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ITIN Loans in Sierra Madre
Sierra Madre's tight housing market doesn't care about your immigration status. ITIN borrowers compete for the same limited inventory as everyone else, but most can't access traditional financing.
This foothill community attracts families who value stable neighborhoods and good schools. ITIN loans give qualified borrowers with steady income a real path to ownership here.
You need a valid ITIN, minimum 620 credit score, and documented income through tax returns or bank statements. Most lenders want 15-20% down, sometimes more for properties above $800K.
Two years of tax filing history helps, but some portfolio lenders work with newer ITIN holders. They'll verify income through 1040 returns or 12-24 months of bank statements.
Only portfolio lenders and specialized non-QM shops offer ITIN financing. Your local bank won't touch this. We work with 15-20 lenders who actively fund these deals in California.
Rates run 1-2% higher than conventional loans. Expect 7.5-9% depending on your down payment and credit profile. Larger down payments unlock better pricing.
ITIN borrowers in Sierra Madre usually buy in the $700K-$900K range. At those prices, you need $140K-$180K down. Start saving early and keep bank statements clean for 12+ months before applying.
Self-employed ITIN borrowers have the easiest time qualifying through bank statement programs. W-2 earners face more scrutiny because lenders can't verify employment through E-Verify.
Foreign National loans require 30-40% down but don't need U.S. credit or tax history. ITIN loans work better if you've built credit here and have lower down payment funds.
Bank Statement loans serve similar borrowers but focus on self-employed income documentation. If you have an ITIN and irregular deposits, expect lenders to ask for both tax returns AND bank statements.
Sierra Madre's older housing stock means renovation costs. Budget extra cash reserves beyond your down payment. Lenders typically want 6-12 months of payment reserves for ITIN borrowers.
Property taxes here run about 1.1% of purchase price annually. Factor this into your debt-to-income calculations. ITIN loans max out around 45-50% DTI, tighter than conventional programs.
Yes. You need valid ITIN, 620+ credit, 15-20% down, and documented income. No Social Security number or citizenship required for approval.
Most lenders want 15-20% minimum. Larger down payments (25-30%) unlock better rates and easier approval from more lenders.
Two years of tax returns showing ITIN filing, or 12-24 months of bank statements. Self-employed borrowers often use bank statement programs instead.
Yes, typically 1-2% higher. Rates vary by borrower profile and market conditions based on credit score and down payment size.
Expect 45-60 days from application to closing. Income verification takes longer than conventional loans, especially for self-employed borrowers.
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.