Financing in Los Angeles>Question Details

Anabell J. S…,  in Los Angeles, CA

Anyone knows what banks or agencies make ITIN Home Loans?

Asked by Anabell J. Sanchez, Los Angeles, CA Sat Feb 20, 2010

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States we will Fund in: California, Nevada

Type of Loans we do: Refinance, Purchase, 1st TD’s, some 2nd TD’s

Loan to value: Up to 70%

Prepay: 3 months Prepay

Occupancy: NON Owner occupied only

Credit Type: Bad Credit, No Credit- OK

US Citizens only?: NO, Non US citizens may apply as well.

Income requirement: We look at Banks deposits to confirm income- WE DO NOT REQUIRE TAXES!

Program Highlights:
â—¦Loan amounts from $50,000.oo to $2 Million in 1st position.
◦2nd Position loans from $100,000.00 to $500,000.00 up to under 50% CLTV for 12 – 24 months.
◦Foreclosure/NOD, Bankruptcy, Bad Credit – Okay
â—¦Purchase Money and Refinance Transactions
◦FICO problem – Okay
â—¦SISA, SIVA, and No Doc available on NOO and Investment Properties.
◦Probate Loans – Okay
â—¦Rehab and Construction loans, case-by-case.
â—¦Property Inspection in lieu of Appraisal Reports, case-by-case.
◦Corporations, LLC’s, and Trusts – Okay
â—¦SFR and 1-4 Units up to 60% LTV. 12 Months to 10 Year Programs available.
â—¦Industrial up to 50% LTV Interest Only, terms vary up to 5 years.
â—¦Commercial up to 50% LTV Interest Only. 3 Months to 20 Years Loan Terms.
â—¦Apartment Building Loans up to 65% LTV. Interest Only or Fully Amortized up to 5 years.
â—¦Mix Used properties up to 60% LTV. Interest Only or Fully Amortized up to 5 years.
â—¦Industrial Properties up to 50% LTV. Interest Only or Fully Amortized up to 5 years.
1 vote Thank Flag Link Thu Nov 7, 2013
Yes, it is still possible to purchase a home with an ITIN in Los Angeles. You could get the basic guidelines on my website - unfortunately - you'll need to be able to read in Spanish or have the website translated with a web program.

The greatest problem with this ITIN Loan process is the required three trade lines. The buyer must have three currently opened alternative trade lines with their electric, gas, cable and/or phone company. Traditional credit is not acceptable and cell phone bills are being challenged - so stay away from these trade lines.

The second obstacle is undocumented income. The easiest buyer is those with pay stubs. So stay away from cash income - because it will take too much baby sitting the client. Well documented income with direct deposits are the best and the second best is to have your clients deposit their entire pay on a regular bases.

For additional information - contact me directly -
1 vote Thank Flag Link Tue Jul 27, 2010
Hello, Wells Fargo was offering ITIN Loans through their Celebrate Home(SM) Program. But not sure if they are still actively marketing these loans.

There are some active lenders out there who are doing them, but there is was a big backlash. These loans are primarly for immigrants, undocumented who do not have social security numbers and for foreign nationals who are buying property from out of the country who do not live in the U.S.

For those that are trying to use these loans because of previous bad credit, This might not be your answer. The lenders will be wanting to know why you want one, and if they think you want one because of bad credit being associated with your social security number, it won't work and you won't be considered for a loan.

I don't know the reason why you are looking for this type of loan and I wont assume, But for those people with bad credit, there are other methods in which to get a home loan, But your rate will be higher and the terms will not be as good as those offered to those with FIco Scores above 620

Best Wishes - Blaine Richards - Keller Williams Hollywood Hills 310-598-8634
1 vote Thank Flag Link Mon Feb 22, 2010
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
0 votes Thank Flag Link Mon Oct 14, 2013
Laura, Not to make light of your question but you'd have to go back in a time machine to 2005!

If you are buying a home to live in, you'll have to do it the old fashion/new fashion way of using your social security number and your income, etc.

Sorry! Good luck!

Web Reference:
0 votes Thank Flag Link Wed Nov 28, 2012
there could have been a nicer way to answer the question without the sarcasm... pr*ck
Flag Wed Aug 7, 2013
thank you any way
Flag Wed Nov 28, 2012
Anyone Knows how can I buy a house with a ITIN
0 votes Thank Flag Link Wed Nov 28, 2012
Check with BBVA Compass. Not so sure the program exists anymore.
0 votes Thank Flag Link Sun Feb 21, 2010
Commercial banks may do it but only for commercial loans on commercial property with a lot of down payment and a strong balance sheet.

I suggest getting credit established and have a strong co-signer.
Web Reference:
0 votes Thank Flag Link Sun Feb 21, 2010
There are very few companies offering financing using alternate means of justifying income. I found a link on-line for the Chicago area. Maybe this will help
0 votes Thank Flag Link Sun Feb 21, 2010
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