ITIN mortgage loans provide an opportunity at home ownership for undocumented immigrants. Neither citizenship or a social security number are required.
Norcom is excited to announce that we have partnered with LendSure to offer a new ITIN Loan Program. With almost 30 million ITIN (Individual Tax Identification Number) holders in the United States, the market opportunity for loans is huge for this under served market. This unique ITIN program offers both Full Doc and Bank Statement options, low reserves, and no credit score required, so you can attract a wider range of borrowers.
Full Doc or 24-Month Bank Statements
Up to 75% LTV for Purchases
70% for Rate and Term Refinance and 65% for Cash Out Refinance
Loan Amounts Up to $1,000,000
Minimum loan amount of $150,000
Up to $500,000 Cash Out
Minimum 2 Months Reserve Requirements
Gift Funds Allowed
Primary Residences, Investor reduce by 5% and second homes reduce the loan to value by 10%
Property Types: Single Family, 1-4 Units, condos, townhouses and Planned Unit Developments
50% maximum debt to income ratio
Credit Event Seasoning: Bankruptcy, Foreclosure, Short Sale, Modification (36 months (no multiple events)
Credit History: Minimum Tradelines: 3 Tradelines, 2 active. Tradeline History – 2 years.
If NO FICO, maximum loan to value 70%. For Purchase money only, no investment and no second home.
Contact me today to talk through any questions you have about this program!
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)
By audra|2020-02-21T18:15:22+00:00September 3rd, 2019|Other|