Question 1

Can I get an ITIN loan without two years of tax returns?

Accepted Answer

Most lenders require two years, but a few accept one year for borrowers with large down payments. We see approvals with 30% down and one year of returns showing strong income.

Question 2

Do ITIN loans have higher interest rates than conventional mortgages?

Accepted Answer

Yes, typically 1.5-3% higher due to non-QM pricing. Strong credit and larger down payments reduce that spread. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for an ITIN loan in San Mateo?

Accepted Answer

Most programs start at 640-680. Some lenders go to 620 with 20%+ down and strong compensating factors. Higher scores unlock better rates and terms.

Question 4

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

Accepted Answer

Yes, if documented on your ITIN tax returns. Lenders typically count 75% of rental income after verifying lease agreements and payment history.

Question 5

How long does ITIN loan approval take compared to conventional?

Accepted Answer

Expect 30-45 days versus 21-30 for conventional. Non-QM underwriting requires manual review, and ITIN documentation takes longer to verify through specialized channels.

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