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What is the Individual Tax Identification Number (ITIN) Program?
First Financial Bank's Individual Tax Identification Number (ITIN) Program is designed specifically for those prospective homeowners who do not have a social security number. The team at First Financial Bank is committed to helping you every step of the way so you can become a homeowner. With the ITIN program, owning a home is within your reach.
ITIN Program Details
First Financial Bank's ITIN program offers a number of benefits and features for those who want to purchase, refinance or use the equity in their home. Here are some of the key details of the program:
• Maximum loan amount up to $450,000*
• Financing up to 95%**
• Does not require Private Mortgage Insurance (PMI)
• Available for single-family residences occupied by the owner for primary use
• Fixed rate for 30 years
• 15/1 adjustable rate mortgage with 30-year amortization***
• Home equity type loan with a fixed rate for 15 years
• The down payment can come from a grant, gift or other verifiable sources
• The loan is held and serviced by First Financial Bank; the loan will not be sold
• Options available for financing prefabricated homes
*Maximum loan amount of $450,000. Subject to credit approval. Escrow account required. Other restrictions apply. Subject to change. *Loans subject to income verification and/or other eligibility requirements which may vary based on property location. Available in the bank's designated testing areas in the state of Texas. **Financing up to 95% based on the purchase price or property value, whichever is lower. ***The interest rate on the adjustable rate mortgage product may increase after origination. This advertisement is not a loan commitment.
Requirements and Documentation
To qualify for First Financial Bank's ITIN program, you must be an individual without a social security number and be able to provide official ITIN documentation. Additionally, you must meet the income and eligibility requirements established by the bank, which may vary depending on the location of the property. It is important to contact a lender near you to learn more about specific terms and requirements.
Application Process
The application process for an ITIN mortgage loan is similar to that of any other mortgage loan. Here is an overview of the steps involved:
1. Preparation: Before applying for an ITIN mortgage loan, it is important that you gather all the necessary documentation, such as proof of income, bank statements, identification and other documents required by the bank.
2. Application: Once you have gathered all the documentation, you will be able to complete the ITIN mortgage loan application. During this process, you will need to provide detailed information about your financial and personal situation.
3. Credit evaluation: After you submit your application, the bank will perform a credit evaluation to determine if you meet the eligibility requirements for the ITIN mortgage loan. During this process, the bank will review your credit history and income to evaluate your ability to repay the loan.
4. Processing and approval: Once your application has been evaluated and approved, the bank will proceed to process your ITIN mortgage loan. During this process, the bank will verify the information provided and perform an appraisal of the property.
5. Closing: Once the loan has been processed and approved, you will be ready to close the ITIN mortgage loan. During closing, you will sign the final documents and make the required down payment.
Benefits of the ITIN Program
First Financial Bank's ITIN program offers a series of benefits for those who want to purchase, refinance or use the equity in their home. Here are some of the key benefits:
• Possibility of owning a home without needing a social security number.
• Financing options of up to 95% of the property value.
• Does not require Private Mortgage Insurance (PMI), which can result in significant long-term savings.
• Available for single-family residences occupied by the owner for primary use.
• 30-year fixed rate or 15/1 adjustable rate mortgage with 30-year amortization.
• Refinancing options and home equity loans available.
• Flexibility in the origin of the down payment, which can come from subsidies, gifts or other verifiable sources.
How to apply for an ITIN Mortgage Loan?
If you are interested in applying for an ITIN mortgage loan with First Financial Bank, you can contact one of their nearby lenders to learn more and begin the application process. They will guide you through the necessary requirements and documents, and answer any questions you may have.
Conclusion
First Financial Bank's Individual Tax Identification Number (ITIN) Program is an excellent option for those future homeowners who do not have a social security number. With the ITIN program, owning a home is within your reach. If you dream of owning a home, don't let the lack of a social security number stop you. Explore the options available through the ITIN program and make your dreams come true. Contact one of First Financial Bank's lenders today and take the first step toward the home of your dreams.