Two NEW ITIN Loan Products

Two new products will be available which provide opportunities for customers with an individual Taxpayer Identification Number (ITIN). An ITIN is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a 7 or 8 in the fourth digit, for example 9XX-7X-XXXX. The IRS issues ITINs to individuals who are required to have U.S. taxpayer identification number but who do not have, and are not eligible to obtain a Social Security Number (SSN) from the Social Security Administration (SSA).

ITIN Products:

30-year conforming fixed (Product Number 101)
30-year 5/1 P&I LIBOR ARM (Product Number 102)

Product Highlights:

-1 to 2 SFD/SFA, Condos, and PUDs
-Owner-Occupied Purchase and Rate/Term Refinances
-Maximum 97% LTV / 105% CLTV
-Loan amounts up to $417,000 1-unit, $533,850 for 2-units
-41% ratios

Underwriting:

These loans will be manually underwritten according to Conventional Underwriting Guidelines unless noted differently within product description.
-One loan per customer (may not be a co-borrower on another loan) see credit report to verify.
-Non-occupant co-borrowers are permitted (see product description for detailed requirements).
-Minimum of two years stable employment and income are required.
-Two months bank statements are required.

Credit:

-Borrower with established credit using the ITIN must have a minimum representative credit score of 620 (see product description for detailed requirements).
-If no credit score is available, non-traditional credit may be established with a minimum of three credit references with a 12-month history.
-Collections, judgments and charge offs must be at least 12 months old and paid at or prior to closing. No new accounts in the last 12 months.
-Medical collections may remain open if the total balance is less than $1500.

Customer Verification (Customer cannot have a Social Security Number):

The following customer identification must be obtained:
-A copy of the ITIN card or letter issued by the IRS, and;
-One form of photo identification from the following list:
a. Green Card or EAD (Employment Authorization Document)
b. National Picture ID (e.g., Consular Card, passport, etc.)
c. Non-immigrant Visa
d. State-issued drivers license or ID card

Assets:

-No reserves required.