Homeownership provides many financial and social benefits. It builds equity and provides stability. And most importantly it gives you a place to call “home.” Research Off Site Link tells us that being a homeowner can provide health benefits, increase graduation rates among children and provide greater security for families.
Buying a home is a process and can be difficult for first-time buyers. It’s even harder for United States immigrants, who don’t always have access to traditional home loans. Sunrise Banks has found a way to make mortgages for immigrants in the US more accessible.
Sunrise Banks’ Pathway2Home Mortgage program helps foreign-born residents obtain a home loan using an Individual Tax Identification Number (ITIN). Through the Pathway2Home program, those who file taxes using ITINs and don’t have a social security number can become homeowners.
In addition to offering the Pathway2Home Mortgage program, Sunrise Banks also provides conventional loans via Fannie Mae’s HomeReady® program to those who are DACA recipients, have temporary immigration status and, in general, those who are not permanent residents or have yet to obtain U.S. citizenship. That program only requires 3% down payment. Restrictions apply.
Sunrise is proud to have processed dozens of mortgages for non-US citizens in the years since this program was announced. In fact, we processed 58 ITIN mortgages in 2018; and 75 ITIN mortgages in 2019. Here’s a quick overview of the program and the details you may need to know to apply.
What’s required from borrowers looking to participate in the Pathway2Home mortgage program?
Borrowers must have at least one year of credit history, a minimum credit score of 670, two years of tax returns and a picture ID. A Passport, Matricula Consular or Driver’s License are all acceptable forms of ID.
Is there a down payment requirement for Pathway2Home mortgages?
The program requires a minimum of a 10% down payment.
Are there any restrictions under the Pathway2Home program that participants should be aware of?
The Pathway2Home program is available to those looking to buy or refinance a primary residence. However, it does not cover investment properties.
Is homebuyer education required for Pathway2Home clients?
Yes. Participants in the Pathway2Home program are required to take an 8-hour homebuyer education class that can be taken in person or online. The class certificate is valid for one year.
What steps does someone need to take to start the process?
Start the application process by contacting a Sunrise Banks mortgage loan officer.
Do you have other questions about the mortgage process? Visit our Knowledge Center for additional resources on financial wellness and preparing to buy a home.