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Maywood has a large immigrant population where ITIN loans are critical access tools. Many working families here earn stable income but lack Social Security numbers.
The city's compact geography and lower prices compared to surrounding LA County make it viable ITIN loan territory. Most deals close between $400K-$650K based on recent Maywood activity.
ITIN borrowers here compete with conventional buyers in a market where inventory moves fast. Having pre-approval from an ITIN-friendly lender gives you an edge most don't have.
You need a valid ITIN, proof of income for 24 months, and typically 15-20% down. Credit score minimums hover around 620-680 depending on the lender.
Income proof varies by lender. Some accept pay stubs and W-2s if you have them. Others work with bank statements showing consistent deposits.
Most ITIN lenders require two years of tax returns filed with your ITIN. They want to see stable income history, not perfect credit.
Not every lender offers ITIN loans. Most require a broker relationship with specialized non-QM lenders.
Rates run 1-2% higher than conventional loans because ITIN programs carry more lender risk. That's the market reality, not discrimination.
We access 15-20 lenders who actively fund ITIN loans in Los Angeles County. Each has different credit score floors, down payment requirements, and documentation standards.
Some lenders price aggressively if you have strong compensating factors like 25% down or 700+ credit. Shopping multiple quotes saves borrowers thousands.
ITIN borrowers in Maywood often get steered to hard money lenders charging 9-12% rates. That's unnecessary if you have two years of tax returns and decent credit.
The documentation hurdle trips up most borrowers. Get your last two years of tax returns, bank statements, and pay documentation organized before you start shopping.
Many ITIN buyers underestimate closing costs. Budget 3-4% of purchase price beyond your down payment for fees, title, and prepaid items.
If you're self-employed with an ITIN, bank statement programs often work better than tax return programs. We run both scenarios to find lower rates.
Foreign National loans require 30-40% down and price even higher than ITIN loans. If you have an ITIN and tax history, that's your better path.
Bank Statement loans overlap with ITIN programs for self-employed borrowers. We often submit both to see which lender returns better terms.
Community Mortgages through local credit unions sometimes beat broker ITIN rates, but their underwriting takes 60-90 days. Fine if you have time, problematic in competitive offers.
Maywood properties often need work. Some ITIN lenders won't finance homes requiring significant repairs, so inspection results matter for loan approval.
The city has a mix of single-family homes and small multifamily properties. ITIN lenders handle 2-4 unit properties differently than single-family, usually requiring 20-25% down.
Los Angeles County transfer taxes and Maywood's local requirements add to closing costs. Factor these into your cash-to-close budget from day one.
Title issues pop up frequently on older Maywood properties. ITIN lenders are strict about clear title, so budget time for resolving liens or boundary disputes.
Extremely rare. Most ITIN lenders require 15-20% minimum, with better rates at 20-25% down.
Many do, typically 2-3 years. We prioritize lenders with no penalties or shorter terms when possible.
30-45 days is standard. Document collection adds time if your tax returns or bank statements aren't organized upfront.
Most do. This helps you build credit history for future refinancing into conventional loans if you gain work authorization.
Some lenders allow it with proper gift letters and documentation. Others require all funds to be borrower's own seasoned assets.
No. ITIN loans are designed for borrowers without Social Security numbers. All borrowers can use ITINs.
ITIN Loans in Maywood