Certainly each more every day the loans with ITIN number are becoming more and more popular, the arrival of thousands of immigrants every day makes it more urgent to find a solution to the struggles, that come with the need from them of getting lendings to make their life better and achieve a better kind of life.
To no one is a secret that one of the advantages of the USA citizen people, is the possibility to get financing solutions to make their life better. From personal loans, to mortgage loans in order to be able to buy real estate properties for different purposes, and in this way aloud every working person the possibility of building patrimony along their lives.
This is why we want to give all of our readers a guide that will help you to understand better all the process from cero to be able to get the loan that you need to progress in this country. Let´s start from the begining:
What is the ITIN Number?
The ITIN number means Individual Taxpayer Identification Number, and as the name itself says, is the number that will identify you as a taxpayer. Every person who arrived in the USA and starts to work producing money, by any means, needs to start to pay taxes.
Cuotting Benjamin Franklin …”But in this world nothing can be said to be certain, except death and taxes”… But far from being karma, it will help you to get the loans with ITIN number that you want. Why? Because the lenders only will take your taxes as a reference when they are analyzing your application, which will define how much they are willing to lending you.
This is why we highly recomend not to try pay less taxes during the time you are looking to apply for a loan.
How to get the ITIN?
In order to get the ITIN you will have to complet the form W-7 (SP), also wil need to submit the documents that prooves you are a foreign and your identity. There is several ways to do ti, you can send the documents by email; you can go to an IRS office and deliver them personaly; or process it trough an autorized agent.
Autorized agents are entities (universities, financial institutions, accounting firms, etc.), that the IRS has authorized to help applicants obtain their ITINs. They review the applicant’s documentation and submit the completed Form W-7 to the IRS for processing.
First Steps to Get Loans With Tax ID Number
Get Your ITIN Number
If we are talking about ITIN loans then the frist step would be get the ITIN of course. Follow the instruction we are giving you up here and don´t forget that you need also to present and declare your taxes on time. Is worth to mention if you don´t do that in three years the ITIN will loose its worth and wont be valid any more.
Open a Bank Account
The second thing you need to do if don´t have it already is to open a bank account. There are many Banks willing to open ITIN bank accounts. Having a bank account will allow you to demostrate your monthly incomes when you apply for loan.
If you are getting paid in cash, make sure you deposit everything into de account, after that you can use it however you want, meaning you won´t have tol et the money there.
Build a Good Credit Score
Third thing you need to do and that takes time to achieve is to have a good credit score. Banks and lenders generally don’t like to lend money to people who can’t provide a good credit record. Therefore, before granting a loan, they usually check their clients credit scores, to determine their ability to pay and the risk they represent.
What is Credit Score?
The Credit Score is, basically, the score that an individual has in terms of credit. If our behavior in relation to money and the paying of our debts were an exam, the credit score would be the qualification that we obtain in it.
A stronger credit score will help you get better loan deals and terms. This means that the higher your credit score, the lower will be the interest rates you will have to pay.
How Can You Get a Loan With an ITIN Number?
If you do not have a social security number but you do have an ITIN, so you should search for dealers that accept ITIN numbers, and banks that finance with ITIN whether is for a personal loan or for a car.
There are non-traditional lenders, such as traditional and online banks that can help you, even if you do not yet have a credit history in the United States. In this case, look at other things like your bank statements, incomes, and expenses, to verify your ability to repay the loan you are requesting.
Remember that personal loans can be used for a loto f things, from investing in starting a business, or solving any emergency you may have, to buying a property. But also you could apply for specialized loans, the most common are the car loans, you could apply even for a credit card with ITIN, and the most wanted for many but difficult to get only with ITIN are the ones to buy a house.
Loans with ITIN Numbers to Buy a House
One of the most common mistakes homebuyers make, especially first-time buyers, is waiting for the perfect time and property. Immigrants typically want the full package: a spacious renovated home once they have social security and a US passport.
In the meantime, they decide to apply for a rent cheap real estate. And, although there is nothing wrong with renting an apartment or a house, especially if you do not have money for the initial down payment, the truth is that you can buy a house with ITIN at once, and save a lot of money through the years making this your biggest investment.
And even when it’s not easy to find loans with ITIN number to buy a house, just clicking here in BuyHuseEZ you will find one. Usually, the loans with ITIN to buy houses have really high down payments and tough conditions. But in BuyHouseEZ we only required 10% of the down payment and the process is very fast and easy. Also, we don’t check credit scores, so you won´t have to wait until you fix it or even get one.
To apply with us you just need to answer a few questions to know if you are pre-qualified. Then our team will send you the list of documents you need to submit (sending them by email), and then wait for 3 to 5 business days to know for how much the loan has been approved.
When the loan to buy your house has been approved, a letter of confirmation will be sent to your email and if still you don´t have an agent who helps you to find a house, we can provide you with one from our agent’s program.
Where to Look for Bank Loans With ITIN Number
If you are more traditional style and want to look for Bank loans with ITIN number, we must have to say that usually, banks that have international branches accept ITIN numbers. So the ideal scenario we recommend is to go with a bank that has international branches, and create an account with them at your home branch, to make the process easier.
Here are some of them that have this kind of loan:
-Bank of America
-Chase
–Citibank
–Wells Fargo
– HSBC
With each one of these Banks you will be able to open an account first, and then apply for one of their loan offers with ITIN. Remember to always keep a good credit score and always deposit all of your earnings in the account, so you can prove your income.
