July 16, 2021

How to buy a house with ITIN in the United States?

One of the most common questions among the Latino community that does not have a Social Security Number (SSN) is to obtain a property in the United States, today we show you that with dedication and commitment you can still get your dream home if your immigration status is not resolved.

The ITIN is a nine-digit account number that is requested from the IRS and which is used to file returns and pay taxes. You can process it at the closest IRS office. The reason you receive your ITIN is because no matter your immigration status you must pay taxes.

The age is approaching when you start to worry about the future or you are simply tired of paying rent month by month and you dream of the option of obtaining a mortgage loan so your monthly payments are not just one more payment, but a grain of sand for fulfill your dream of obtaining a property.

The first step to achieving that dream that you long for is creating a credit history, something that cannot be achieved overnight, but remember that from the moment you decide to go for your own home, every financial move counts. This step is crucial to obtain a mortgage loan, the first thing is to apply for credit cards and use them wisely to establish a healthy relationship with your bank.

Remember that if you do not pay the mortgage loan debt, you can lose your home, that is why your rental payment record must be kept impeccable since generally before granting the loan, banks review your rental payment records to confirm that for the last two years you did not present problems with the payments, these are points in your favor.

Banks that grant loans with ITINs are more limited, but there are credit unions that can grant it to you by demanding a higher initial payment and with higher interest than other loans.

The next step is to get pre-approved to see if they give you the personal loan to cover your mortgage. After your application is approved, you can go looking for your dream home obviously based on the price category that they gave you.

Some of the documents you need to apply and buy a house are: ITIN, Statement of accounts, Tax return, Pay stubs, Photo ID, rent receipt, receipt for payment of services, such as water, electricity or telephone, etc.

By making these movements with great care and obtaining a good credit score, buying your house will not be a simple thought but a reality.