Attain the Dream of Homeownership with the Pan American Mortgage ITIN Mortgage Program

Pan American Mortgage offers a unique ITIN mortgage program designed to help America’s immigrant and unbanked populations attain homeownership. The ITIN mortgage program features underwriting guidelines that recognize the nontraditional savings, credit and documentation characteristics of immigrant and unbanked families.

What is required to obtain an ITIN Mortgage?

In order to obtain an ITIN Mortgage, Undocumented Immigrants must:

• Have an Individual Tax Identification Number (ITIN). 
• Be employed for at least two (2) years in the United States.
• Have been paying rent for at least two (2) years
• Have at least two (2) other forms of alternate credit.

ITIN Lending Basics

An ITIN, or Individual Tax Identification Number, is a tax processing number, and are assigned by the IRS. An ITIN is a nine digit number that will begin with the number 9 and has a 7 or 8 as the fourth digit.

ITINs have been used by major Banks across the country for the past 5 years, to allow undocumented aliens to open savings and checking accounts, and obtain credit cards.

Although the IRS requires people to have an ITIN to pay taxes, they are now becoming popular as a method of obtaining mortgages, for undocumented aliens. ITINs are acceptable forms of ID as described by the Patriot Act.

The ITIN Mortgage Programs are usually Full Documentation loans, and can receive financing as high as 95%. These loans only require a traditional credit report or alternative credit listed below, a 2 year employment history and a minimum of 2 years of personal taxes being filed with the IRS.

ITIN Mortgage loans can be used for Single Family Homes, 2 Family Homes, Condos and PUDs. The loan rates are competitive with conforming FNMA/FHMC with generall loan limits not to exceed the conventional loan limits of $417,000.

100% financing is an available if used in conjunction with a community second loan.

In addition to a credit report being required, many ITIN programs offer the underwriting of the loan using alternative forms of credit is especially helpful as limited credit reporting tradelines are common for this type of loan.  These accounts must be verified for a twelve month period and paid on time.

Forms of alternative ITIN loan program credit include:

Cancelled checks, bills marked paid, or a 12-month rental payment history
Installment loan payments (such as an auto loan)
Utility payments (if not included in housing payment)
Telephone and cable service payments
Local store payments (department, furniture, appliance)
Medical bill payments
Rent-to-own contracts

These are just a few of the alternate forms of credit we accept for the ITIN loan program.  Contact us  today for more information about ITIN mortgages and immigrant loan programs.

ITIN FAQ's

What's an ITIN?
An ITIN (Individual Taxpayer Identification Number) is a tax identification number that is only available to individuals who are not eligible for a social security number, such as non-resident aliens who do not have employment (e.g. receiving stipends only), or a Short Term International Visitor who is not employed by USC or anyone else in the US.

If you obtain a mortgage using an ITIN number rather than a SSN, are the interest rates higher?
There are no tier interest rates for non-residents and residents.

Now there are some intangible things that apply like loan-to-value, amount you have in the bank for reserves because the lender feels more comfortable.

There are laws governing predatory lending practices and against different ethnic races.

What documentation is needed with a Form W-7?
You will be asked to provide the original Passport and visa documentation such as I-94, I-20, DS-2019, I-797, EAD Card, etc or arrival stamp.

If you have a J, F, O, or TN visa, IRS regulations now require that you first go to the Social Security Administration, apply for a Social Security number, or receive a "Denial Notice" so you can apply for an ITIN instead. To expedite this process, bring the "Request For Denial Letter" with you to Social Security. This step is not required of "B" visa holders: B1, B2, WB, and WT.

 What is Pan American Mortgage and what is the Pan American ITIN Mortgage Loan Program?
Pan American Mortgage is a subsidiary of Pan American Bank and is committed to addressing the needs of expanding markets. These include multicultural populations, faith-based groups and other special segments. Pan American Mortgage ITIN Loan Program is designed to help America’s immigrant populations achieve the goal of homeownership with special immigrant loans. Its unique underwriting guidelines recognize nontraditional savings, credit and documentation. It is also unique in that it allows IRS-issued Individual Taxpayer Identification Numbers (ITIN) as an acceptable form of proof of identity. ITIN Loan criteria include the requirement that borrowers have an IRS-issued ITIN and government-issued photo identification as proof of identity, as well as have lawfully paid taxes to the IRS for at least two years.

How does the ITIN loan program work with regard to the Patriot Act?
This ITIN loan program is in full compliance with the Patriot Act, which seeks to deter acts of terrorism against the United States. The W-7 Application to obtain an ITIN is accepted and verified by the Department of the Treasury.

In addition to the ITIN component, what else makes this program unique?
The Pan American Mortgage ITIN mortgage program is unique in that it allows for nontraditional savings and credit characteristics such as proof of installment payments (i.e., auto loans), local department store payments, utility payments or medical or life insurance payments.

Is this program just for Latinos?
No, this program may be used by all individuals who have a valid, IRS-issued taxpayer number.

As those obtaining these immigrant loans may be first-time buyers, is any special guidance being offered?
Home-buyer pre-purchase education is required on all transactions and for all borrowers with Mortgage Insurance (MI).

As someone may or may not be a citizen, isn’t there a better chance of a loan default?
Lenders who are already making these loans, report a very low incidence of loan defaults.

Why is Pan American Mortgage Providing Loans for Illegal Immigrants?
Pan American Mortgage allows individuals to qualify for a home loan based upon a legally obtained taxpayer I.D. number from the IRS. As part of this, we verify that borrowers have held that number for a minimum of two years and have lawfully paid taxes to the IRS during that time. It is not part of the loan program criteria to verify or know citizenship or residency status. This program complies with all national and local laws that we are subject to as a lender.

ITIN Application
In order for Undocumented Immigrants to obtain financing with an ITIN Number, they must first Apply for an ITIN Number by filling out an ITIN Application.

This ITIN Form is provided by the IRS as a way to collect taxes from immigrants working in the United States.

Who Needs to Complete the ITIN Form?
The ITIN Application is for an individual who needs a US tax identification number, but is not eligible for a Social Security Number. Generally, you can get a Social Security Number ("SSN") if you are a US citizen, lawful permanent resident (green-card holder), or have a valid work permit.

Most "non-resident aliens" who have a tax connection with the United States need an ITIN Number. A non-resident alien is someone who is not a US citizen or resident. A "green-card" holder is a resident. Certain other people who spend a lot of time in the US are considered residents. These people will probably want to Apply for an ITIN Number.

There are many reasons you may want to fill out the ITIN Application. Here are some:

* An individual who needs to file a US income tax return, but does not qualify for an SSN needs to get an ITIN. For example, if you invested in US rental real estate (even if through a Canadian partnership), you need to file a return annually.

* If you invested in a US business, you need to file a US tax return, even if there were losses during the year.
Spouses and dependents need ITIN’s so that they can be claimed on the taxpayer’s US tax return. (Of course, spouses and dependents who can get their own SSN’s don’t need ITIN’s).

* Sometimes a non-resident alien who dies owning US property. The estate often needs to file a US estate tax return, even if there is no tax. The estate needs an Employer Identification Number ("EIN"), not an ITIN. We can also process this application.

Click ITIN Application to complete the ITIN Form and Apply for an ITIN Number