Interest Rates and Down Payment For ITIN Loans - NO SSN Loans - ITIN Mortgage Loans

Interest Rates and Down Payment For ITIN Loans - NO SSN Loans - ITIN Mortgage Loans

how much higher would you say that the interest rate is than the traditional 30-year a-plus type of client is it like two percentage points four percentage points um what would you say in regards to that yeah and that's that's a good question because so they're some of the things that i'd like to clarify when you know when i speak to a borrower who's interested in these loans and i'd like to have that consultation right and kind of walk them through the process you know walk them through the expectations of what they're going to come across um yes it is it is more expensive right interest rates and we'll get on that in a second down payment's also a little bit larger um the the main difference is these loans are you know if we can get into the weeds a little bit but these loans are not insured by fannie mae freddie mac um so these are more portfolio products that these lenders do offer right so it is like you said you know they're they're providing a return to their investment group on what what those returns are um but you know a lot of times you know the the first question i always get is oh can i do an fha loan you know can i do a three and a half percent down uh you know am i going to get that three and a half percent rate that i see on tv right now and that's not the case right it's just i and i'm always very upfront with people and tell them you know the rates vary depending on the amount of down payment uh your credit score and that's another kind of a weird factor because you know misconception as well that people can't have a credit score with an itin you know like you said you know you've come across it in the check cashing business but they can go get a car they can't have credit cards and there is a credit profile established so we do need you know the higher the credit score like like your typical loan better interest rates um but you are gonna see interest rates north of you know right now in this market i'd probably say north of six percent um so it is it is more expensive than your traditional loan which you can probably get for you know three three and a half percent four percent so we're looking you know in the six to six and a half and maybe even higher depending on credit score and how much down payment you are you know willing to put into the transaction yeah so essentially it's a product that is meant to help a certain amount of people now what's the minimum down payment like i know that obviously you touched on the fact that it's not three and a half percent you can't buy a property with zero percent down payment um what what would be the minimum requirement um in that and obviously i would imagine that it depends on the the credit score it depends on the um uh on the yeah on the credit score so but what as a general rule what would you say that is as a general rule i always tell people be prepared for the fifteen 15 um i've done i've done it with 10 you know it was a top top tier client within the itin space you know good credit score uh you know good job history and had a lot of other compensating factors to show to to for me to be able to sell that to the investment group um but always be prepared for at least 15 percent okay so 15 let's say on a 500 000 home is roughly about 75 000 10 percent is roughly about fifty thousand dollars i simplify it just because i mean i talk to people all the time they're like i tell them what does that come out to and it's just trying to have an idea

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