Question 1

Can I get an ITIN loan with no credit score?

Accepted Answer

Yes. ITIN loans accept alternative credit history like rent, utility, and phone payments. Twelve months of on-time payments in at least three categories typically establishes sufficient creditworthiness.

Question 2

How long does ITIN loan approval take in Lompoc?

Accepted Answer

With complete documentation, approval typically takes 30-45 days. Having organized tax returns and alternative credit documentation ready can speed the process significantly.

Question 3

What down payment do I need for an ITIN loan?

Accepted Answer

Most ITIN programs require 15-20% down. Some lenders may accept less with compensating factors like excellent payment history or additional reserves.

Question 4

Do ITIN loans work for investment properties in Lompoc?

Accepted Answer

Yes. Many ITIN loan programs allow both primary residence and investment property purchases, though investment properties typically require larger down payments.

Question 5

Can I refinance with an ITIN loan?

Accepted Answer

Absolutely. ITIN loans work for both purchase and refinance transactions. Rate-and-term refinances and cash-out refinances are both available to qualified borrowers.

ITIN Loans in Lompoc: Homeownership Without a Social Security Number