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ITIN Loans in Merced
Merced has a substantial immigrant population building wealth through real estate. ITIN loans exist specifically for borrowers who file taxes but don't have Social Security numbers.
Most of our ITIN borrowers in Merced work in agriculture, hospitality, or run cash-heavy businesses. Traditional lenders turn them away despite strong income and savings.
These loans work in every Merced neighborhood. We've closed ITIN purchases on single-family homes, duplexes, and investment properties across the city.
You need a valid ITIN, 12-24 months of bank statements, and credit history. Some lenders accept alternative credit like rent and utility payments if you lack traditional scores.
Down payments typically start at 15% for primary residences. Investment properties need 25% down. Credit scores above 680 give you better rate options.
Most lenders want two years of tax returns showing consistent income. If you're self-employed, they'll average your deposits to calculate qualifying income.
ITIN loans come from specialized non-QM lenders, not Chase or Wells Fargo. Only about 15 lenders in our network offer them, and each has different overlays.
Some lenders cap loan amounts at $1.5 million. Others won't touch investment properties. A few require full doc income verification while others rely solely on bank statements.
Rates run 1-2% higher than conventional loans. That spread tightens if your credit and down payment are strong. Shopping across lenders matters more on ITIN deals than any other loan type.
We close more ITIN loans in Merced than most loan types. The biggest mistake borrowers make is not organizing bank statements properly before applying.
Lenders want clean deposits that tell a clear income story. Large irregular deposits raise questions. We help borrowers document business patterns before submitting to underwriting.
Many ITIN borrowers have stronger financials than W-2 earners but get quoted worse terms because they don't package their file correctly. Presentation determines your rate as much as your actual profile.
Bank Statement Loans overlap with ITIN loans but accept Social Security numbers. If you have an SSN, bank statement programs usually offer better rates.
Foreign National Loans serve non-resident aliens. Those require larger down payments, typically 30-40%. ITIN loans beat them on price if you live and work in the US.
Asset Depletion Loans qualify you based on investment accounts, not income. They work for ITIN borrowers with substantial savings but irregular deposits.
Merced's agriculture-driven economy means many ITIN borrowers show seasonal income. Lenders familiar with ag patterns evaluate those files more favorably than generic non-QM shops.
Property values in Merced keep ITIN loans accessible. A 15% down payment on a $350,000 home is $52,500. That's achievable for families who've saved consistently.
Title and escrow companies in Merced handle ITIN transactions routinely. You won't face the confusion that sometimes happens in markets where these loans are rare.
Yes, some lenders accept alternative credit like rent and utility payments. You'll need 12 months of on-time payment history verified through bank statements or letters.
Rates typically range 7-9% depending on credit and down payment. Strong profiles with 20% down and 700+ scores get closer to 7%. Rates vary by borrower profile and market conditions.
Yes, most lenders allow ITIN loans for rentals. You'll need 25% down and show the property generates enough rent to cover its payment.
Plan for 30-45 days from application to closing. Bank statement review takes longer than standard income verification, especially with self-employment.
No. Lenders cannot share your information with immigration authorities. ITIN loans are legal mortgage products with no connection to immigration enforcement.
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.