Obtaining an TIN mortgage can by confusing and frustrating. Knowing some basic information about who will work with TIN mortgages can help ease any uncertainty. Shop around for lenders because not all lenders work with people that do not have an ssn.Big Banks typically do not work with TIN customers so look around for small lenders and at credit unions.
What To Be Aware Of:
- Not all lenders work with a TIN
- Certain lenders cover certain states
- Different lenders require different documents
- Lenders require different down payments
Not All Lenders Work With A TIN
There is a bigger risk involved for a lender when the customer has a TIN. A social security number provides much more knowledge on the borrower which can provide a sense of loan security for the lenders. This is why it is important with your TIN to provide good documents supporting your bills being paid off on time. The more history you have the better. Even though the big banks may not help, still try! Along with the big banks try smaller lenders and credit unions. Small firm lenders are willing to take more risks and they want to help you so keep looking for lots of options to get the best rate for your budget.
Certain Lenders Cover Certain States
While looking for your lender make sure to check which states they cover. Look to make sure they cover the state that you are in because certain lenders may only cover one state. Shop around carefully and make sure to ask questions if you are unsure if the state you live is covered by that lender.
Different Lenders Require Different Documents
When looking around at different lenders make a list of what documents you need: Common documents that most lenders will require are:
- your TIN
- documentation of two years of employment
- income tax deduction
There are other forms of documentation that can be used as well, the lenders are mostly looking for documentation that proves you are a secure investment. Other lenders will use phone payments, utility bill payment history, and other forms like these that will prove credibility.
Lenders Require Different Down Payments
Again it is important to make a list of the lenders and the down payments as well. Some lenders will ask for higher down payments and or rates, so shop around for a lender that fits your needs. Common down payments will be around 25% but others may only ask for 20%. Talk with the lender to see how they can help you.
Shopping around for an eligible TIN mortgage lender may be more work than a person with a ssn but if you do your research and take your time you will find a lender that will help you to achieve your dream of buying a home. Simply get started below and you will be introduced to multiple mortgage experts who are happy to help yo with your budget and goals or simply just to answer any questions.