Buying a home is often associated with taking out a mortgage. However, having a social security number (SNN) greatly facilitates the process of obtaining a loan. It is still possible to buy a house in the United States without an SNN, contrary to what most migrants think. Read on.
Apply for an ITIN loan
The individual taxpayer identification number (ITIN) is sufficient to qualify for a mortgage. This is a nine-digit tax number given to residents without a history. To be able to access credit with this information, the applicant must be able to prove that he receives regular and sustainable income. The presentation of proof that gives credibility to your financial stability demonstrates your ability to meet deadlines.
However, the conditions for granting credit vary from bank to bank. It’s up to you to pay attention to the specific conditions they take into account when reviewing loan applications. Therefore, you can choose a more flexible supplier, depending on your economic situation. Keep in mind, however, that all lenders require borrowers to provide a considerable number of documents before granting a mortgage in the United States.
Being able to bypass certain obstacles
Buying a home in the US without a social security number does, however, present you with certain challenges. Indeed, most people in this situation do not have reliable proof of income that they can submit to the credit institution. Employers can choose to pay their employees in cash. In this case, it is impossible for him to provide this information to the bank.
Thus, immigrants having in their possession only an ITIN in the United States, are forced to raise a substantial sum as a personal contribution. In addition, they must find a way to find out their payment history to get the mortgage.
In addition, the interest rates offered to these profiles are often higher than conventional rates. This is because they are considered to be risk profiles. In case you have a reliable income and banking history, you will not face these hurdles. Negotiations are done more easily.
Have a substantial deposit
Buying a house without a social security number requires a larger down payment than that paid by traditional loan seekers. For an ITIN credit, financial organizations ask for a minimum amount of 20% of the overall price of the house. If the payment of this deposit involves recourse to an external debt, the amount of this personal contribution will be even higher. This is a system to protect the lender should an eviction occur.
In addition, a correct rental history can go a long way in your favor. Documents showing regular payment of rents over a period of 2 years reassure the lending institution. This proves that you will be able to meet your monthly repayments with your current income.
Acquiring a house without SNN therefore depends primarily on your borrower profile. Note that the ITIN number is essential to access it. If you don’t have one, apply now through the IRS.