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Mortgage Reference -
Mortgage Glossary
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ITIN Mortgage - An ITIN Mortgage is a mortgage with an ITIN number (Individual Taxpayer Identification Number) instead of a Social Security Number. ITINs are issued to undocumented immigrants by the IRS for the purpose of filing and paying federal income taxes. Lenders currently offering ITIN mortgages include Banco Popular and Hispanic Financial Group . Underwriting guidelines for these mortgages are generally modified to make allowances for the differences in lifesyle of the undocumented worker, or illegal alien. For example, undocumented workers tend to rely on cash transactions much more than the general population, and many do not have bank accounts so, among other things, alternative credit reports are used for loan approval. |
