Question 1

Can I get an ITIN loan with less than 15% down?

Accepted Answer

A few lenders go to 10% down with 700+ credit and strong reserves. Most require 15-20% to offset the higher perceived risk of non-QM lending.

Question 2

Do ITIN loans have prepayment penalties?

Accepted Answer

Many include 2-3 year prepayment penalties to protect lender yield. Some lenders waive penalties for larger down payments or higher rates.

Question 3

What if my ITIN is less than 2 years old?

Accepted Answer

Some lenders accept newer ITINs if you show 2 years of tax returns under that number. Others require the ITIN itself to be seasoned 24 months.

Question 4

Can I refinance an ITIN loan later?

Accepted Answer

Yes. After 12-24 months of payment history, you can refinance into better terms or transition to conventional if your status changes.

Question 5

How do lenders verify income for ITIN borrowers?

Accepted Answer

They use tax returns, W-2s, 1099s, or 12-24 months of bank statements. Income must align across documents without unexplained gaps.

ITIN Loans in Moorpark: Homeownership Without a Social Security Number