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Hard Money Loans in Houston for Foreign Nationals (ITIN Loans)

Posted by Jim Emerson

Jan 2, 2017 11:00:00 AM

In today’s market, it is fairly difficult to find a Hard Money lender in Houston to finance to a Foreign National or to a borrower with an Individual Tax Identification Number (ITIN).   A Foreign National is a citizen from another country who periodically visits the United States and is purchasing a property in which to reside during their stay.  Mortgage Investors Corporation or AMI Lenders Foreign National and ITIN loan programs, offer financing to any non-US citizen wanting to obtain a residential or commercial Hard Money loan in the Houston metropolitan area. 

ITIN’s had been used by major banks across the country for the past years to allow undocumented aliens to open savings and checking accounts and obtain credit cards.  (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number from the Social Security Administration.  The IRS issues ITIN’s regardless of immigration status because both resident and nonresident aliens may have a US filing or reporting requirement under the Internal Revenue Code.  They do not serve any purpose other than federal tax reporting and it does not authorize work in the US or provide eligibility for Social Security benefits or the earned income tax credit.  In addition, an Individual Taxpayer Identification Number is an acceptable form of ID as described by the Patriot Act.  

Historically, the biggest market for these types of loans have been illegal immigrants.  Due to the controversy around these loans, it is difficult to find lenders that will do them.   AMI Lenders is a Houston Hard Money lender that has the expertise and flexibility to close loans that may be seen as a higher risk by other financial institutions.  This includes funding loans to borrowers without a legal status.  AMI Lenders or Mortgage Investors Corporation, lends its own money and makes all the decisions.  This Houston hard money lender process, underwrites and services all loans in house.  Their knowledge and expertise allows the lender to respond quickly to your loan scenarios.    

ITIN mortgage loans can be used for single-family home, second family homes, condos and PUDs.  Due to high risk for the Hard Money in Houston lender these loans may have a higher rate than conventional loans.   

Income and employment history must be documented for a minimal amount of two years and be verifiable through a third-party source. The underwriter will make a reasonable determination that the income will continue for at least three years and must be able to document the borrower’s earnings and evaluate repayment ability in accordance with standard underwriting guidelines.   For self-employed borrowers, their income can be verified with the most recent two years income tax and a Profit and Loss statement from accountant or CPA.   

For the foreign national program, we must be able to verify employment of the foreign government which documents the borrowers previous two years of earnings and comments on the probability of his or her continued employment and provides the borrowers current earnings statement.   

AMI Lenders Inc, is one of the largest Houston private money lenders offering quick turnaround times and exceptional customer service.  To help you secure the Hard Money loan in Houston that better serves your needs and for better rates and better service call 713-682-4400 or email jim@amilenders.com for a prequalification or a free loan consultation today.   

 

AMI Lenders Inc, is one of the largest Houston private money lenders offering quick turnaround times and exceptional customer service.  To help you secure the Hard Money loan in Houston that better serves your needs and for better rates and better service call ____ or email ______ for a prequalification or a free loan consultation today.

Topics: Hard Money, Hard Money Loans, hard money lenders

   

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