Are you shopping for a home in Kansas City or elsewhere in Missouri as an undocumented immigrant?
You can purchase a home without a Social Security number using a special product called an ITIN loan, or “Home Opportunity Loan.”
What are ITIN Loans?
With an ITIN loan, you can apply for a mortgage using your Individual Tax Identification Number (ITIN).
At no point during the application process is a Social Security number required.
Missouri ITIN Loan Benefits
- You do not need to verify your US residency using legal documents of any kind.
- You do not need a Social Security card.
- This is a fixed rate mortgage product.
- Depending on your situation, it may be possible to qualify for a loan without a credit score.
- You can apply for this type of loan if you are an employee or if you are self-employed.
- You can use this type of mortgage to purchase a primary residence, second home or investment property.
Eligible types of properties include single family homes, manufactured homes, townhomes, one-unit attached/detached PUDs, and condos.
Do You Qualify for an ITIN Loan?
In order to be eligible for an ITIN loan, you must meet the following basic requirements:
- You must have an ITIN number.
- The minimum credit score (if you have a score) is 620. There’s also “No Credit Score” financing which requires just a 20% down payment.
- You must be able to verify one year of stable employment (or self-employment). You will need to provide a written VOE to document your income.
- The maximum debt-to-income (DTI) ratio is 43%.
- The maximum LTV is 90%, so the minimum down payment is 10%. Keep in mind your credit score and other individual factors may affect your minimum down payment.
If you are ready to move into your dream home in Kansas City, Missouri and beyond, you can do so now without a Social Security card. To find out more about ITIN loans or to apply for an ITIN loan in Missouri now, please call (816) 631-9687. We can offer personalized tips that can assist you through the application process.