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ITIN Loans in Burbank
Burbank's entertainment and media industries employ thousands of foreign nationals who file taxes with an ITIN. These borrowers earn steady income but can't access conventional mortgages.
Studios, production companies, and tech firms here sponsor workers who need housing while building U.S. credit. ITIN loans fill that gap for buyers ready to own but lacking traditional documentation.
You need a valid ITIN, proof of income through tax returns or bank statements, and typically 15-20% down. Most lenders require 12-24 months of payment history on any existing U.S. credit accounts.
Credit scores start at 620, but expect better rates above 680. No citizenship or residency requirement exists. You must show two years of tax filing history with your ITIN to prove payment stability.
Only non-QM lenders offer ITIN loans. Traditional banks won't touch these deals. We work with about 15 wholesale lenders who price these aggressively based on down payment and reserves.
Rates run 0.75-1.5% higher than conventional loans. That spread tightens with 25% down and six months reserves. Shop multiple lenders because pricing varies wildly on ITIN products.
ITIN borrowers get rejected more for documentation gaps than credit issues. Lenders want clean tax returns matching stated income and clear fund sourcing for down payment. Any inconsistency kills the deal.
Bank statement programs sometimes work better than tax return programs for self-employed ITIN borrowers. We see writers, editors, and consultants who write off too many expenses. Twelve months of deposits tells a clearer income story.
Foreign National Loans require no U.S. credit history but demand 30-40% down. ITIN loans cost less upfront if you've built domestic credit. Both programs avoid SSN requirements.
Bank Statement Loans work for ITIN holders with irregular income patterns. Asset Depletion makes sense for buyers with large accounts but minimal reported income. Each program prices differently based on your financial profile.
Burbank condos and townhomes start around $500K, requiring $75-100K down for ITIN financing. Single-family homes push $900K-1.2M in desirable pockets near studios, needing $180K+ to close the deal.
Entertainment industry income spikes during production seasons but dries up between projects. Lenders want to see consistent 24-month history smoothing out those gaps. Contract workers should show multiple recurring clients, not one-off gigs.
Some lenders go to 15% down on ITIN loans. Rates jump and you'll need excellent credit plus strong reserves, but it's possible for qualified borrowers.
No. ITIN loans avoid PMI because they're non-QM products. Higher rates replace the insurance cost built into conventional loans.
Tax returns showing consistent annual income work cleanest. If your returns vary wildly, 24 months of bank statements smooth out production cycles better.
Yes, once you obtain permanent residency or citizenship and build qualifying credit history. Most borrowers refinance within 3-5 years to drop rates.
Add 5-10 days for extra documentation review. Total timeline runs 30-40 days if your file is complete and income sources verify quickly.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.