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ITIN Loans in King City
King City's agricultural workforce includes many ITIN holders who earn solid incomes but lack traditional documentation. Most major banks won't touch these loans, which creates opportunity for borrowers who know where to look.
The town's median home prices make ownership achievable on farmworker and service industry wages. ITIN loans bridge the gap between steady income and traditional lending requirements that exclude immigrant borrowers.
You need a valid ITIN, 12-24 months of bank statements showing income, and typically 15-20% down. Credit history matters less than proof of consistent deposits and low debt-to-income ratio.
Most lenders want 620+ credit scores, but some accept borrowers with limited credit files. Two years of stable income history carries more weight than perfect credit for these programs.
Only specialized non-QM lenders offer ITIN loans. You won't find them at Wells Fargo or Bank of America. We work with about 15 lenders who actually fund these deals in California.
Rates run 1-2% higher than conventional mortgages because lenders price in perceived risk. Expect 7.5-9% in current markets. Rates vary by borrower profile and market conditions.
King City ITIN borrowers often underestimate what qualifies as income. Seasonal farmwork, cash tips, childcare payments—if it hits your bank account regularly, it counts. We've closed loans for strawberry pickers earning $4,500 monthly during harvest season.
The biggest mistake is mixing personal and business deposits in one account. Lenders get confused about what's income versus what's a loan from family. Clean bank statements close faster than messy ones.
Bank Statement Loans offer another path if you run a business, but ITIN loans work better for W-2 earners without Social Security numbers. Foreign National Loans require larger down payments—usually 30-40%.
If you have family who can gift 20% down, Community Mortgages might offer better rates. Those programs care less about immigration status and more about household income stability.
King City's homes under $450,000 fit ITIN loan limits better than pricier Monterey properties. Lower purchase prices mean smaller loans and easier approval for borrowers with 15% down.
Agricultural income fluctuates with seasons and weather. Lenders want to see 24 months of deposits to average out the dry months. One good harvest year won't cut it—they need pattern proof.
Some lenders accept 15% down for strong borrowers with 680+ credit and clean bank statements. Lower down payments mean higher rates and stricter income requirements.
Yes, if you show 24 months of deposits. Lenders average your income across two years to account for seasonal fluctuations in agricultural work.
Expect 30-45 days from application to closing. Bank statement review takes longer than W-2 verification, and underwriters scrutinize deposit sources carefully.
Yes, once you build equity and payment history. Some borrowers refinance to conventional loans after obtaining permanent residency or citizenship.
Lenders only count deposited income. Start banking all earnings 12-24 months before applying to establish a verifiable income trail.
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.