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Alternative Loan

ITIN Loan

ITIN
Qualifications
Benefits
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ITIN Loan

What is an ITIN loan?

ITIN loans are a unique kind of loan for individuals who may not have the proper documentation for a traditional mortgage loan. This loan program uses a borrowers Individual Tax Identification Number (ITIN) instead of a Social Security Number to secure a mortgage loan.

ITIN Loan

What are the qualifications for this type of loan?

Here’s a detailed look at the basic qualification for an ITIN loan.

  • No minimum credit requirement
  • ITIN Letter
  • Minimum down payment of 20%

ITIN Loan

What are the benefits?

  1. Having an ITIN means you can use it to get a loan; you do not need to be an American citizen or a green card holder (resident alien.)
  2. When you have an ITIN loan you build your credit score. The higher your score the easier it is to get other loans. In the future, you may want to buy furniture, a car, get a student loan, or borrow money to start or expand a business.
  3. It is usual to take out a 30 year fixed rate mortgage. Once you have your ITIN loan in place you may decide to take advantage of lower interest rates and refinance your existing loan.
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Luna Mortgage was founded by experienced mortgage professionals who are committed to find the best loan option for you while offering superior customer service including fast approvals and closings.
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Figure: 7 TAC § 80.200(b) CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT WEBSITE AT HTTPS://WWW.SML.TEXAS.GOV/CONSUMERS/COMPLAINTS. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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