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ITIN Loans in Los Angeles
Los Angeles has one of the largest ITIN borrower populations in the country. Lenders here understand the market and price these loans competitively.
Most ITIN buyers we work with are self-employed or earn income that doesn't generate a W-2. These loans use tax returns and bank statements to prove ability to pay.
Rates run 0.5% to 1.5% above conventional programs. That spread narrows when you bring 20% down and show strong payment history on rent or other debt.
You need a valid ITIN, credit history, and down payment. Most lenders want 15-20% down, though some go as low as 10% with higher rates.
Credit score minimums sit at 620-680 depending on the lender. No credit score? Some lenders accept alternative payment history like rent, utilities, and phone bills.
Income docs usually mean two years of tax returns or 12-24 months of bank statements. Mix-and-match documentation doesn't work — lenders pick one method per file.
ITIN lending happens exclusively through non-QM lenders and portfolio lenders. Fannie Mae and Freddie Mac don't touch these loans.
We work with about 15 lenders who actively fund ITIN loans in California. Rate spreads vary by 0.75% between best and worst pricing on identical scenarios.
Some lenders cap loan amounts at $1.5 million. Others go to $3 million. In LA, where median prices run high, that ceiling matters more than most borrowers expect.
ITIN loans close fastest when borrowers bring organized tax returns and three months of bank statements upfront. Missing pages or unclear deposits add weeks to underwriting.
Self-employed borrowers often qualify for higher amounts using bank statements instead of tax returns. Tax returns show write-offs. Bank statements show gross deposits.
We see denials most often from undisclosed debt and irregular income deposits. Lenders analyze every large deposit. Be ready to explain business income, family gifts, or cash transactions over $500.
Foreign National loans don't require US credit or tax returns, but they demand 30-40% down. ITIN loans work better when you've built credit here and can put down 15-20%.
Bank Statement loans and ITIN loans often overlap. If you have a Social Security number, Bank Statement pricing beats ITIN rates by 0.25-0.5%.
Asset Depletion loans let you qualify using savings instead of income. That works for borrowers with assets but irregular earnings. ITIN loans work better when you show consistent deposits.
LA County property taxes run about 1.1% of purchase price annually. Some cities add Mello-Roos or HOA fees that push monthly costs higher than borrowers expect.
Condos in LA often carry monthly HOA fees from $300 to $800. Lenders count those fees in debt-to-income ratios, which can limit how much you qualify for.
Earthquake insurance isn't required by lenders but runs $800-$2,000 per year in LA. Budget for it even if your lender doesn't mandate coverage.
A few lenders approve 10% down, but rates run 0.5-0.75% higher than 20% down scenarios. You'll also pay PMI until you hit 20% equity.
You can use 12-24 months of bank statements instead of tax returns. Bank statement programs often qualify you for more since they don't count business write-offs.
Most lenders want 620-680 minimum. If you lack traditional credit, some accept alternative payment history like rent and utility bills for 12 months.
Yes. Rate-and-term refinances work the same as purchases. Cash-out refinances cap at 70-75% loan-to-value at most lenders.
Expect 30-45 days with complete documentation. Delays happen when bank statements show unexplained deposits or tax returns have missing schedules.
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.