Income verification

You'll need to provide proof of income such as tax returns, 1099 forms, bank statements, or accountant's balance. Without income verification, obtaining a loan can prove challenging.

Credit history

Similar to a Social Security Number, it's imperative to understand, monitor, and maintain a positive credit score with an ITIN. While obtaining a credit report with an ITIN may present some complexities, it remains achievable. To proceed, calling Experian, TransUnion, and Equifax is necessary to request a report, which may involve a fee.

Savings for down payment and closing costs

The down payment for individuals with ITINs is commonly 20%, but it can vary between 3.5% and 25%. Additionally, you should budget around 5% for closing costs, based on the total cost of the property. While these are standard figures, the amounts may vary depending on individual circumstances.

Proof of rental payments

Some banks may require proof of rental payments for the past 12 months. Therefore, it's important to make rental payments through bank transfer or check to properly document them.

Choosing a real estate agent

Look for a real estate agent with experience in ITIN loans, as obtaining these loans can be more complex and time-consuming than traditional loans. Some agents may not be familiar with this process and may not be willing to represent you.