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Amres ITIN Secure Guidelines

ITIN Mortagage Program

Amres’ ITIN Loan is a unique program designed to help America's immigrant and unbanked populations attain homeownership. This program is available to borrowers who file their federal income taxes with an ITIN, or Individual Tax Identification Number. The program is only available for owner occupied residential properties. Exceptions for second homes and investment properties will be considered on a case-by-case basis.
The program features underwriting guidelines that recognize the nontraditional savings, credit and documentation characteristics of immigrant, self-employed and unbanked families. Borrowers must reside and work in the United States, have filed federal income tax returns for at least the preceding two years and be able to demonstrate consistent earnings and acceptable creditworthiness.
Collateral for ITIN purchase money and refinance mortgages will be a First Lien Deed of Trust covering the property and improvements.
ITIN Programs
30 Year Fixed (Temporarily suspended 1/25/23)
5/1 ARM
Program Details
Minimum Loan Amount: $150,000
Maximum Loan Amount: $850,000 ($1 Million case by case)
Maximum DTI: 41%
Occupancy: Primary (second home and investment, case by case)
Loan Purpose: Purchase, Rate and Term Refi
Impounds: Required
Documentation Required
Unexpired government ID
Government license
Matricula consular
Note that a Visa is not required in addition to the above for an ITIN borrower
ITIN card or letter from the IRS
ITIN is required to be assigned to the borrower prior to application
Verification of the unexpired ITIN is provided by a legible copy of the letter from the IRS confirming the ITIN is assigned to the borrower. Only Page on is required
A signed IRS Form W-7 submitted with an expired or expiring ITIN is acceptable
IRS Form W-7 is not acceptable evidence if the ITIN letter is not provided, or if the ITIN letter submitted is not legible
All documentation in file must support the borrower's ITIN number and cannot reference a SSN belonging to another individual.
A W-7 Certification Form, signed by the mortgage loan seller, must be provided with the post closing package.
A new W-7 form will be required to be executed by the borrowers at closing. This form will need to be mailed to the IRS by the loan seller after closing.
DACA eligible with ITIN / SSN and Valid US driver's license or other government ID
Compliance/Patriot Act
Amres has developed a comprehensive BSA/AML program that includes a well-documented, written OFAC risk assessment and policy. Amres has working knowledge of OFAC regulations / sanctions and understands when transactions should be blocked or rejected. The mortgage loan seller must provide acceptable evidence that an OFAC search has been performed.
Age of Documents
All loan documents with the exception of appraisals must be dated within 90 days of closing
Appraisals must be dated within 120 days of closing
Borrower Eligibility
ITIN must be valid or must include a signed W-7
If multiple borrowers, one borrower must have an ITIN
May use Social Security Number previously issued for work purposes
Irrevocable or Blind Trusts
Inter-Vivo Revocable Trust
Limited Partnerships, general partnerships, corporations
Employment/Residency Requirements
During the most recent 2 years, borrowers must have continuous US residency and employment history, of which the most recent 12 months were in the same location as property prior to loan application. Borrowers must reside and work in the same location within a 50-mile radius.
