All the Answers if you are Asking, Where Can I Get a Loan With ITIN?
Every person who comes to USA should know all the things that could do with the ITIN. Many ask themselves: where can I get a loan with ITIN? And here we will answer that question and many more. As an immigrant is very important take a good look of every oportunity and advantage we can get of the different entities and lenders.
Lets first make a quick introduction to the ITIN:
What´s the ITIN?
Individual Taxpayer Identification Number. This means that the ITIN is a number which will identify you on the IRS (Internal Revenue Service). This means that you will be able to pay taxes, and also it works for open bank accounts (depends on the bank), apply for loans (depends on the lender), and get a driver’s license.
Is important to say that the ITIN, unlike the Social Security Number, has no restrictions or special requirements to apply for, and the process is quite simple.
How to get an ITIN?
As we said before, get an ITIN is very easy, just follow this next steps and is going to be done:
1.First, need to fulfill Form W-7 (which is also available in Spanish).
2.Second, once you have the W-7 form done, need to include some form of identification issued by the government, such as your ID, your driver’s license, or other IRS-approved documents.
3.Third step, include your tax return with your W-7 form. This can seem a bit confusing: do you have to send and process both at the same time? The answer is YES. You can send both things at the same time and both documents will be processed simultaneously.
4.Fourth, send everything to the IRS office (Form W-7, tax return, and any other attachments), and wait for your Individual Tax Identification Number to arrive. The process can take between four to six weeks.
Why is Good to Get a Loan With ITIN Number
It is very common to hear many people that they prefer to wait until they have their Social Security Number (SSN) before asking for a loan. This is because ITIN loans usually have higher interest rates.
So they assume that ITIN loans are too expensive or in other cases unsafe, there are many negative myths surrounding ITINs. But waiting until they can process the SSN is waiting indefinitely, in many cases for several years.
The thing is if they could make the calculation of how much time and money are probably losing because of these thoughts, they would realize is less expensive in a long term. Because this prevents them from accessing the money they need to create real patrimony over the years. So don´t wait who knows how long to get your loan, if you think about it, is one of the many advantages of living in the USA.
Today in USA you can find many kind of loans, the most popular are:
Home loans are not so common because it implies a big investment and not many entities are willing to give them. But that´s changing throughout time, and right now BuyHouseEZ has the best and safest programs to buy a house with ITIN. Also, we don´t check credit scores, and the process is very fast and easy.
There are also two ways to do it and it will depend of your preferences. There are banks that have loans with ITIN, and there are other entities like financing cooperatives and companies that are willing to give ITIN Loans.
Banks Where you Can Get Loan With ITIN
If you are new in USA, after you get your ITIN number, you can and you should open an account in a Bank. Of course, is going to be better and helpful if you open an account in a bank with ITIN loans, so after a while, you can have access to them.
As you know by now there is a different type of loans you can get with ITIN, the best thing to do is to have it clear, what kind of loan you may need, and do everything at your reach to get it. Meaning even choose the bank in which you will open your bank account, in reference to what kind of loans with ITIN they offer.
So here is a reference of the Banks that offer different kinds of loans with ITIN, be aware that this might change, so we recommend always to check the website of the bank or even ask directly to the manager, and make sure that at the moment you open the bank account, they are still available.
This bank offers personal loans and car loans with ITIN. Personal loans range from $3,000 to $100,000, with payment terms from 12 to 84 months. The amount available for the car loan will depend on your credit. You must have a credit score between 650 and 850. At most, Wells Fargo offers up to 85% of the value of the car.
Before you apply, you must open an account at a Wells Fargo branch. Once you have your account, you can apply for a loan with ITIN.
Another good option, this bank also makes personal loans and car loans with ITIN. The personal loans can go from $1,000 to $50,000, with repayment terms from 12 to 60 months.
For car loans, you will have the possibility to choose between a new and used one because they finance used cars as well. With a maximum payment term of 6 years. For new cars, you will have the possibility of getting up to 100% of the value of the car without a down payment.
Where Can I Get a Loan With my ITIN Number to Buy a House
One of the hardest loans to get is the one to buy a home, this applies whether you have SSN or only ITIN.
Is necessary to know that the bank loans to buy a house with less interest rate, are the ones that ask for more requirements. So to access to those kind of loans you will need a credit score over 670 at least, also of course have SSN, report enough incomes through your taxes, among others requirements.
But if you only have ITIN and you don´t want to wait to build a good credit score (which can take years), BuyHouseEZ bring you the solution. You can apply for one of our loans to buy your house and the process is very fast and easy.
Even so, you need to gather these requirements first:
-Two years of work history
-Two years filing your taxes (It doesn´t matter if you are an employee, an independent worker, or have a business)
-Two years of rent history
-Two pay stubs or bank statements
-Cell phone Bill (only last month)
-Vehicle financing bill (only last month, and only if there is a car under financing)
-Only 10% for the down payment
Of course, there will be other entities willing to lend you the money to buy your home, but really need to take a look at the conditions and requirements to apply, for instance, most of those require at least 20% for the down payment. Is opt to you choose the most convenient one, but in the course of your investigation, we invite you to contact us and received personalized attention to explain, everything you need to know about our programs to buy a house.