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Sunrise Banks’ Pathway2Home ITIN Mortgages: Home Loans for Borrowers Without a Social Security Number

Sunrise Banks Pathway2Home ITIN Mortgage

The Pathway2HomeSM program allows eligible borrowers to receive a home mortgage using their Individual Tax Identification Number. A Social Security number is not required.  

Homeownership is key for anyone hoping to attain the American Dream – including individuals who are not U.S. citizens.

You may be surprised to learn that a social security number is not required to receive a home loan – ITIN mortgages are designed for non-citizens interested in purchasing a home. Sunrise Banks’ Pathway2HomeSM ITIN mortgage program offers mortgage loans to eligible borrowers using their Individual Tax Identification Number (ITIN).

Let’s take a look at this type of loan, who is eligible, and how to apply.

What is an ITIN?

Before we learn about ITIN mortgages, let’s first start with learning about ITINs. 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.

What are ITIN Mortgages?

ITIN mortgages, like those offered through Sunrise Banks’ Pathway2HomeSM program, are loans made available to individuals who are not able to obtain a Social Security card, but who do have an ITIN card.

The process for obtaining an ITIN mortgage is similar to the process for obtaining a conventional mortgage. Borrowers with ITIN cards can qualify for a mortgage as long as they meet the lender’s eligibility requirements.

Qualifications for ITIN Mortgages

While credit requirements for an ITIN mortgage are more flexible than for a conventional mortgage, applicants must still meet certain qualifications to successfully obtain the loan.

Specific qualifications vary between lenders, but generally cover the following areas:

Employment: Most borrowers are required to show that they have been employed for at least two years.

Tax returns: Borrowers will likely be required to provide two years’ worth of tax returns.

Down payments: Your down payment is the amount of money you pay upfront for your house. This is paid in cash and goes toward the total mortgage amount. ITIN mortgages are seen as riskier loans than conventional mortgages. Therefore, while a conventional loan might only require putting down 3%, ITIN loans usually require at least 10%. The exact number will depend on the specific lender and the borrower’s credit score.

Credit score: While it is possible to apply for a loan without a credit score, many ITIN mortgage lenders are looking for a minimum score of 600. Sunrise Banks requires a minimum credit score of 670.

Picture ID: Acceptable forms of picture ID can include a passport, driver’s license, or Matricula Consular – an identity card that some consulates issue to their citizens residing outside of their home countries.

Applying for an ITIN Mortgage

Are you interested in homeownership but don’t have access to traditional home loans? If you have an ITIN number, the next step in applying for an ITIN mortgage is finding a lender. Do your research and compare programs.

Once you find a lender who is right for you, you can begin the pre-approval process. Benefits of pre-approval include learning how much money you can borrow and the ability to move quickly on the home of your dreams when you find it.

Sunrise Banks Helps You Take the Next Step in Homeownership

At Sunrise Banks, we believe homeownership should be an option for everyone. We are proud to offer the Pathway2HomeSMITIN mortgage program.

As a non-citizen with an ITIN number, you may be eligible to take advantage of the following ITIN mortgage benefits that Sunrise has to offer:

  • Seller can pay your closing costs, which are costs associated with closing your mortgage deal
  • Compatible with gift from family member
  • Lender credits, which can help minimize closing costs, may be available
  • Down payment and grant programs can be used to help offset costs

Participants in Sunrise’s ITIN mortgage programs are required to take a homebuyer education class and must be able to secure 10% in down payment money.

If you have established credit, reliable income, and are able to make mortgage payments on time – but you don’t have a Social Security number – an ITIN mortgage could be right for you. Start the application process today by contacting a Sunrise mortgage loan officer.

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