Transaction Types
Owner-Occupied primary residence
Rate and Term Refinance
Investment properties, and second homes (may be considered case by case)
Maximum LTV & Loan Amounts
Single Family Residences (SFR): 85% LTV
Low Rise Condominiums: 85% (Warrantable)
High Rise Condominiums: 85% (Warrantable)
Duplexes/2-unit properties: 85%
Property Types
Eligible Properties:
Single Family Residences
Condominiums (Warrantable only)
2-4 Units
Ineligible Properties:
acreage greater than 10 acres (appraisal must include total acreage)
Agricultural zoned property
Condo hotel
Dome homes
Hobby farms
Income producing properties with acreage
Log Homes
Manufactured housing
Mixed use properties
Modular Homes
Properties subject to oil and/or gas leases
Unique properties
Working farms, ranches or orchards
Properties with less than 700 square feet
Properties for which the appraisal indicated condition ratings
Loan Types
Fixed Rate Mortgages:
Maximum Term: 30 Years
Adjustable Rate Mortgages:
5 yr. ARM
Fully amortizing over a period up to 30 years
Initial fixed-rate period up to 61 months
Index: Wall Street Journal Prime Rate
Lifetime cap of 6% over start rate
Floor = start rate
Annual reset
Maximum initial adjustment 200 bps/Maximum annual adjustment 200 bps
The qualifying rate will be the note rate
Interest-only, balloons, graduated-payment mortgages
Application Form
All applications must utilize the Uniform Residential Loan Application form (FNMA form 1003). A signed 1003 must be provided with the submission package
Gift Funds are acceptable with the following requirements:
There is no seasoning requirement; funds must be in a bank account prior to final approval or closing
All funds must be verified. Any significant increase in average balance or large deposits require an explanation of source from applicant
A 10% down payment has been made by the borrower from their own resources
Gift Funds are allowed on owner occupied loans only
Gift must be from a relative
Gift funds may not be used to meet reserve requirements
Gift letter signed by the door must be provided
The gift funds from the donor must be verified to show the donor has the funds available
Gift of Equity allowed for Primary Residence only and 85% maximum LTV. Must meet all other guidelines for Gift Funds.
6 months PITI required
Non-vested or restricted stock accounts are not eligible for use as a down payment or reserves
Retirement Accounts
60% of the vested value of retirement accounts, after reduction of any outstanding loans, may be considered towards the required reserves
Retirement accounts that do not allow any type of withdrawal are ineligible for use as reserves
Equity from unsecured loans, cash advance proceeds
Interested Party (Seller Contributions)
If the purchase price is less than or equal to the list price, IPCs are accepted up to 6% on owner occupied properties and second homes
If the purchase price is above the list price, IPCs on owner occupied and second homes is limited to 3%
IPCs cannot be used for any part of the borrower's down payment and cannot exceed actual costs
Seller contributions may cover normal and customary closing costs (Maximum of 6% or Purchase Price)
Required on all loans
Credit Requirements
Qualifying Credit Score
Traditional Credit
A retail credit report will be obtained for each applicant. If this is not possible, then a minimum of 3 credit references should be obtained for the applicant (non? traditional credit). A verification of rental or mortgage payments must be provided.
Since many ITIN borrowers have limited credit that reports on their credit report, underwriting is not credit score based. That said, the minimum credit score for all lTIN loans is 640 (LTVs at or below 85%).
Middle of three scores or lower of 2 scores for the primary wage earner
Additional borrowers must have a minimum score of 64, In the case of multiple borrowers, an average of all borrower's middle score is used to qualify
Must have a minimum of two open and active trades reporting for 24 months or three open and active trades reporting for 12 months
Non-Traditional Credit
A loan may be fully underwritten using alternative credit if there is insufficient traditional credit to evaluate. If alternative credit sources are used, the minimum requirement is a 12-month history, generally verified with lender-written verification, cancelled checks or bills marked paid.
The credit history must include three (3) credit references, from the list below covering the most recent 12 months' activity from date of application.
A 12 month housing history is required to be one of the 3 credit references
If a borrower's mortgage or rental history is not reported on the credit report, alternative documentation showing the most recent 12-month history (cancelled checks, mortgage/rental statements including payment history, management company VOR, etc.) must be provided.
Private landlord VORs may be considered on a case-by-case basis.
LOE or rent-free letter is required when a 12-month housing history is not applicable maximum.
The other two tradelines may be documented using a combination of credit report, alternative credits or through utilities, such as electricity, gas, water, telephone service, television, and internet service providers. If utilities are included in the rental housing payment, they cannot be considered a separate source of nontraditional credit.
NOTE: If any late payments are indicated, the payment history must be stated in the "number of past dues" format - 30-, 60- and 90-day late payments. Proof of monthly or quarterly payment is required.
Allowable alternative credit references include:
Housing payments
Installment loan payments (such as an auto loan)
Utility payments
Telephone and cable service payments
Insurance payments (excluding payroll deductions)
Lease payments related to durable goods (including leases)
Local store payments (department, furniture, appliance)
School tuition payments or ongoing child care payments
Payments on a loan obtained from an individual (repayment terms must be documented in a written agreement)
Payment History
Acceptable Number of Late Payments:
Last 12 Months
Last 24 Months
Housing (Rent)
0 x 30
1 x 30, 0 x 60 or beyond
Installment, Nontraditional or Revolving
0 x 30
2 x 30 or 1 x 60 and beyond
Collections (excluding medical), Charge offs, or Repossessions
There are no rows in this table
Note. If any late payments are indicated, the payment history must be state in the “number of past dues” format 30, 60 and 90-day late payments.
