For immigrants living in America who do not have the proper residency documents, buying a home is still possible if they have an individual tax identification number, also known as an ITIN. North Jersey Federal Credit Union in Totowa, NJ, is among the leading lenders that offer mortgage loans for undocumented immigrants with ITINs. Here they share a brief guide on how you’re able to buy a house. 

The ITIN System

The ITIN system was created for undocumented immigrants and foreign nationals who didn't meet federal guidelines to obtain a social security number. If they own assets or businesses in the United States, they are eligible to apply for an ITIN. With the identification, people can secure a home loan and open credit union and bank accounts. The IRS is responsible for assigning the ITINs.

Lenders who provide loans to undocumented immigrants with ITINs require potential borrowers to follow the same steps as U.S. citizens when applying for a mortgage. This includes submitting proof of employment and income and undergoing a credit history check. Since applicants pay their federal and state taxes using their ITINs, they will also need to submit their income tax returns during the mortgage loan application process.

How to Buy a House

Depending on the loan program, a 20% down payment is typically required on the home’s purchase. Because undocumented immigrants face the unfortunate possibility of deportation, some lenders may ask for a higher down payment to cover potential losses. There may be other requirements as well to receive approval.

North Jersey Federal Credit Union is among the lenders that also offers low mortgage loans for those who can't afford to submit a higher down payment. Because the credit union's membership consists of people from many different countries, loans for undocumented immigrants with ITINs have become a viable path to home ownership.

If you dream of owning a house but hesitate about taking the steps to make it happen, there is a possible solution. Call North Jersey Federal Credit Union today at (973) 785-9200 to speak to a friendly staffer about mortgage loans for undocumented immigrants with ITINs. Visit the website for additional information on other financial products, such as car loans.