Social security number (abbreviated as SSN) is actually a nine digit number. The SSN is mainly used to locate and confirm people for tax. Moreover, one can also use SSN for loan verification in order to keep himself saves from fraudster. To qualify for ACORN program one must possess SSN or ITIN. It offers 30 years fixed rate financing along with extremely viable interest rate. However, to qualify for a loan one can try other different lines for credit like rent and utilities.
What Is ITIN Organization?
ITIN is basically for home buyers who do not have SSN. An ITIN organization collaborates with number of other organization; Citibank is one of such organization. The main purpose of this collaboration is to help new homebuyer to qualify for a loan without having social security identification. A homebuyer willing to qualify for lending a loan has to follow certain steps.
Attending Different Seminars:
To qualify for lending an ITIN loan, first most important step for a homebuyer is to attend maximum possible seminars. Many different seminars are arranged by different organization. These seminars are very important for a new homebuyer. By attending different seminars, a homebuyer can gather very useful information for himself.
The seminars are conducted to explain a new home buyer about house purchasing and mortgage loan. The information gained by these seminars helps a home buyer not only in locating a home but also in lending a loan.
Meetings With ACORN’s Counselor:
After seminars, the second important step is to arrange person-to-person type meetings with the housing counselor of ACORN. To plan such meetings few things are required i.e. excellent credit history, history of a sure job and most importantly a homebuyer needs to bring 2 years’ tax return.
During this meeting, financing, affordability and the credits is usually concluded. In the case of any hurdle or some problems, different options are provided to solve then.
The paperwork is conducted by ACORN analyst, which contains of following:
- 2 years tax return, the corresponding of 2 year’s history of work.
- 3 most recent statements of bank.
- Current payback stubs of month one.
- Rental history of twenty four month, plus 3 alternative references of credit, each of 12 months.
These all must be variable, like utilities, and instead of traditional credit report all these can be used.
Locating A Loan Officer:
After attending meetings with analyst of ACORN and is previously approved for lending an ITIN loan; working with reliable loan officer is the next crucial step. As the loan is pre-approved, therefore an immediate loan with fixed rate mortgage for 30 years would be given. That’s the reason why PMI is not required in this case.
Once a homebuyer get approval from the ACORN’s program; attend meetings with loan officer; after accepting loan’s policy, terms and condition; the only thing left is a transaction fee. The transaction fee in this case is five hundred dollars only, which is easily affordable for a debtor.