Adverse Credit History
If any credit exists, the following apply:
Adverse Credit Issue
Judgments and Tax Liens
All outstanding balances must be paid in full prior to closing
Medial Collections
Up to $2,000 aggregate may remain open after closing. Amounts greater than $2,000 must be paid in full prior to closing or approved on a case-by-case basis
Foreclosures, Deeds-in-lieu, Short Sales
Consumer Credit Counseling/Debt Management Plan
Must be discharged/complete 3 years prior to loan application
There are no rows in this table
Note. All Income tax obligations must be paid prior to closing. Collections may not be the result of a traditional or non-traditional tradeline that exceeds the number of lates allowed in the most recent 24 months. Documentation must be provided.
Co-Applicant Credit
Co-applicants must meet the same minimum credit requirements as primary applicants unless:
The co-applicant is a spouse, in which case no additional credit is required. The spouse is not required to be a guarantor on the note but, pursuant to state community property laws pertaining to primary and secondary residences, may be required to sign the Deed of Trust (and other pertinent documents).
The co-applicant(s) has/have been living with the primary applicant for 12 months, in which case 2 references are required and the housing reference is waived.
Non-Purchasing Spouse
If the bank accounts used for the application are joint accounts, then both spouses must be on the note, an account access letter may be accepted in lieu of having both account holders on the loan on a case by case basis.
Non-occupying co-borrowers.
Max LTV of 85%
Must sign the note and mortgage
Non-occupant cannot have an interest in the subject property sales transaction to include, but not limited to, seller, real estate broker or builder
Non-occupying coborrower must be a relative
DTI on Occupying borrower max 43%
Occupying borrower must be the primary wage earner
Total combined DTI max 42%
Occupying borrower must have a minimum score of 640
Maximum loan amount of $850,000. Will consider Up to $1,000,000.00 case by case with an LTV under 85%
Qualifying Ratio
Overall expense ratio, which is the total monthly cost of owning the property plus any monthly installment debts which will continue longer than 10 months, revolving debts, alimony, maintenance and child support, all divided by stable gross monthly income. The maximum allowed overall expense ratio is 41%.
Primary Income (Documented)
All income reported by the applicant will be considered as long as the income is substantiated and may reasonably be expected to continue. In order to evaluate the income the loan officer will need to obtain the following:
Wage Earner
Written Verification of employment
W2 Borrower's income is calculated by using the previous two years tax returns and must submit 2 of their most recent paystubs with YTD income
If the 1040 has not been filed for the most recent tax year, then income will be calculated using the two most recent years of 1040s, plus a year end paystub from the previous tax year (showing YTD earnings), plus 2 of the most recent paystubs with current YTD income.
Two years 1040s
Executed 4506C on 1040s with transcripts
Self Employed
Two years signed 1040s, including all pages, schedules, statements
Year to date Profit and Loss Statement signed by the borrower along with most recent two months of bank statements that align with the good through date on the P&L
K-l's on all corporations and Schedule E business entities for the prior year
Business returns on all Corporations and Schedule E business entities prior one or two years if ownership is >25%
Underwriting income will be calculated using the average Adjusted Gross income (AGI) on the most recent last two years of 1040s including the most recent tax year, plus the net income for the current year based on the most recent P & L provided, averaged together.
Executed 4506C on 1040s with transcripts
The mortgage loan seller must provide a self employment income worksheet.
If Borrower is Self Employed (or one of the Co-Borrower is Self Employed), Income can be Calculated using Bank Statements
12 consecutive month's personal bank statements to verify ability to repay
Business Accounts can only be used if the business account reflects that personal expenses are being paid from this account (ie Rent, Car Payments, Utility Bills, Personal Credit Cards, etc.)
