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ITIN Loans in Loomis
Loomis sits in the Placer County foothills with single-family homes ranging from established neighborhoods to acreage properties. ITIN loans open these properties to self-employed borrowers who file taxes with an Individual Taxpayer Identification Number.
Most conventional lenders won't touch ITIN applications. That leaves qualified borrowers competing for a smaller pool of properties against cash buyers and traditional loan approvals. A broker with ITIN lender relationships changes that equation completely.
You need a valid ITIN, verifiable income through tax returns or bank statements, and typically 15-20% down. Credit scores start around 680, though some lenders go lower with compensating factors like larger down payments.
Most ITIN lenders want two years of tax returns showing consistent income. If you're paid in cash or have income not reflected on tax returns, bank statement programs can work instead. We verify deposits, not employer letters.
ITIN loans come from non-QM wholesale lenders, not Chase or Wells Fargo. Rate spreads vary wildly between lenders—sometimes 2% difference on the same borrower profile. Shopping multiple lenders isn't optional here.
Some lenders cap loan amounts at $1.5 million. Others go higher but require 25% down above certain thresholds. A few accept recent ITIN approvals; most want two years of filing history. Each lender's overlays create different approval paths.
ITIN deals die at big banks because loan officers don't know the programs exist. I've closed files for borrowers who were rejected three times by retail lenders, same income and credit. The loan type wasn't the problem—the lender was.
Expect rates 1-2% above conventional loans. That gap reflects documentation risk, not creditworthiness. Borrowers with 740 scores and 30% down still pay non-QM pricing. If someone promises conventional rates on an ITIN loan, they're lying or confused.
Foreign National Loans work for non-resident borrowers but require 30-40% down and higher rates. If you live and work in the US with an ITIN, you'll get better terms than foreign national pricing.
Bank Statement Loans overlap with ITIN programs since many lenders offer both. If your tax returns show lower income than actual deposits, bank statement documentation often yields higher approval amounts. We run scenarios both ways before locking.
Loomis properties include older homes on larger lots where appraisals can get tricky. ITIN lenders are cautious about rural appraisals and condition issues. A home needing foundation work or with an irregular lot shape creates more underwriting friction.
Placer County has agricultural properties that cross into commercial use definitions. If you're buying acreage with income-producing orchards or livestock, some ITIN lenders won't touch it. Others will but treat it as a business purpose loan with different terms.
Yes, some lenders go to 15% down with strong credit and income documentation. Expect higher rates and possibly mortgage insurance at lower down payments.
Most carry a 2-3 year prepayment penalty, typically declining over time. Some lenders offer penalty-free options at slightly higher rates.
A few lenders accept newer ITINs if you have prior US tax history under a different status. Most want two years of ITIN tax filings.
Yes, though you'll need 20-25% down minimum and rates run higher than primary residence. Some lenders cap at one investment property.
Figure 30-45 days from application to closing with clean documentation. Missing tax returns or bank statements add two weeks minimum.
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.