Question 1

Can I use an ITIN loan for any property type in Novato?

Accepted Answer

Primary residences work best. Some lenders restrict condos or manufactured homes, and investment properties require 25%+ down with fewer lender options available.

Question 2

What if I haven't filed taxes for the past two years?

Accepted Answer

You won't qualify until you file and establish a two-year history. File now, then reapply in two years with consistent returns showing your income.

Question 3

Do ITIN loans require mortgage insurance?

Accepted Answer

No. These are non-QM loans without PMI requirements. Your higher down payment and interest rate compensate lenders for the additional risk instead.

Question 4

Can my spouse with an SSN be on the loan with me?

Accepted Answer

Yes. You can co-borrow together. The lender underwrites both incomes, and having an SSN co-borrower sometimes improves your rate or terms slightly.

Question 5

How long does ITIN loan approval take in Marin County?

Accepted Answer

Expect 30-45 days from application to closing. ITIN loans require additional documentation review, making them slower than conventional loans which close in 21-30 days.

Question 6

What interest rate should I expect on a Novato ITIN loan?

Accepted Answer

Rates vary by borrower profile and market conditions. Currently expect 1-1.5% above conventional rates, so if conventional is 7%, you're looking at 8-8.5% range.

ITIN Loans in Novato: Homeownership Without a Social Security Number