families, as well as to build financial wealth, not having a Social Security Number should not be an impediment to achieving the objective,” Gomez explains. “ITIN mortgages are possible and a reality. Stop paying rent and invest in your future.”
Opening the door to homeownership
While searching for a home, Mr. Gutierrez was informed of the Pathway2Home ITIN mortgage program, which led him to Sunrise Banks.
“I want to thank Sunrise Banks for giving me the opportunity as a first-time home buyer,” Mr. Gutierrez says. “I didn’t have credit three years ago. And in this situation I’m in being an ITIN follower, we don’t have many options. That is why, when Sunrise Banks opened the door for me, I went right with it. This is not an opportunity that is going to come often for me.”
Mr. Gutierrez has now been in his home since March of 2023. He says he and his family have made many updates throughout the house – a home that brings them great joy.
“Even though it’s a tiny piece of Minnesota, it brings happiness to us,” he explains.
Now that he has accomplished the goal of home ownership, we asked Mr. Gutierrez what other goals he has set for himself.
“My next one would be to become a business owner,” he says.
Not only do ITIN mortgages help individuals who have lower credit become homeowners, participating in the program is a great way to help borrowers like Mr. Gutierrez to build a solid credit score. And as he grows his credit, he is better positioned to conquer that next goal of owning his own business and continuing to provide for his family.
“I know this is the beginning of bigger things – that I can acquire bigger things,” Mr. Gutierrez says. “It’s life changing. It’s a teaching moment for my children. It allows me to show my children that we can achieve things.”
An investment in a better future
At Sunrise Banks, we believe everyone deserves to experience the pride, promise, confidence, and security associated with being a homeowner. If you or someone you know is looking to invest in a better future for themselves and their family through home ownership, and currently holds an ITIN, we encourage you to discover more about the Sunrise Banks Pathway2Home ITIN mortgage program.
Not sure if a Pathway2Home ITIN Mortgage is right for you? View other loan options.