An ITIN mortgage, also known as an Individual Taxpayer Identification Number mortgage, is a type of mortgage designed for individuals who are not eligible for a Social Security number but still need a way to prove their identity for tax purposes. ITIN mortgages are typically used by non-citizens and undocumented immigrants who may not have a Social Security number or other traditional forms of identification.
To qualify for an ITIN mortgage, borrowers must have an ITIN, which is a nine-digit identification number issued by the Internal Revenue Service (IRS) to individuals who are required to pay taxes in the United States but are not eligible for a Social Security number. Borrowers will also need to meet the lender's credit and income requirements and provide documentation to support their application, such as proof of income and assets.
One advantage of an ITIN mortgage is that it provides a way for non-citizens and undocumented immigrants to obtain a mortgage, even if they don't have a Social Security number. This can be especially helpful for those who may not have access to traditional forms of financing due to their immigration status.