Buying a Home with an ITIN in Rhode Island

Many hardworking families pay taxes with an ITIN (Individual Taxpayer Identification Number) and assume they can't buy a home. In many cases they can. Some lenders offer mortgages designed for borrowers who have an ITIN instead of a Social Security number.

How ITIN loans are different

• They come from specialized lenders, not the usual FHA or conventional programs, which generally require a Social Security number.
• Expect a larger down payment than a typical first-time buyer loan, often 10% to 20% or more.
• Interest rates are usually higher than standard loans, so compare more than one lender.
• Many state down payment assistance programs have their own eligibility rules, so ask before you count on one.

What lenders usually ask for

• Your ITIN letter and a valid photo ID, such as a passport.
• Tax returns filed with your ITIN, often for the last two years.
• Proof of income: pay stubs, bank statements, or business records if you're self-employed.
• Credit history. If you don't have much, some lenders accept a record of on-time rent and utility payments.
• Bank statements showing your down payment and closing money.

How to get ready

File your taxes every year, keep your bank records organized, and save for a down payment plus closing costs. Then talk to a lender who regularly does ITIN loans before you start touring homes, so you know your real budget.

We work with buyers in English and Spanish and can introduce you to lenders who do these loans. This article is general information, not legal or financial advice; your lender confirms what you qualify for.