Texas ITIN Mortgage

TEXAS ITIN MORTGAGE INFORMATION

UPDATE!!!! On October 30,2008 we lost our last funding source for ITIN mortgages. We will be unable to offer this product until further notice.

ITIN mortgage programs are available in Texas. ITIN is short for Individual Tax Identification Number. These are nine digit numbers that are assigned by the IRS for the purpose of reporting taxes. The tax number is most commonly used when a person is not a citizen. The IRS created ITIN’s so that taxes could be collected from those without a social security number.

A large part of ITIN mortgage lending is to the Hispanic community. It is common knowledge that many ITIN buyers are living and working illegally. However there is no law that prevents mortgage lending to foreign nationals.

There are several programs available and they have similar guidelines. Here are some typical requirements:

A two year job history in the US is required. Preferably with the same employer or at least in the same field of work.
A tax return must have been filed in each of the last two years.
The home plus other monthly installment payments should be less than 50% of your gross income, and less than that is better.
You need to have a copy of your ITIN number, if you lost it you can order a replacement but that may take a month or more.
It is best if you have some good credit established under your tax number, however if you don’t it may be possible to use references like your electric, phone, water, cable, or other acceptable references.
A down payment plus closing costs is required. This will typically be from 10% of the loan size to 15% or more.
Things are constantly changing so please consult with a loan officer for current guidelines.

In most cases there will be a choice of a variable or fixed rate mortgage. The variable rate is usually less at the start but may go much higher. In most cases it is best to go with the fixed rate because it is not much more than the variable start rate.

We offer a free consultation and Spanish speaking loan officers are available. Please contact us for more information.

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Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656

Texas Mortgage Broker License #65252.

We provide service for the entire state of Texas.

Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced loan officers for a rate quote or answers to your financing questions.