The ITIN Loan Program: Creating More Homeownership Opportunities

For many of those who have spent years creating a life in the United States, the American dream of homeownership can feel out of reach. This is a common feeling for those without a social security number (SSN) as they can often face unique challenges when trying to secure home financing.

In these circumstances, it can be daunting to begin the process, especially if you don’t have enough knowledge of all the options available. Researching options can be stressful and confusing and can contribute to the feeling of helplessness that comes with feeling like a goal is beyond your reach.

The good news is there is a way to use other forms of identification to apply for a home loan. One such method is finding a lender that can use your individual taxpayer identification number (ITIN) as a primary source of identification.

While not all lenders are able to offer this as a solution, The Federal Savings Bank is among the few who offer this option to help you achieve the dream of homeownership.

What is an ITIN?

If you’re not a permanent resident or U.S. citizen, you wouldn’t be eligible for an SSN. However, if you still live and work in the country, the Internal Revenue Service (IRS) can provide an ITIN to you. Typically, ITINs are used for federal tax purposes but can also be used as a form of identification to apply for a home loan, open a bank account or even buy a car. 

To apply for an ITIN (if you don’t already have it), you’ll first need to gather the following documents:  

• Form W-7 

• U.S.  federal income tax return 

• Proof of foreign status and identity  

• Proof of U.S. residency 

Then you’d mail these items to the IRS or apply in person, and you’ll receive a status update between 7 to 11 weeks. For a more detailed, step-by-step application process, visit the IRS website.

Why Get an ITIN Home Loan?

While uncertainty and fear can hold you back from buying a home, there are options you can consider.  

When you apply for an ITIN home loan, you can provide your ITIN in place of an SSN as a form of identification in addition to submitting other documentation, including proof of employment and your tax returns. This helps those who live and work in the U.S. buy a home and establish solid roots in a place they’ve already started building a foundation in. 

In addition to not requiring an SSN, another advantage of ITIN loans is that applicants may be eligible without a credit score. Some lenders allow other options instead of a traditional credit score if you don’t have a credit score available. This creates a path to homeownership that may not be available otherwise. Homeownership also presents the opportunity to build your credit score, which could be beneficial in other aspects of your life, such as buying a car or securing other types of financing. 

While owning a home can help with your financial goals, it can also give you a sense of security and stability. Just renting can come with the fear of eviction and unsustainable rent hikes that can make living difficult. Homeownership gives you the reassurance that you have a long-term and stable environment to create memories, build your identity and feel like you belong in a community you love. 

You’ve spent time living and working in the U.S.—it’s already your home. Homeownership just supplements the life you’ve created.

How Can You Get a Home Loan with an ITIN?

You’ve decided to move forward with buying a home with an ITIN loan. What’s next?  

Not every lender offers ITIN home loans, but The Federal Savings Bank does. We’re dedicated to helping you achieve homeownership, so we offer this product with favorable terms.  

We offer ITIN home loans to eligible borrowers looking for a primary residence. Here are some items you’ll likely need to provide to us: 

• Identification which will include your ITIN and possibly other forms, such as a driver’s license 

• Proof of employment and income 

• Tax returns 

• Credit history and score 

• Current debts, other financial obligations and assets 

Depending on your personal financial situation, your interest rate and down payment requirement could vary, so it’s important to speak with one of our mortgage professionals to understand what to expect.

Why Work with The Federal Savings Bank?

We’re uniquely equipped to help you find the loan solution that suits your needs. Here’s what you can expect from us: 

Personalized Customer Service

We know loans aren’t one-size-fits-all. That’s why we’ll work one-on-one with you to understand your unique needs, background and circumstances. This helps ensure that you get the loan that works best for your personal situation.  

In-House Operations

Throughout the process, your loan is touched only by experienced professionals that work in-house. This means you are receiving regular status updates and the reassurance that your lender works closely with your transaction during each and every step.  

Ability to Lend in All 50 States

We’re able to offer mortgage solutions no matter where you decide to buy a home. In addition, we have brick-and-mortar locations in states across the country.  

4.94 Star Rating on Zillow®

Don’t just take our word for it. Check out some of our clients’ experiences on Zillow®.

Apply Today

As an American who already lives and works in this country, homeownership is the next big step you can take. An ITIN home loan from The Federal Savings Bank could help you secure home financing so you can continue building your life with your family. 

Are you ready for homeownership? Get started today!