Home Buying in Chicago>Question Details

carlos.cabre…, Home Buyer in Chicago, IL

Can I buy w my itin number???

Asked by carlos.cabrera, Chicago, IL Mon Feb 11, 2013

What banks accept the itin number

Help the community by answering this question:


Hi, Carlos:

Yes, you may use an ITIN (Individual Taxpayer Identification Number) as your tax id for a real estate transaction. There are two situations in which this information will be necessary:

1. You wish to finance the property with a mortgage loan.
2. You wish to sell the property for more than what you paid for it.

In situation number 1, many banks will treat you as a foreign national buyer, unless you have work authorization or a permanent residence permit. To qualify for financing, you'll need to prove you have enough income to pay the mortgage loan and still have money left over for other expenses, just as anyone else would. If you have filed your tax return with the IRS for the past two years, this should be easy to do. If you haven't filed your tax returns, you will have to show other sources of income (foreign or domestic) that are verifiable.

Another major difference is that you may have to make a more significant down payment to qualify for the loan, up to as much as 40% of the purchase price. Every bank has its own standards, so my colleague is correct to say that you should shop around for the best deal.

Most of these mortgages are so-called "portfolio" loans, that is, they are held by the bank and not re-sold on the open market. Therefore, the bank is a bit more careful about qualification standards.

I've had good experiences for my clients with banks that also have a presence overseas. Start your research with these banks. Some community banks and credit unions also have programs for foreign nationals.

In situation number 2 (you're selling the property and expect a profit) you need an ITIN to report this profit to the Internal Revenue Service (IRS) under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). In fact, a real estate broker who handles such a transaction has an obligation to make sure that there is a withholding of 10% of the capital gain (profit) until the seller files his tax return with the IRS. If the broker doesn't do this, and the seller doesn't pay his taxes, the broker can be responsible for the tax liability. Many buyers and sellers aren't aware of this law and the consequences can be serious.

Don't let the law discourage you from investing in real estate, though :-) Take a look at the IRS page on this subject:


The rules are quite specific and would probably apply to your situation. Also, consult a tax professional to make sure you're in compliance.


Don Pasek, CIPS, TRC, ADPR
Omniterra Real Properties
1 vote Thank Flag Link Mon Feb 11, 2013
We do loans with ITIN numbers. You need 35% down. Feel free to give me a call and I will get you with our best loan officer.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell

"We do FHA loans down to 600 credit score"
"We do ITIN loans"
"We do no money down USDA RD loans"
"We do $100 down payment FHA Loans"
0 votes Thank Flag Link Fri May 10, 2013
Hilda Rosas/Managing Broker Chicago, IL
Yes, you can buy a house with your ITIN no. There is an excellent program available now.
Call me for more information and details.
(773) 485-5480
0 votes Thank Flag Link Thu May 9, 2013
Carlos. I believe banco popular will do this, however, this is going to take some research. Check the Scotsman guide.

Sean Cochran
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Mon Feb 11, 2013
I am not sure if many banks accept this. The best way to find out is to call up a few.
0 votes Thank Flag Link Mon Feb 11, 2013

You can obtain a mortgage loan with an ITIN number. Harris Bank has an excellent program. Good luck!

Maria Ascencio
RE/MAX Platinum
(630) 945-0139
0 votes Thank Flag Link Mon Feb 11, 2013

I don't believe you will be able to obtain an FHA load with a ITIN number. Your business tax id will probably be able to allow you to obtain some kind of commercial loan, however, that does not mean the bank will not want a personal guarantor as well. The best thing to do is contact a lender for expert advice. I recommend Mary Kay Laurant with Guaranteed Rate 773-516-6859.
0 votes Thank Flag Link Mon Feb 11, 2013
That might be an issue, but my web site has some lender references. Give them a call. There is no cost to speak with them.
0 votes Thank Flag Link Mon Feb 11, 2013
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