Question 1

Can I buy in Pacific Grove with just an ITIN?

Accepted Answer

Yes. A valid ITIN and documented income are the core requirements. You don't need a Social Security number to purchase here.

Question 2

How much do I need for a down payment?

Accepted Answer

Most ITIN lenders require 10-30% down. The exact amount depends on your credit profile and the lender's guidelines.

Question 3

Will my ITIN loan have a higher rate than a conventional loan?

Accepted Answer

Yes, typically. Non-QM loans carry a rate premium. Rates vary by borrower profile and market conditions.

Question 4

What documents do ITIN lenders want to see?

Accepted Answer

Plan on your ITIN letter, two years of tax returns, and 12 months of bank statements. Some lenders also want proof of rental history.

Question 5

Can I use rental income to qualify?

Accepted Answer

Some lenders allow it, especially if it's documented on your tax returns. Ask your broker which lenders have the most flexible income guidelines.

Question 6

Is an ITIN loan a permanent product or temporary?

Accepted Answer

It's a real loan with a full term, typically 30 years. Many borrowers refinance into conventional financing once they obtain an SSN and build more credit history.

ITIN Loans in Pacific Grove, CA