Question 1

Can I get an ITIN loan with no credit history at all?

Accepted Answer

Yes, lenders accept alternative credit like rent, utility, and phone payment histories. You'll need to document 12-24 months of on-time payments through letters or statements from service providers.

Question 2

How much down payment do I need for an ITIN loan in Daly City?

Accepted Answer

Most programs require 15-20% down, though some lenders offer options as low as 10% with strong compensating factors. Larger down payments often secure better rates and terms.

Question 3

Do ITIN loans work for investment properties or just primary homes?

Accepted Answer

ITIN loans primarily serve primary residences, though some lenders offer programs for second homes. Investment property financing for ITIN holders exists but requires larger down payments and stronger documentation.

Question 4

What if my income is mostly cash or not fully reported on tax returns?

Accepted Answer

Bank statement programs can work better in this situation. Lenders analyze deposits to your accounts over 12-24 months rather than relying solely on tax returns to determine income.

Question 5

How long does the ITIN loan approval process take?

Accepted Answer

With complete documentation, expect 30-45 days from application to closing. The timeline extends if you need to gather alternative credit documentation or additional income verification.

ITIN Loans in Daly City: Home Financing Without a Social Security Number