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ITIN Loans in Coronado
Coronado's housing market presents unique challenges for ITIN borrowers. Island properties command premium prices, requiring specialized financing that most conventional lenders won't touch.
ITIN loans fill the gap for borrowers who file taxes with an Individual Taxpayer Identification Number. These non-QM programs focus on your ability to pay, not your immigration status.
You need an ITIN, 12-24 months of bank statements, and typically 15-25% down. Credit scores as low as 620 work with some lenders, though 660+ opens better terms.
Most ITIN lenders require two years of tax returns filed with your ITIN. Self-employment income works fine—bank statements prove cash flow that doesn't show on traditional documents.
Maybe 30 of our 200+ lenders offer true ITIN programs. Each has different overlays on down payment, credit, and income documentation.
Some lenders cap loan amounts at $2 million—a real constraint in Coronado where single-family homes often exceed that. Others allow higher limits but demand 25% down and 700+ credit.
ITIN borrowers often bring stronger financial profiles than W-2 earners. You've built credit, filed taxes, and saved cash—all without traditional employment documentation.
The key is matching your down payment and reserves to the right lender. One might decline at 15% down while another approves at 20%. Shopping this loan across multiple lenders isn't optional.
ITIN loans share DNA with Bank Statement and Foreign National programs—all non-QM products that verify income through assets rather than traditional docs. The main difference is tax residency.
If you're self-employed with an ITIN, Bank Statement loans might offer better pricing. If you're buying investment property, Asset Depletion could work with lower income verification.
Coronado's limited inventory and high prices mean ITIN borrowers need maximum loan amounts. Properties rarely trade under $1.5 million, pushing you into jumbo territory where fewer lenders play.
HOA fees on island condos can exceed $1,000 monthly. Lenders include that in debt-to-income calculations, so your qualifying income needs to cover both mortgage and association dues.
Possible but tight given island prices. Most lenders want 20-25% down on loans above $1 million, which covers most Coronado properties.
Not directly, but lenders layer overlays on high-balance loans. Expect 680+ minimum for loans above $1.5 million even if their floor is 620.
They use 12-24 months of bank statements showing consistent deposits. Tax returns filed with your ITIN provide secondary verification of income.
Yes, rate-and-term refinances work the same as purchases. Cash-out refinances typically max at 70-75% loan-to-value with ITIN programs.
Rates vary by borrower profile and market conditions. Budget 1-2% above conventional rates as baseline for non-QM pricing.
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.