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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.
ITIN Loans in Burbank