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Burlingame draws borrowers who don't qualify for traditional financing but have strong income and savings. ITIN loans fill the gap for tax-paying residents without Social Security numbers.
San Mateo County's housing costs demand creative financing. Many ITIN borrowers here are professionals, business owners, or long-term residents ready to stop renting.
You need a valid ITIN, proof of income for 24 months, and typically 15-20% down payment. Credit scores start around 680, though some lenders go lower with compensating factors.
Most lenders want two years of tax returns and bank statements showing reserves. Self-employed borrowers can use 1099s or business bank statements to document income.
ITIN loans come from specialty lenders, not big banks. Rates run 1-2 points higher than conventional loans. Portfolio lenders price based on your full profile, not just credit score.
We work with 12+ lenders offering ITIN programs. Each has different overlays on employment type, property type, and loan size. Shopping across lenders can save you tens of thousands.
ITIN borrowers in Burlingame often have cash reserves that traditional underwriting ignores. We've closed deals for restaurant owners, contractors, and tech consultants who couldn't get approved at retail banks.
The biggest mistake is waiting. Your tax history matters, so file consistently for two years before applying. Pay down credit cards and build reserves — both improve your rate.
Foreign National Loans work for non-residents, but ITIN loans suit U.S.-based taxpayers better. Bank Statement Loans offer another route if you have irregular income but lack tax returns.
ITIN loans typically require less down payment than Foreign National programs. If you've filed taxes here for two years, ITIN is usually the cleaner path.
Burlingame condos and single-family homes both qualify. Some lenders restrict loan amounts on investment properties, so check if you're buying a rental or multi-unit building.
Property values here mean you'll likely hit jumbo territory. Not all ITIN lenders go above $1M, so we focus on those who handle higher loan amounts in San Mateo County.
Yes, you can buy with an ITIN instead of a Social Security number. You'll need proof of income, 15-20% down, and a valid ITIN to qualify.
Most lenders want 680 or higher. Some approve borrowers with 640-660 if you have strong reserves and lower debt ratios.
Expect rates 1-2% higher than conventional loans. Closing costs are similar, but you'll pay more in interest over the loan term.
Yes, most lenders require two years of filed tax returns showing consistent income. Self-employed borrowers may also need business bank statements.
Yes, you can refinance into another ITIN loan or a conventional loan if you later obtain a Social Security number. Rates improve if your credit and income strengthen.
ITIN Loans in Burlingame