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ITIN Loans in Cerritos
Cerritos has a significant population using ITINs for tax purposes. Many are self-employed business owners or investors with strong financial profiles.
Most traditional lenders reject ITIN borrowers outright. The non-QM market fills this gap with specialized programs that underwrite actual ability to pay.
Properties in Cerritos typically start around $700K. ITIN loans here commonly range from $560K to $1.5M with 20-25% down requirements.
You need a valid ITIN from the IRS and 12-24 months of bank statements showing deposits. Credit history through alternative tradelines works when traditional credit is thin.
Most lenders want 620+ credit scores and debt ratios under 50%. Assets must season 60 days in your accounts before closing.
Two years of self-employment or W-2 income documentation helps. Foreign income counts if you can document it consistently through bank deposits.
About 15-20 non-QM lenders in our network write ITIN loans. Each has different overlays on credit scores, down payments, and documentation.
Some lenders accept 15% down with strong profiles. Others require 25% but accept lower credit scores or higher debt ratios.
Rate spreads vary wildly between lenders—sometimes 0.5% difference for identical borrower profiles. Shopping matters more here than with agency loans.
Strong bank statement history matters more than perfect credit. Show 12 months of consistent deposits that cover your proposed housing payment plus existing debts.
Prepare for rates 6.5-8.5% depending on credit and down payment. Rates vary by borrower profile and market conditions.
Most ITIN borrowers refinance into conventional loans within 3-5 years after obtaining Social Security numbers through status changes. Build that into your financial planning.
Foreign National Loans work if you live outside the US and buy investment property. ITIN loans are for US residents without Social Security numbers.
Bank Statement Loans use the same documentation but require SSNs. Asset Depletion Loans qualify you based on liquid assets rather than income.
ITIN loans cost more than conventional but less than hard money. You get 30-year fixed terms instead of short-term bridge financing.
Cerritos sits in central Los Angeles County with strong schools and established neighborhoods. Property values hold steady even during market corrections.
Many ITIN borrowers here run small businesses in nearby commercial corridors. Lenders view local business ownership positively when underwriting income stability.
HOA properties are common in Cerritos. Some non-QM lenders have stricter HOA requirements than others—budget review matters before making offers.
Yes, but only with 680+ credit and strong bank statements. Most lenders require 20% down for scores below 680.
No. Lenders underwrite using 12-24 months of bank statements showing deposits and withdrawals. Tax returns help but aren't required.
Expect 6.5-8.5% with 20% down and 640+ credit. Rates vary by borrower profile and market conditions.
Yes, if deposits show consistently in US bank accounts for 12+ months. Documentation must prove income source and stability.
Allow 30-45 days from application to closing. Bank statement review and asset verification add time compared to conventional loans.
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.