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ITIN Loan Program:

With or Without Credit

Portfolio

Mortgages for recipients of ITIN or alternative SS require specific documentation for each case allowing access to housing.


Home Loans for ITIN recipients are now a reality. This program is geared towards financing for undocumented borrowers living and working in the US with either an ITIN or an alternative SS used to report employment wages.

The ITIN Program serves 2 large groups. The first group would be those applicants with ITIN who are self-employed and use their ITIN to report income earned to the IRS with or without credit. The second group would be those applicants with an alternative SS in addition to their ITINs used to become wage earners thru regular employment and receiving a W-2 at the end of the year.

For those applicants without credit, Clear Lending will help applicants establish credit thru non-traditional trade lines such as car insurance, utilities or even store financed payment experience. The idea is to provide our investors the applicant has enough payment experience demonstrating ability and intention to repay loans and debts over at least 12 or 24 month period.

Home buyers going thru a home loan application process are analyzed thru several variables which will show not only their creditworthiness and ability to repay but also their chances to default on the loan applying for. A number of variables are considered:

- Credit: Credit reports show all creditors payment history and balance information reported to Equifax, Experian and Transunion. These rating companies rank individuals' creditworthiness thru a scoring system ranging from 300 to 850. The lower the worsen and the higher the better credit rating. Most banks and lending companies will not consider anyone with less than 640 scores. Clear Lending can help applicants with 500 scores. The level of outstanding debt showing on credit report will play an important role in determining how much more applicant can get further in debt before personal finances collapse.

- Employment: Employment is another important variable considered when making a credit decision. Employment history is closely related to the applicants' ability to earn wages and thus to pay current bills plus new proposed debt such as a home loan. This is why employment history is verified for at least the previous 2 years from application.

- Income: Analysis of the applicants pay rate is extremely important to determine their most regular and constant earnings month after month. An increasing income trend will indicate home loan buyer can handle new proposed debt.

- Assets: For ITIN applicants trying to become homeowners, how much money they have saved is probably the most important variable. Without the right amount of savings, an application cannot proceed. The percentage needed for a down payment will depend on the complete scenario. For each applicant scenario, a different variable may allow smaller down payment starting with 10% or as high as 20% for those applicants with riskier credit profiles.

General Program Highlights include:

- Applicants buying Primary Residence only.
- Minimum loan $150,000.
- Fixed Loans only.
- No credit OK with non-traditional tradelines.
- No Mobile or Manufactured Homes.
- Mortgage loan to purchase, refinance and/or cash out.
- Financing of up to 90% depending on the scenario.
- Gift funds acceptable after borrower contributes at least 5% of own funds.
- Eligible properties Single Family Residences or Townhouses only.
- Minimum 4 months reserves at closing.

If you want to purchase your dream home, wait no longer and know the amount you are Pre-Approved for.

At Clear Lending, we are driven to help all borrowing needs. Now with the ITIN Loan Program becoming a homeowner for ITIN recipients is easier than ever. Please simply complete our secure encrypted Pre-Approval Form online and we shall review it and get back to you with the best options.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.

Customers Reviews:

  • Fernando & Araceli • January 14, 2016

    Dear Joan,

     

    I am writing you to say Thank You for making our dream come true. My family and I appreciate all the time and effort that you gave on this journey of helping us towards acquiring our dream house. We thank you for all the phone calls that you made including those at late hours, the letters that you wrote, for helping us with our credit, for all the updates, for taking the time on the negotiation to get the price to a fair point, and for going above and beyond in this process. We will definitely recommend you to anybody that is seeking help in buying their own new home. I am grateful that you were the one by our side during every step of the way.

     

    Many thanks from Fernando and Araceli.

  • David Diaz • June 09, 2016

    Great and very professional experience. They stay true to their slogan Grandiosa Experiencia muy profesional trabajo, Gracias

  • Tristan Magmoyao • November 26, 2015

    Great experience with this lender! Friendly and professional. They were always quick with responses to my questions and concerns. I would recommend them in a heartbeat. Everything went smoothly. Not only did they respond to all emails but constantly called me keeping me up to date. Thank you Joan.

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