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ITIN Loans in West Covina
West Covina's diverse community includes many ITIN holders who work, pay taxes, and build equity here. Traditional lenders turn away these borrowers despite solid income and good credit.
ITIN loans let you qualify using your Individual Taxpayer Identification Number instead of a Social Security number. We close these deals regularly in West Covina with lenders who actually understand the program.
You need a valid ITIN, two years of tax returns, and 15-20% down payment minimum. Credit scores start at 620, though 680 gets better rates.
Employment verification comes through tax returns, not pay stubs. Self-employed borrowers often have an easier path here than with conventional loans.
Lenders want to see continuous tax filing history. Gaps or unfiled years create problems even if your income is strong now.
Most banks don't touch ITIN loans. We work with specialty lenders who price these competitively and actually close on time.
Rates run 0.5-1.5% higher than conventional loans. That premium reflects the smaller lender pool, not your creditworthiness.
Loan limits match conventional conforming amounts in Los Angeles County. You can finance West Covina properties up to the same caps as any W-2 borrower.
I see ITIN borrowers get quoted ridiculous rates by retail lenders who barely understand the product. Shopping this loan across multiple wholesale sources saves 0.5-0.75% on rate.
Your tax returns matter more than anything else. Clean filings showing stable income beat a 750 credit score with inconsistent tax history every time.
Many ITIN holders assume they can't buy because Chase or Bank of America said no. Those banks don't offer this loan. You need a broker with access to non-QM lenders.
Bank Statement Loans work if you don't file tax returns or show minimal income there. ITIN loans require those returns but offer better rates when you have them.
Foreign National Loans serve non-residents buying investment property. ITIN loans are for U.S. residents who work and pay taxes here but lack a Social Security number.
Asset Depletion Loans let you qualify using savings instead of income. If you have strong tax returns, ITIN loans cost less and approve faster.
West Covina has established neighborhoods where ITIN borrowers build generational wealth. Appraisals come in clean and sales close without extra scrutiny.
Los Angeles County tax rates factor into your debt-to-income calculation. We structure deals assuming full tax burden even if you claim deductions.
Homeowners insurance costs more here than lenders expect. We pre-qualify you with realistic insurance quotes so you don't hit surprises at closing.
Yes, if you have two years of tax returns and 15-20% down payment. Your ITIN replaces the Social Security number requirement completely.
Rates run 0.5-1.5% above conventional loans depending on credit and down payment. A 680 score with 20% down gets pricing closer to conventional rates.
No, ITIN loans approve based solely on your ITIN and tax returns. Co-borrowers can help income qualification but aren't required for program eligibility.
Plan on 30-45 days from application to closing. Tax return verification takes longer than employment letters but the process is straightforward with complete documentation.
Yes, self-employed borrowers often qualify easier since lenders already expect tax returns as income proof. Two years of returns showing stable income is the standard.
Minimum is typically 15%, but 20% down unlocks better rates and removes mortgage insurance. Some lenders go to 10% with strong credit and reserves.
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.