Home ownership is the essence of the American dream. Planting roots, taking pride in property ownership, and securing a future are all important parts of buying a home. Unfortunately, myths persist that undocumented immigrants aren’t allowed to take part in this milestone, when in reality, they’re able to apply for mortgage loans. Here’s a helpful guide to how it works.

A Guide to the Mortgage Loan Process for Undocumented Immigrants

The ITIN

If you immigrated to America but weren’t able to get a Social Security number, you’re still able to apply for an individual tax identification number (ITIN) from the IRS. You’ll be able to use this nine-digit ID to complete your state and federal tax returns. You can also use this number to open credit union and bank accounts and apply for home mortgage loans.

Applying for an ITIN

To apply for an ITIN, you’ll need to complete IRS Form W-7 and a federal income tax return. In addition, you must submit your passport and two personal identification documents. Eligible documents include a state-issued driver’s license or ID, foreign driver’s license, or a foreign voter’s registration card. All information will need to be submitted to the IRS, which will issue an ITIN if you’re approved.

Applying for a Mortgage Loan

Once the ITIN is obtained, you’re ready to begin the home mortgage loan process. In addition to the ITIN, lending officers will request several documents. These include proof of steady and verifiable income, such as employee paycheck stubs. You’ll also need proof of credit history, meaning any outstanding or paid debt such as car loans and credit cards payments. Because each lender is different, their loan requirements will vary. However, the main documentation requested will be the ITIN.

The opportunity to achieve the dream of home ownership is available to you. Having a trusted partner to walk you through the mortgage loan process makes the journey less uncertain. North Jersey Federal Credit Union in Totowa, NJ, is proud to serve a membership of immigrants from a diverse array of countries, and their lending team specializes in helping first-time home buyers. If you’ve been thinking about home ownership, call (973) 785-9200 to get started. Visit the website for information on the credit union’s full range of products and services, including car loans and other banking services for the undocumented.