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Palos Verdes Estates sits among the most expensive coastal markets in Los Angeles County. ITIN borrowers here typically need loan amounts well above conventional limits.
Most properties in this city run $2M and up. You'll need strong financials and significant reserves to qualify for these purchase prices.
Lenders view Palos Verdes Estates favorably due to stable property values and high-net-worth buyer pool. This works in your favor during underwriting.
You need a valid ITIN, 15-25% down payment, and proof of income through tax returns or bank statements. Credit scores typically start at 680 for competitive rates.
Most lenders require two years of consistent income documentation. W-2s work if your employer reports under your ITIN, but self-employed borrowers use business bank statements.
Reserves matter more here than in standard programs. Lenders want to see 6-12 months of housing payments sitting in your accounts after closing.
Only specialized non-QM lenders offer ITIN loans. Your neighborhood bank won't touch these files, regardless of how much cash you bring.
Rate pricing runs 1-2% above conventional loans. That's the cost of portfolio lending where lenders hold the risk instead of selling to Fannie or Freddie.
We access about 15 lenders who actively fund ITIN loans in California. Each has different overlays on debt ratios, reserves, and property types they'll finance.
I've closed ITIN loans from $800K to $4M in Palos Verdes. The key is matching your documentation strength to the right lender's appetite.
Borrowers with two years of tax returns showing consistent income get better rates than bank statement approvals. If you've been filing, use those returns.
Foreign nationals often confuse ITIN loans with their options. If you don't live in the U.S., you need a foreign national program instead—different docs, different pricing.
Foreign National Loans don't require U.S. residency but demand 30-40% down. ITIN loans start at 15% if you live here and have established credit.
Bank Statement Loans work for ITIN holders with business income. You'll use 12-24 months of deposits instead of tax returns—useful if your returns show lower income than reality.
Asset Depletion Loans qualify you based on investment accounts, not income. This fits retirees or trust fund buyers with assets but minimal reportable income.
Palos Verdes Estates has strict building codes and geological survey requirements. Budget extra time for inspections and reports that standard transactions don't need.
HOA approval processes here can drag 30-45 days. Make sure your rate lock covers the actual timeline, not an optimistic close date.
Property taxes run high, but Prop 13 protections cap increases at 2% annually. Calculate your housing payment using current assessed value, not purchase price assumptions.
No lender in our network approves ITIN loans below 15% down. Most require 20% for loan amounts above $1.5M, which covers most properties here.
Most carry 2-3 year prepayment penalties, typically stepping down annually. A few portfolio lenders offer no-penalty options at slightly higher rates.
Current pricing runs 7.5-9% depending on credit, down payment, and documentation type. Rates vary by borrower profile and market conditions.
Yes, but you need two years of tax returns showing Schedule E rental income. Bank statement programs won't count rental deposits as qualifying income.
Expect 45-60 days from application to closing. Documentation review takes longer than conventional loans, and Palos Verdes survey requirements add time.
ITIN Loans in Palos Verdes Estates