Deposits must be consistent and typical
Large Deposits must be sourced to determine if funds came from a business source
Non-borrowing spouse on the bank statements - The portion of the income from a non-borrowing spouse must be excluded
Determined total monthly average deposited and divided by 12 to determine the qualifying income
Deposits that CANNOT BE USED in the average of the total S/E qualifying income are as follows:
Credit back from credit/Debit returns
Unsourced transfers from another account (if borrower transfers money from his business account to pay themselves the transfers must be consistent)
Payroll Advance
Undocumented large deposits that cannot be determined as an income source
If the applicant is self employed, and has an operating company current financials on the applicant's company must be obtained. The applicant may be required to provide a letter from a CPA to substantiate all income documentation provided.
Rental Income
Note that for borrowers purchasing a new property and retaining their existing property, proposed rental income on the vacating primary cannot be included as effective income. The borrower must qualify with both PITI payments.
Most recent three months bank statements
Deposits exceeding 50% of borrower's monthly income must be sourced
Use of business funds requires a letter from Tax Preparer/CPA stating whether funds drawn from the business will have a negative impact on the business
Funds needed calculation sheet must be provided.
Appraisal Requirements
Transferred appraisals are allowed on a case by case basis. Appraisals must be completed for the subject transaction. Recertification of value is not allowed. If appraisal is over 120 days old, a new full appraisal is required.
Collateral Desktop Analysis {CDA) with accompanying MLS sheets ordered from Clear Capital or an approved alternative vendor, with a similar product, is required to support the value of the appraisal. The Seller is responsible for ordering the CDA. If the broker provides an appraisal ordered through Clear Capital, then a CDA will not be required
If the CDA returns a value that is "Indeterminate" or if the CDA indicates a lower value than the appraised value that exceeds a 10% tolerance, then one (1) of the following requirements must be met:
A Clear Capital BPO (Broker Price Opinion) and a Clear Capital Value Reconciliation of Three Reports is required. The Value Reconciliation will be used for the appraised value of the property. The Seller is responsible for ordering the BPO and Value Reconciliation through Clear Capital
A field review or 2nd full appraisal may be provided. The lower of the two values will be used as the appraised value of the property. The Seller is responsible for providing the field review or 2nd full appraisal
If two (2) full appraisals are provided, a CDA is not required.
For properties purchased by the seller of the property within 90 days of the fully executed purchase contract the following requirements apply:
Second full appraisal is required
Property seller on the purchase contract is the owner of record
Increases in value should be documented with commentary from the appraiser and recent paired sales
The above requirements do not apply if the property seller is a bank that received the property as a result of foreclosure or deed-in lieu
Lien Seasoning
If the property was acquired by the seller less than 90 days from the purchase agreement and the purchase price exceeds the seller's acquisition price by more than 10% then a second full appraisal is required. Bank owned properties are not exempt.
If the property was acquired by the seller between 91-180 days from the purchase agreement and the purchase price exceeds the seller's acquisition price by more than 20% then a second full appraisal is required. Bank owned properties are not exempt.
Disaster Declarations and Recertification
Whenever an area is declared a disaster area, the Federal Emergency Management Agency (FEMA) releases disaster declaration announcements. FEMA makes available individual and public assistance when a disaster occurs.
If an area containing the subject property is eligible to receive individual assistance and/or public assistance, as designated by FEMA, the property will require a recertification of value as follows: An appraisal completed in an area after the disaster declaration was released (incident date) does not require a recertification. Ideally, the appraiser will comment that the property is free from damage and the disaster had no effect on the property. If the appraisal was completed prior to the disaster, at a minimum a re-inspection stating the property is free from damage and the disaster had no effect on the property value and marketability is required (including exterior photos of the property). Payment for necessary re-inspections will be the responsibility of the borrower or seller Interior photos may be required on a case-by-case basis
The re-certification must be obtained as promptly as possible (but not until after the disaster is active) in order to ensure a timely closing, funding (and purchase if applicable) of the loan.
Acceptable Forms of Ownership - Fee Simple with title vesting as:
Joint Tenants
Tenants in Common
Escrow Holdbacks
Not allowed unless the holdback has been disbursed and a certification of completion has been issued prior to purchase.

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