Homeownership Through ITIN Loans

The “American Dream” is built on homeownership. 

Though that dream is alive, it remains unobtainable for many.

The problem is in the process: The exclusive rules that allow some people to buy while sidelining countless others. Without a Social Security number (SSN), conventional mortgages remain out of reach for deserving candidates.

That’s where ITIN loans are changing the game—even if you don’t have an SSN.

Today, we’re exploring the ins and outs of ITIN loans, revealing how to get an ITIN, and explaining the ITIN loan process. 

The pathway to homeownership starts here. 

What Is an ITIN?

An ITIN is a tax-processing tool for people without a Social Security Number (SSN). 

Its official name? The Individual Taxpayer Identification Number (ITIN). 

Issued by the Internal Revenue Service (IRS), ITINs help workers file federal tax returns regardless of their immigration status. 

This includes people who are not currently U.S. citizens nor permanent residents, or who have expired EADs/VISAs. 

According to the latest reporting, there are over 5.8 million active ITINs in the U.S.
(with nearly 500,000 new numbers issued annually).

In addition to promoting IRS compliance, ITINs unlock meaningful tax benefits via:

• Claiming dependents.
• Filing jointly with a spouse.
• Taking mortgage interest deductions.
• Claiming the Child Tax Credit (if you have a qualifying child with an SSN).

Best of all?

ITINs can provide a pathway to purchasing a home.

ITIN vs. SSN

From a high-level perspective, ITINs and SSNs share three key attributes.

• They are both forms of national identification. 
• They both have nine digits. 
• They are both used to file taxes. 

That’s where the commonality ends. 

After all, it’s the differences between ITIN vs. SSN that deserves our attention.

What is a Social Security Number (SSN)? It’s a number assigned to citizens, permanent residents, and noncitizens authorized to work in the United States. The majority of Social Security numbers are assigned at birth. 

A bit of history. 

The Social Security program is the fruit of President Roosevelt’s 1936 “New Deal,” which created numbers to track earnings and provide benefits to citizens. Today, however, SSNs have a broader use across employment, tax reporting, credit building, and home-buying processes.

While the Social Security Administration provides SSNs to citizens and lawful residents,
the IRS issues ITINs to individuals who are ineligible for an SSN. 

Therefore, an ITIN does not confer legal immigration status, work authorization, or retirement benefits. Instead, its primary function is for tax filing purposes. 

Nevertheless, ITINs remain a powerful tool for non-citizens looking to buy a home. 

How To Get An ITIN

If you don’t have a Social Security Number (SSN), an ITIN is essential for homeownership.

Ready to get started?

In this section, we will show you exactly how to get an ITIN. The application process is straightforward and can be finished in four steps:

1. Complete Form W-7

As the official ITIN application form, the W-7 requests standard personal information like your name, mailing address, and date of birth.

If your spouse or dependents are applying for an ITIN, be sure to include an accompanying W-7 for each applicant.

You can download Form W-7 from the IRS website.

2. Complete Form 1040

This is your U.S. federal income tax return, and it should be included with your Form W-7.

Though Form 1040 requests a Social Security Number (SSN), you can leave it blank. The IRS will write your assigned ITIN in that section.

You can download Form 1040 from the IRS website.

3. Gather Identification

Your ITIN application must include documents that prove both your identity and foreign status.

Though the IRS accepts thirteen documents to satisfy these requirements, a passport can be used to verify your identity and foreign status.

Note: Any dependents on your application must also submit proof of U.S. residency (unless they are from Canada or Mexico).

4. Submit Your Application

Upon completing your paperwork, you will have the option to either mail your ITIN application or apply in-person.

For mail sent via the U.S. Postal Service, use the following address: 

• Internal Revenue Service
• Austin Service Center
• ITIN Operation
• P.O. Box 149342
• Austin, TX 78714-9342

For packages sent via private delivery service, use this address:

• Internal Revenue Service 
• ITIN Operation 
• Mail Stop 6090-AUSC 
• 3651 S. Interregional, Highway 35 
• Austin, TX 78741-0000

For in-person applications, visit a local IRS Taxpayer Assistance Center (TAC).

