Home Financing Options With an SSN or ITIN
The reel describes financial products for people with either a Social Security number or an ITIN. It discusses traditional and alternative credit, income documentation, employment history, and down payments from 5%, 10%, or 20%.
Key takeaways
- The reel says the financing products work with either a Social Security number or an ITIN and do not check visa type or status in the country.
- Traditional or alternative credit may be used, and the reel says payment behavior is considered instead of a credit score.
- Six months of water, electricity, and cable bills may count as three alternative credit lines; a 10% contribution requires three traditional or alternative credit lines.
- People paid through 1099 need two recent years of tax returns, while W-2 employees need a W-2, two recent pay stubs, and one consecutive year of employment; a job gap may not exceed six weeks if documented with W-2 form…
- The reel says 100% financing is not offered and that the buyer must contribute 5%, 10%, or 20%.
Explanation
According to the reel, the products do not distinguish between a Social Security number and an ITIN, and the visa type or status in the country is not checked. The options may use traditional or alternative credit, with payment behavior considered instead of a credit score. The reel also states that 100% financing is not offered and that the buyer must contribute 5%, 10%, or 20%. For alternative credit, the reel says that utility bills for water, electricity, and cable paid for six months may count as three credit lines. It also mentions that a credit card with 12 months of history, a business, or another property may be used to work with the program. With a 10% contribution, three traditional or alternative credit lines are required, according to the reel. For someone paid through 1099, the reel says that the two most recent years of tax returns are needed. If the person files separately from the company, two years of personal tax returns and two years of company tax returns are needed. For a private-sector employee receiving W-2 forms, the reel says the W-2, the two most recent pay stubs, and one consecutive year of employment are needed; a gap between jobs may not exceed six weeks if both jobs are documented with W-2 forms.
Reel transcript
English version
Financial products for people who have a Social Security number or an ITIN, and we do not make any distinction between a person who has a Social Security number or an ITIN. We also do not verify what type of visa they have or anything like that, okay? As long as they have a Social Security number or an ITIN, we can help. You have three credit lines; alternatively, you can apply with the cooperative. When we talk about three alternative credit lines, it means that if you have the electricity, water, and cable bills for six months, you can already buy with us. That does mean that I have a little credit card for 12 months, that I have a business, another property already acquired, and with that we could work. With that credit line from the water bill and the electricity bill for six months, we can offer a 95% program. As I told you, we do not check the score, okay? We do not look at the status you have here in the country. So, do you have 10%, do you have 20%? If you have 10%, we are going to require three credit lines, either traditional or alternative. Do you have a little credit card? Perfect, but you have the water bill and the electricity bill for six months and you are paying on time; there is no problem, we could help. If it is a person who works with 1099, we are going to need the last two years of tax returns. If you file your taxes separately from the company, then we are going to need two years of personal tax returns and two years of company tax returns. If you work as a private employee and receive a W-2, we are going to need you to have the W-2 and the last two pay stubs, and to have one consecutive year of employment. What does that mean? Well, I worked for six months at one company, then I stopped working because I got a job that paid me more; that is fine. As long as the gap, or the space between leaving one job and starting the other, remains with W-2 employment and does not exceed six weeks, we could make the loan. We are not going to stop to consider your status; it does not matter if you have a Social Security number or an ITIN, we work with alternative credit and traditional credit. We do not look at a score; we look at payment behavior, okay? And we do not finance 100%; you have to put down 5%, 10%, or 20%.
Related resources
Contact David about your buying, selling or investment goals in North Carolina.
Contact David