Question 1

Can I get an ITIN loan with less than 15% down?

Accepted Answer

Some lenders approve 10% down with 680+ credit and strong reserves. Expect higher rates and possibly mortgage insurance on low-down deals.

Question 2

Do ITIN loans require mortgage insurance?

Accepted Answer

Most avoid MI even at 10% down, but rate increases 0.25-0.5% to compensate. A few lenders offer MI options that can be dropped later.

Question 3

How long does ITIN loan approval take in Salinas?

Accepted Answer

30-45 days from application to closing if documents are clean. Rural properties or complex income add 1-2 weeks for extra review.

Question 4

Can self-employed ITIN holders qualify?

Accepted Answer

Yes, with two years of business tax returns showing stable or increasing income. Lenders average your net profit across both years for qualifying.

Question 5

What if my credit score is under 620?

Accepted Answer

A few portfolio lenders go to 580 with 25-30% down. Better path: spend 6 months fixing credit then qualify at better terms with less down.

Question 6

Do ITIN loans cost more than conventional loans?

Accepted Answer

Rates run 0.5-1.5% higher than conventional. Rates vary by borrower profile and market conditions, but stronger files get closer to conventional pricing.

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