The Loan which is secured through the real property is called as Mortgage Loan. Any person, a home buyer or builder can have this loan to secure against its property. In the Past legislation, the mortgage loan cannot be obtained anymore without having Social Security number. The Social security Number is a 9 digit number, also called as an SSN number. However the ITIN (Individuals Taxpayer identification number), is now being used as basic need for providing the loans to the public to avoid any chances of frauds and culprits intervention.
Significance of ITIN Number and ACORN Program
If someone lacks his SSN number but keeps his ITIN Number then this ITIN number makes him eligible for ACORN Program (Association of Community organization for reform). This Program offers thirty years of fixed rate financing with minimal interests rates.
This ITIN number enables individual house purchasers to buy their home by getting loan without Social security number. This Program in collaboration with the Citibank and few other organizations let the first time buyers to get the loan even without the SSN number. The Procedure need to be followed to get qualified for the loan is as below;
The very initial step for the first time buyers is to attend the seminars to get all the relevant details and information about the ITIN loan qualification and purchasing. In these seminars the relevant procedure details for the loan are also explained. These seminars can be quite useful to guide the person about the main outlines of the loan qualifications.
Meeting the Counselor
The second step towards your loan qualification is holding a person-person meeting with the ACORN counselor. In this meeting, your two year tax returns, good credit history and a sure job status is assured.
Also a deep analysis of credit, finances and affordability is concluded.
The Paper Work
The paper work is done with the help of a ACORN analyst and consists of the following information;
- The two years Tax returns followed by the two years Job history
- Three Bank Statements, most recent
- One month current Paychecks record
- 2 years verifiable rental history and 3 alternative credit references are required.
Meeting with Loan Officer
After meeting with the ACORN analyst with the clear picture of your pre-approved ITIN loan, now you should approach to loan officer at citiMortgage. As the loan is already approved, so it will be immediately being a 30 year fixed-rate loan approval without PMI.
After Approval from the ACNOR’s Program, and the loan officer, there will be a need to pay for about 500$ as Transaction fee. This transaction fee is taken as the document fee for following your complete and proper registration by the staff.