ITIN Loans or W 7 Loans

Basic Guidelines for ITIN Loans 

I - Identification Documents

Individual Tax Identification Number (ITIN)
  • Cart or IRS letter with ITIN

    II - Government Issued Photo ID required for ITIN Loan

    • Passport from country of origin; or
    Matricula Consular de Identidad; or
    Cedula de Identidad.

    III - Income Requirements for ITIN Loan - No Exceptions

    Last Two Years - 1040 Tax Return Form with W2;
    Last Two Years of IRS issued Tax Transcripts;
    Last Three Months Bank Statement; and
    Last 30 Days Pay Stubs with YTD earnings.

    IV - Non Traditional Trade line Requirements for ITIN Loan

    Housing Payment is a Trade Line Requirement; and
    Three or more of the following alternative credits
    in the name of the borrower and/or spouse:

  • Utility Bill
  • Auto Insurance
  • Day Care Payments
  • Telecommunications
  • Personal Loan Contracts

    V - ITIN Loan

  • 1% below Prime Rate
  • No Down Payment
  • 30 Year Fix
  • NO PMI

    VI - Required Funds for the ITIN Loan

  • Cost of Annual/Quaterly Taxes
  • Cost of Home and Termite Inspections
  • Reserves - 2 months of future mortgage payment
  • Cost of 15 months Homeowner Insurance
  • Escrow, which counts as reserves at closing

    • Eliud Gautier, ITIN Real Estate Specialist

     
    Posted by Eliud Gautier on 01/18/2008 04:12 AM   Comments (1)   , , ,  
    Post is included in group: Hispanos
    Post is included in group: La Lluvia ~ Real Estate en Espanol
    Post is included in group: Hispanic Real Estate Professionals
    Post is included in group: Latino Realtors
    Post is included in group: The National Association of Hispanic Real Estate Professionals

    1 Comments on ITIN Loans or W 7 Loans

    HI, Eliud,  I am looking for a lender ITIN in California? please let me know if we can work together. thank you. LUPE Realtor 818 968 3718

    06/06/2008 11:31 PM by Burbank Real Estate (Burbank in Action Realty)

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    Real Estate Agent: Eliud Gautier (Casa Latino Delaware Valley)
    Eliud Gautier
    Philadelphia, PA
    More about me…
    Casa Latino Delaware Valley

    Office Phone: (888) 705-2272
    Cell Phone: (856) 816-5150
    Email Me
    Establishing Casa Latino Real Estate Full Service Offices in the Delaware Valley.

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