What is an ITIN (Tax ID) Loan?

Tax ID loans are mortgage loans that only require an individual tax identification number (ITIN), and do not require applicants to have a Social Security Number (SSN) or Green Card.

What Do I Need To Qualify?

● ITIN program only requires valid copy of passport and copy of ITIN card

● Minimum of 15% down payment

● 15% down qualified borrowers based on scores and income ratios. Down payment varies from 20% to 30%

● Borrowers needs 3 alternative tradelines (credit accounts, car loans, personal loans, etc.) to be considered, and need at least 25% down payment

● 24 months bank statements may be used for self-employed borrower to qualify (PERSONAL BANK STATEMENTS ONLY OR DBA)

● For W2 borrower we only use W2 and pay stubs to qualify

● Max Debt To Income ratio is 43% but can go up to 50% with compensating factors

What Are The Benefits Of a ITIN (Tax ID) Mortgage?

Homeownership can be difficult to accomplish for non-U.S. citizens who live and work in the United States. Many within the immigrant population do not have a social security number and have a limited credit history. This often disqualifies them for obtaining a conventional mortgage loan.
At Prysma, we work with these individuals, offering an affordable ITIN mortgage lending program that allows potential homeowners with a ITIN (Individual Tax Identification Number) instead of a Social Security Number to purchase their dream home.
Sources:
NAHREP (pdf): https://nahrep.org/downloads/2022-state-of-hispanic-homeownership-report.pdf
US Department of Housing and Urban Development (pdf): https://www.hud.gov/sites/dfiles/OCHCO/documents/19-02hsgml.pdf