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ITIN Loans in Burlingame
Burlingame's competitive real estate market welcomes ITIN borrowers seeking to purchase homes. These specialized mortgage programs serve borrowers using Individual Taxpayer Identification Numbers rather than Social Security numbers.
San Mateo County has a diverse population of entrepreneurs, visa holders, and professionals who qualify for ITIN mortgages. Many lenders in the area understand the unique documentation needs of these borrowers.
ITIN loans follow similar underwriting principles to traditional mortgages but accommodate alternative income verification. Burlingame's stable market makes it attractive for borrowers building equity through homeownership.
You need a valid Individual Taxpayer Identification Number and proof of income through tax returns, W-2s, or bank statements. Most lenders require two years of consistent income history.
Down payments typically start at 15-20% of the purchase price, though some programs accept lower amounts with compensating factors. Credit requirements vary but many lenders work with scores as low as 620.
Employment history matters significantly. Lenders want to see stable work patterns and reliable income, whether from W-2 employment or self-employment ventures.
ITIN mortgages come from specialized non-QM lenders rather than traditional banks. These lenders understand the documentation challenges ITIN borrowers face and design programs around alternative verification.
Portfolio lenders who keep loans on their books often show more flexibility than institutions selling to secondary markets. Working with a broker expands your access to multiple ITIN-friendly lenders.
Rates vary by borrower profile and market conditions. ITIN loans typically carry slightly higher rates than conventional mortgages due to their specialized nature and portfolio lending structure.
Strong documentation preparation makes the difference between approval and denial. Organize tax returns, bank statements, and proof of ITIN filing before starting your search.
Many ITIN borrowers benefit from larger down payments that reduce lender risk and improve terms. Consider delaying purchase if saving another 5% creates better loan conditions.
San Mateo County properties appraise through standard processes. The ITIN aspect affects borrower qualification, not property eligibility, so you can purchase the same homes as any buyer.
Foreign National Loans serve non-resident borrowers while ITIN loans target U.S. residents without Social Security numbers. The key difference lies in residency status and income source location.
Bank Statement Loans verify income through deposits rather than tax returns. Some ITIN borrowers use bank statement programs when tax returns don't fully reflect income capacity.
Asset Depletion Loans qualify borrowers based on investment accounts rather than employment income. ITIN holders with substantial assets sometimes choose this route over traditional income verification.
Burlingame sits in one of California's most expensive housing markets. ITIN borrowers need solid income and substantial down payments to compete for properties in this area.
The city attracts international professionals working in technology and business who may hold ITINs during visa transitions. Lenders familiar with San Mateo County understand these borrower profiles.
Property values in Burlingame create larger loan amounts, which some ITIN lenders cap at specific maximums. Know your lender's loan limit before falling in love with a property.
Yes, 680 exceeds most ITIN lender minimums. Your approval depends more on income documentation, down payment size, and overall financial profile than credit score alone.
Some ITIN lenders finance investment properties, though requirements become stricter. Expect larger down payments and stronger reserves compared to primary residence purchases.
Plan for 30-45 days from application to closing. Processing takes longer than conventional loans due to manual income verification and specialized underwriting review.
Lenders prefer ITINs with established tax filing history. Recent ITIN issuance doesn't disqualify you, but expect closer scrutiny of income documentation and employment stability.
Yes, ITIN borrowers can refinance through similar non-QM programs. Building payment history and equity may improve your terms on future refinancing opportunities.
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.