Question 1

Can I get an ITIN loan with only one year of tax returns?

Accepted Answer

Most lenders require 24 months of filed returns. A few accept 12 months with larger down payments—usually 25% minimum—but rates jump significantly.

Question 2

What if my tax returns show losses or low income?

Accepted Answer

Bank statement programs work better for this scenario. Lenders calculate income from deposits rather than tax return figures, often showing higher qualifying income.

Question 3

Do ITIN loans allow gift funds for down payment?

Accepted Answer

Yes, but the donor needs paper trail documentation. Expect to provide gift letters and proof the funds came from acceptable sources like family members.

Question 4

How long does Commerce ITIN loan approval take?

Accepted Answer

Plan for 45-60 days from application to closing. ITIN documentation review takes longer than conventional loans, and fewer underwriters handle these files.

Question 5

Can I refinance an ITIN loan later to lower my rate?

Accepted Answer

Absolutely. Once you've built 12 months of payment history, you can refinance with the same lender or shop other ITIN programs for better terms.

ITIN Loans in Commerce: Home Financing Without a Social Security Number