📝 ITIN Loans | Mortgage Rates LIVE

Homeownership for everyone starts here! We’ll go LIVE with today’s Daily Mortgage Rates and focus on ITIN Loans, helping borrowers without Social Security numbers access financing for a home.

We’ll cover program requirements, eligibility, and real-world examples for both first-time homebuyers and investors. This stream will give clarity on how ITIN loans work and how they can open doors for homeownership.

📲 Join us live, leave comments, and ask questions anytime during the stream!

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The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...

Transcript

So, we will go over all of our live rates today for some of our standard programs, as we do every day.

And if you'd like a full breakdown, a full itemized loan estimate, please get with any of our licensed loan officers. We have over 200 loan officers who would definitely be happy to help you out. You could drop a comment in the chat if you'd like a full breakdown, or you could definitely go to our website.

So, after we go over our general rates, we always go into a deep dive. Today, we're gonna be talking about our I-10 loans.

So, talking about our borrowers that have an I-10 number, not a Social Security number — a temporary taxpayer number, essentially. And these are pretty unique, as the rules have changed, especially as the immigration environment has changed as well. So, we'll go over some of the details there.

Let me go ahead and switch my screen, and we'll check out the general markets for today. As we do every day, the first thing we typically want to look at is the ten-year Treasury. It's one of the best indicators of rates overall, especially when we're talking about all kinds of different programs.

This is the last five days — some up, some down, up today recently. We always want to put that into perspective. We're still at pretty much one-year lows all the way across the board, and rates in general are at three-year lows at the moment. So, a great time for everybody out there looking for a property.

It is still a great time to be out there shopping. First, let's pull up our standard rate options here for our standard programs. These will all use the same assumptions: a single-family home, $500,000 purchase, $300,000 loan amount. That corresponds to 60% loan-to-value, 760 estimated credit score, 40% estimated DTI. Those are the settings we use.

That way, we can compare all the different programs across the board, apples to apples, even our unique programs.

So, first up here, our conventional option for a primary purchase — standard 30-year fixed loan, what you think of when you think of a mortgage — rates today as low as 5.625%, lowest rate option. Final APR with all the fees included: 5.857%.

If our customer doesn't qualify for conventional, we typically want to look into an FHA option. FHA offers a little more leniency on credit issues, and a higher debt-to-income ratio is allowed, but it does require additional fees upfront and yearly mortgage insurance.

FHA comes in today at 5.125%. But because of those additional fees, the final APR comes in at 5.993%. So, it's actually a touch more expensive than conventional. Always compare the APR so that you can put the programs side by side.

For our VA-eligible borrowers — our vets, active service members, and surviving spouses — rates as low as 5.25%, final APR 5.477%. We're hoping to see some of these drop into the 4s here, as rates have been going down recently. That will be exciting when it happens.

And USDA is pretty close to the 4s finally, after a few years. USDA coming in today: 5% flat, final APR 5.675%. If our borrower is looking at a property that isn’t in a USDA-eligible area, these programs are amazing. When compared to FHA and conventional, they’re typically a touch cheaper and a little more flexible on LTVs, credit, etc.

Now, where we start to get unique — and the topic for today — our non-QM options, using alternative documentation for primary occupancy borrowers. These are options we always want to look at if our borrower is self-employed and may have trouble qualifying with standard documentation (conventional, FHA, etc.) and needs to use alternative docs, such as bank statements, 1099s, P&L statements, or, in today’s case, citizenship status.

If we don't have the correct status or documentation for conventional, FHA, etc., we may need to use a non-QM program just for citizenship — which is exactly what we're talking about today.

Our non-QM alt-doc options are pretty amazing. It’s very exciting when we see rates under 6%. It's been over 6% for a long time. Today, 5.875%, final APR 6.145% with all fees included. Just a touch higher than conventional, which is typical.

We can also use these same programs for investment properties. Investment property comes in at 6% rate, final APR 6.321%. We compare that to conventional, 6% rate, final APR 6.311%, just a touch cheaper.

My personal favorite option here is DSCR — Debt Service Coverage Ratio. No income or employment needed. We simply use estimated rents from the property to determine the income. If the estimated rents can cover the estimated expenses (AKA the property cash flows monthly), that’s a DSCR ratio of 1 or higher, which is what we use for all these demos. We add a three-year prepayment penalty, which is standard.

Rates today come in at 5.999%, final APR 6.222%. We can add a five-year prepay to sweeten the deal: 5.875%, final APR 6.181%. We can also do a no-prepayment-penalty option for some states that don't allow it, or for investors that prefer it: 6%, final APR 6.321%.

We have dozens of other programs: commercial, second mortgage, 40-year, construction, fix-and-flip, all kinds of options.

But today, we’re focusing on something both a status and a loan type: our I-10 borrowers. These borrowers typically don’t have a Social Security number. An I-10 number is an Individual Tax Identification Number (ITIN) — for people who do not have permanent status in the U.S. and haven’t been issued a Social Security number.

I put together a quick slide on eligibility. There are options for conventional and FHA, very limited. But today, we’re focusing on non-QM options, where we actually have options that would otherwise not be possible with conventional or FHA.

Conventional technically allows U.S. citizens and green card holders (lawful permanent residents) — typically with a Social Security number. Non-permanent residents may include work visas, etc., still eligible under conventional on a lender-by-lender basis.

Today, we’re talking about undocumented borrowers or those with no current visa status — not eligible for conventional or FHA. That’s where non-QM programs come in. We have unique programs here and I’ll cover the documentation needed.

If a borrower has a green card, credit, and Social Security, we don’t need these programs. But for borrowers who don’t fit standard documentation, these non-QM I-10 options are ideal.

For our demo, I pulled a property at $800,000. For the max LTV for an I-10 borrower without proving legal status: 15% down. Using full documentation, we only require proof of a valid I-10, not legal status. Minimum credit score 660; we use 760 in our example.

With alternative docs, LTV reduces to 80%. We require a government-issued photo ID and an I-10 letter from the IRS. Documentation must support the I-10 number and cannot reference someone else’s Social Security number.

Lowest rate option: 7.999% with 2.5 discount points. Lowest-cost option: 8.99% with 1 discount point. This is 15% down on the $800,000 property with full documentation.

Alternative-doc option — 12-month bank statement: 20% down, rates 6.625% with 2.35 discount points. 7.25% rate gives a 0.4 point lender credit toward closing costs. Same 760 credit score.

Investment property option for I-10 borrower: 25% down, 75% LTV. Rates: 7.374% with 3.225 discount points, or 7.874% with 2.1 points. No prepayment penalty.

These are unique options, especially as conventional and FHA rules have changed and the immigration environment has shifted. Great options for borrowers who don’t fit standard documentation boxes.

If you have questions or want a full loan estimate, drop a comment or visit our website. One of our 200+ licensed loan officers would be happy to help.

Good luck out there, everyone. Have a great weekend, and we’ll see you next week with another episode of Daily Rates Live.