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- ITIN (Individual Tax Identification Number) loans have been available for immigrant individuals and their families for many years.
- As long as the applicant used the same ITIN number consistently throughout their financial history, a loan application can be processed.
- In addition, the applicant must have a 10 percent down payment to allow for the underwriting process.
- DREAMERS looking for an FHA or conventional loan can also apply as long as their DACA has not expired and their legal status is current and up to date.
For many DREAMERS, the application process differs little from that of any other home buyers.
It is important to identify the ITIN borrower using the following explanation:
- ITIN borrowers are living in the United States, but unable to document their legal status.
- ITIN borrowers have filed and obtained an ITIN number which is similar to a Social Security #.
- ITIN borrowers have been filing tax returns for a minimum of 2 years using the IRS issued ITIN #.
- Up to 90% LTV with traditional credit and 620+ FICO Score
- SFR, PUD, Townhouse, Condo (Warrantable only)
- Purchase and R/T Refinance
- Owner Occupied Only
Under this type of loan, you borrow money to pay for the construction costs of building your home. Once the house is complete and you move in, the loan is converted into a permanent mortgage.
Because this format is basically a two-in-one loan, you only have one set of closing costs to pay, reducing the amount of fees you owe.
During the construction of your house, you only pay interest on the outstanding balance; you don’t have to worry about paying down the principal yet. Typically, you’ll have a variable interest rate during the construction phase, so the rate and your payment can fluctuate.
Once it becomes a permanent mortgage — with a loan term of 15 to 30 years — then you’ll make payments that cover both interest and the principal. At that time, you can opt for a fixed or variable-rate mortgage.
CalHFA Loan Program
The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That’s why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
GSFA Platinum Program
With the GSFA Platinum program, there is a grant of 5% of the total loan amount, which is a net grant of 3.5% to the borrower. So, for example: A $350,000 loan would be eligible for a grant of up to $12,250 to put toward down the borrower’s payment and/or closing costs. The borrower would not have to repay the grant because it is forgiven when the loan closes.
The benefits don’t end there. Additionally, the GSFA Platinum program:
- Is not limited to first-time homebuyers. If you meet income and credit requirements, it does not matter how many times you have bought a home.
- Is available with various types of mortgage loans. As stated above, the program can be applied to conventional, VA or FHA loans; in some cases, it can even be used by buyers who are borrowing with USDA loans.
What is the Chenoa Fund Program?
The Chenoa Fund Program assists borrowers who lack funds by helping them finance the down payment requirement of an FHA loan, which is 3.5%. It essentially combines the ease of an FHA loan with a grant or second mortgage to cover the 3.5% down payment requirement, meaning you receive could receive up to 100% financing.