Due to the change in the policy of the various counties regarding deportations and warrantless detaining of non-documented immigrants, certain policies have been introduced to ensure equal basic rights of having a home in United States. Now non-documented immigrants can get their own home using their Individual Tax Identity (ITIN) Number.
Previously non documented immigrants’ only option was to get a house on rent. Now it is possible for them to get a home loan using their ITIN Number. Banks and Mortgage service providers were reluctant to help them with it.
What Is An ITIN Number?
The internal Revenue service’s uses ITIN Number to keep a track of tax payers. This number is generated to abide the citizens of United States to adhere with the Tax laws in US. Social security number was previously the only source of authentication for the mortgage providers for home loan.
How Does ITIN Number Help Immigrants in Getting The Home Loan?
Non documented immigrants are ineligible for a Social Security Number (SSN). In case you do not have a Social security number, worry not! All you need to do is to just produce your ITIN Number, this will make you eligible for the home loan and rest will be taken care of by the mortgage service provider.
Individual Tax Identification (ITIN) Number Home Loan:
ITIN was strictly created to abide by the citizens that do not have a Social Security number, to pay the tax. But with the relaxation in the terms and policy more and more firms are now providing home loans based on the ITIN number.
It may look like advancement towards a better future, but at present, due to the risk of non documented immigrants being deported, mortgage service providers render their services on relatively higher rates. This is not that big of a deal, if it is taken into account from the perspective that non immigrants can now finally get a home.
Who Can Take Benefit from ITIN Home Loan?
Social Security number allows you to avail a number of benefits, but since you are not illegible for a SSN, ITIN can help you in drawing some benefits from the system. To get a home loan based on an ITIN Number, you will have to produce the documented proof of your income in the past 2 years. You will also be required to produce documented proof of other essentials like Utility bill payments. The process of getting a home loan is not as fast as it is with using a Social Security Number, but this is the only effective way to qualify for a home loan.
In United States, there is hope for everyone, to find a better future and a home. The procedure for getting a home loan, which was previously impossible, is now tricky but possible using the ITIN Number. You need to be patient and consistent with your efforts and within no time you will be living in your own home sweet home.
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