Please note that it may take up to several weeks to secure an appointment.

Note: Taxpayer Assistance Centers can authenticate most documents in-person. The only exceptions are your dependent’s school and medical records, which must be mailed with the ITIN application package.

Original documents mailed directly to the IRS will be returned within 60 days.

As promised, that’s how to get an ITIN in four quick steps.

After submitting your application, you can expect to receive your ITIN within 7 weeks. However, during peak tax season (January 15 to April 30), the IRS may take up to 11 weeks to complete your request.

Note: If you experience delays beyond these timeframes, contact the IRS directly at 800-829-1040. 

Benefits of ITIN Loans

If you’re struggling to obtain a mortgage, don’t worry.

ITIN loans offer an alternative route to conventional loans—without the strict documentation requirements of traditional mortgages.  

In fact… 

You won’t need to provide tax returns or W2s. 

You won’t need to show years of bank statements. 

And you certainly won’t need a Social Security number to qualify. 

ITIN loans open the door to homeownership. 

Plus, while ITIN loans are attainable, they also deliver powerful long-term benefits—like credit building. 

After all, every on-time repayment of your ITIN loan will enhance your credit history with the three major credit bureaus, Experian, TransUnion, and Equifax. 

Once upon a time, SSNs were a prerequisite to enjoying these perks. Not anymore.

The benefits of ITIN loans provide a pathway both to homeownership and long-term financial success.

The ITIN Loan Process

While mortgages seem daunting, ITIN loans can streamline the process. 

From application to closing, the average ITIN loan journey only takes a few weeks. 

Nevertheless, it’s important to be ready for the road ahead. 

What can you expect? For most candidates, there are three major steps to successfully obtain an ITIN loan:

1. Pre-Qualification

Whether pursuing conventional mortgages or ITIN loans, getting pre-qualified is key. 

Why? Because it demonstrates that you’re a serious homebuyer with purchasing power. 

Though it might sound demanding, pre-qualification is easy. 

In fact, all you have to do is speak with a lender about your financial situation. From there, they will make two important determinations:

1. How much home you can afford to buy.
2. Which loan and interest rate best fits your needs.

With Quontic, you can see whether you pre-qualify in 60 seconds. It’s totally informal and involves no credit check (or obligation to apply for a loan). 

2. Application and Underwriting

Once you’re pre-qualified, you can start making offers. 

Better yet, if you’re pre-qualified with Quontic, our dedicated consultants will help you prioritize the property you’d like to buy. 

To expedite the process, you’ll need to submit your full application online (which includes a routine credit check). 

Unlike traditional lenders, however, Quontic won’t ask for your W2s, tax returns, or Social Security Number (SSN).

After approval, you will receive official documents to show the seller that you’re serious. Once an offer is accepted, Quontic will move your loan through the underwriting process and lock in your interest rate. 

3. Closing

Your dream house is finally yours. 

Before you’re handed the keys, there’s one more important step: the mortgage closing.

During this official meeting, you will sign essential loan documents and provide proof of homeowners insurance. You will also learn when your first mortgage payment is due.

Of course, you will be asked to cover the down payment. For most ITIN loans, minimum down payments start at 20%. 

Last but not least, you will need to settle additional expenses, including:

• Closing costs (generally 2 to 5% of the total loan amount). 
• Prepaid Interest.
• Taxes and insurance. 
• Appraisal and inspection fees. 

These costs can be a tremendous burden. That’s why Quontic is proud to accept gift funds for up to 100% of your down payment and closing costs—financial support from friends and family can fund your dream home. 

Homeownership for Everyone

You’re more than your paperwork. You know it, and so do we. 

That’s why we provide ITIN loans: Because they make homeownership attainable for everyone (with or without an SSN). 

Once you secure your ITIN, you’ll hold the key that unlocks your dream home. 

As the only all-digital, CDFI bank in the United States, Quontic offers inclusive solutions for non-traditional borrowers. 

Whether you’re self-employed, don’t have an SSN, or struggle to document your income sources, we can help you get the mortgage you deserve. 

The path to homeownership starts here.

See If You Pre-Qualify