Posted on 10 May 2011
Tags: acorn, ACORN analyst, ACORN counselor, Affordability, Association of Community Organizations for Reform NowAssociation of Community Organizations for Reform Now, bank statements, BankingBanking, Business_Finance, citibank, Community, community organization, Counselor, credit history, culprits, debt financing, digit number, Economy of the United StatesEconomy of the United States, Federal Reserve System, FinanceFinance, Financial economicsFinancial economics, first- time buyers, frauds, Individual Taxpayer Identification NumberIndividual Taxpayer Identification Number, initial step, interests rates, ITIN, itin number, loan, loan officer, Loan officerLoan officer, loan qualification, loan qualifications, mortgage loan, Mortgage loanMortgage loan, MortgageMortgage, officer at citiMortgage, person person, procedure details, relevant details, Social security number, Social Security numberSocial Security number, ssn number, Taxation in the United StatesTaxation in the United States, taxpayer identification number, Three Bank Statements, united states, USD
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;
Attending Seminars
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.
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Posted on 04 May 2011
Tags: acorn housing, bank statements, citibank, credit history, credit references, First Time Home Buyers, first- time buyers, home buyer seminars, home mortgage loan, individual tax identification number, individual taxpayer identification number, itin loans, loan, loan officer, loan qualification, mortgage loan, paycheck stubs, rental history, security identification, Social security number, tax identification number, taxpayer identification number, time home buyers, work history
Social Security Number also called SSN is a 9-digit number. The purpose of it is to track and verify people for tax. That number is also used for loan verification of an individual to avoid frauds. If someone don not have a SSN, but do have an ITIN (Individual Taxpayer Identification Number) then he can be eligible for an ACORN (Association of Community Organizations for Reform Now) program. It offers thirty year fixed-rate financing with a very viable interest rate. Alternative lines of credit such as rent and utilities can also be used to qualify for loan.
An ITIN loan, catch its name from “Individual Tax Identification Number”, is for house purchasers without a Social Security number. This organization collaborates with Citibank and few others to make ITIN loans obtainable for first-time home buyers without Social Security identification. There are few steps to follow for loan qualification.
Step 1
The first step for an ITIN loan qualification is to listen home buyer seminars. The seminar provides information about purchasing a home for the first time buyers. Throughout the seminar the steps to home buying and home mortgage loan are explained.
Step 2
The second step is to plan a person-to-person meeting with an ACORN housing counselor. For that purpose they need to bring two year’s tax returns, a good credit history and a sure job history.
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Posted on 20 August 2009
Tags: applications, bond, Debt, Fannie Mae, first- time buyers, freddie Mac, Ginnie Mae, government, government tax credit, home prices, inflation, Loans, lowest level, Mortgage Backed Securities, Mortgage Bankers Association’s index, Mortgage Rates, profit, Recession, reduced borrowing costs, The Federal Reserve, U.S. housing market, Washington-based MBA
This week, the mortgage rates for 30-year fixed loans fell to the lowest level since May. This has led to reduced borrowing costs for hesitant buyers. Recent signs show that the recession in the U.S. housing market may be bottoming.
According to Freddie Mac of McLean, Virginia, the average 30-year rate fell to 5.12 percent from 5.29 percent. The 15-year rate was 4.56 percent.
The fall in home prices and a government tax credit for first- time buyers is reinforcing the tepid demand. According to the Washington-based MBA, the Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan rose 5.6 percent to 527.
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