Question 1

Can I get an ITIN loan with less than 20% down in San Carlos?

Accepted Answer

Yes, some lenders go to 15% down for strong borrower profiles. Credit above 700 and two years of tax returns help secure lower down payment options.

Question 2

Do ITIN loans have higher interest rates than conventional mortgages?

Accepted Answer

Expect rates 0.5-2% higher than conventional loans. The exact premium depends on your credit score, down payment, and documentation strength. Rates vary by borrower profile and market conditions.

Question 3

How long does ITIN loan approval take in San Mateo County?

Accepted Answer

Plan for 30-45 days from application to closing. Non-QM underwriting takes longer than conventional loans due to manual income review and alternative documentation verification.

Question 4

Can I use rental income to qualify for an ITIN loan?

Accepted Answer

Yes, most lenders count 75% of documented rental income. You'll need lease agreements and 12-24 months of deposit history showing consistent rent collection.

Question 5

Will my ITIN status affect my ability to refinance later?

Accepted Answer

No, you can refinance through the same non-QM channels. Some borrowers eventually obtain SSNs and refinance into conventional loans for better rates.

ITIN Loans in San Carlos: Financing Without a Social Security Number