This guide shows you exactly how much money you need to save for an ITIN mortgage and where to find it when you don't have a Social Security Number.
ITIN Mortgage Down Payment Requirements
ITIN mortgages require a minimum 20% down payment for primary residences, higher than conventional loans. Gift funds from family are accepted, and some local down payment assistance programs may be available for ITIN holders.
For a no obligation conversation about your mortgage, contact Marc Hernandez (#639504) of Aequalend, LLC at 713-570-6765.
What Is the Minimum Down Payment for ITIN Loans?
ITIN mortgage loans require a minimum 20% down payment for primary residences, significantly higher than the 3-5% options available with conventional or FHA loans. This substantial down payment requirement reflects the portfolio nature of ITIN lending.
The 20% equity stake provides lenders with a cushion against potential losses, making them willing to accept the additional complexities of ITIN-based lending.
Down Payment Requirements by Property Type
Here's exactly what you'll need to put down for different types of properties. Save this table - you'll refer to it often when shopping for homes.
| Property Type | Minimum Down | Typical Range | Best Rate Down |
|---|---|---|---|
| Primary Residence | 20% | 20-25% | 30% |
| Second Home | 25% | 25-30% | 35% |
| Investment (1 unit) | 25% | 25-30% | 35% |
| Investment (2-4 units) | 30% | 30-35% | 40% |
Why ITIN Loans Require Higher Down Payments
Here's why ITIN loans require more money down - and what this means for your home buying budget.
| Factor | Impact |
|---|---|
| Portfolio Lending | Lenders keep loans in-house |
| No Mortgage Insurance | PMI unavailable |
| Alternative Documentation | Higher risk requires more equity |
| Limited Secondary Market | Fewer loan sale options |
How Down Payment Affects Your Loan Terms
Putting more money down can save you thousands in interest. Here's exactly how much you can save by increasing your down payment.
| Down Payment | Rate Reduction | Monthly Payment | Application |
|---|---|---|---|
| 20% (minimum) | Standard rate | Standard | Basic requirements |
| 25% | 0.25% reduction | Lower | Stronger |
| 30% | 0.50% reduction | Much lower | Excellent |
For a no obligation conversation about your mortgage, contact Marc Hernandez (#639504) of Aequalend, LLC at 713-570-6765.
Can You Use Gift Funds or Other Sources?
You don't have to save the entire down payment yourself. Here are the different ways you can come up with the money - and what lenders will accept.
Gift Funds from Family Members
Family can help with your down payment, but you need the right paperwork. Here's who can give you money and what documents you'll need.
| Acceptable Donors | Required Documents |
|---|---|
| Parents, grandparents, siblings | Gift letter, no repayment |
| Spouse or domestic partner | Donor's bank statements |
| Children (if of legal age) | Wire transfer or check |
| Aunts, uncles, cousins (some lenders) | Your bank statement |
Down Payment Assistance Programs
Free money exists for down payments - but you have to know where to look. Here are the programs that might work for ITIN borrowers.
| Program Type | Benefits | ITIN Acceptance |
|---|---|---|
| State housing agencies | Grants up to $10,000 | Varies by state |
| County/city programs | Forgivable loans | Limited |
| Non-profit organizations | Deferred loans | Some available |
| Employer benefits | Matching funds | Check employer |
| Community grants | Direct grants | Location dependent |
Note: Many down payment assistance programs require U.S. citizenship or permanent residency. Always verify ITIN acceptance before applying.
Unacceptable Funding Sources
Don't waste time on these funding sources - lenders will reject them immediately. Here's what you can't use for your down payment.
| Unacceptable Source | Reason |
|---|---|
| Credit card advances | Borrowed funds not allowed |
| Personal loans | Must be your own money |
| Undocumented cash | Cannot verify source |
| Seller funding | Conflict of interest |
| Interested party funds | Must be independent |
Next Steps: Speak to an ITIN Specialist
Connect with an experienced ITIN lender who can provide detailed cost breakdowns and help you find the best available terms.
For a no obligation conversation about your mortgage, contact Marc Hernandez (#639504) of Aequalend, LLC at 713-570-6765.
ITIN Down Payment FAQs
What is the minimum down payment for an ITIN loan?
Why do ITIN loans require higher down payments?
Can I use gift funds for my ITIN loan down payment?
Are there down payment assistance programs for ITIN borrowers?
What down payment is needed for investment properties?
Can I borrow the down payment from another source?
How do lenders verify down payment funds?
What if I have less than 20% down?
Do ITIN loans have lower down payment options?
How does down payment affect my interest rate?
Can seller concessions help with down payment?
How should I save for an ITIN loan down payment?
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Ready to Get Started?
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