The Patriot Act has made it acceptable to qualify for a mortgage with an individual tax identification number (TIN). If you are a person living in the united states and do not have a social security number, but are thinking about TIN or have a TIN then you may qualify for a mortgage.
If you qualify, you can now purchase a home with just slightly higher rates. Some common questions about TIN mortgage guidelines and eligibility are:
- Who Qualifies For A TIN Mortgage?
- What Does A TIN Mortgage Guarantee?
- How To Apply For A TIN Mortgage?
Who Qualifies For A TIN Mortgage?
A TIN is packed full of advantages that were previously only available to citizens with a Social Security Number (SSN). Previously if a person that did not have a SSN it was impossible to apply for a mortgage. Now with a TIN it has become much easier to apply and receive a mortgage.
Besides a TIN you will need to provide enough information to prove your willingness to repay a loan. Typically credit cards prove a reliable source for lenders. Lenders will look for at least 6 months- 12 months of good history of you paying off your bills. Borrowers with TIN’s must provide most current immigration documentation.
Some lenders will also look for enough liquid assets both before and after the mortgage transaction. Lenders may ask for a 25% down payment as well.
What Does A TIN Mortgage Guarantee?
A TIN Mortgage guarantees if accepted that possibilities to own a home!
Things to be aware of are that because it is more risk for a lender to give a loan with just a TIN, the rates will be higher. Typically 3-4% higher than a person with a social security number. Fortunately it is not too much higher and should not be a factor that deters you from pursuing your dream home.
How To Apply For A TIN Mortgage?
The TIN Mortgage is designed to help aliens/ people without a social security number obtain a mortgage. To see if you qualify for a TIN mortgage you must have a TIN number and then do a pre-approval check to see if you qualify for a loan. After you have done this begin researching lenders who will assist you in getting a mortgage
Typically big banks such as Wells Fargo, Bank of America and others of that caliber are not willing to risk lending to a person without a SSN. BUT do not be discouraged, there are many other lenders out there such as credit unions or smaller firms that are willing to take the risk to get you a mortgage loan. Citibank has partnered with
Frequently Asked Questions about TIN Mortgage Guidelines
Many people have questions about TIN mortgages and its guidelines. Remember- just becuase it is a guideline for one lender does not mean that every lender will have the same exact requirements and guidelines. For example, just because one lender might require a 25% down payment does not mean that all lenders will require the same amount. Each lender may have slightly different guidelines for obtaining a TIN mortgage which is why it is very important to shop around. With that said, here aer some common guideline questions:
Does a TIN Mortgage require a minimum credit score?
Typically yes. Think about it this way, if a lender is going to be more willing to give out their money if you have proven that you have good debt or in other words paid off your bills each month. If you have a lower score then that added risk for the lender. The rate from the FHA is 640 but that does not mean that other there is not someone out there that will work with lower especially if you have documents from the past 6 months to a year that show you have been paying off your bills on time.
Click here to see if you qualify for a TIN mortgage.
What is the difference between fixed rate TIN mortgage loans and adjustable rate TIN mortgage loans?
Fixed rate is a good option for people that are planning on staying in their home for a long period of time. If you know it will be a short period of time or you are planning on flipping your home than an adjustable rate is the better option for you.
Do I need to get an appraisal on the home I am considering?
Appraisals while they cost more money is a worthwhile thing to do. An appraisal will estimate the worth of the home to make sure you are not overpaying when you go to purchase the house. This is something that only works in your benefit but it is not always required.
Get a TIN Mortgage Today
The easiest way to see if you are eligible for a mortgage is right here. Get a free, no obligation quote on a TIN mortgage from a lender who can help answer any questions about your situation. No appraisal required lenders, no minimum credit score lenders, etc are all available now. Simply submit your information below and we will match you with a great TIM approved lender who can help you.