ITIN vs Foreign National Mortgage
These are different products for different borrowers. An ITIN borrower lives in the United States, files US taxes, and has built up some US credit and reserves. A foreign national lives abroad and uses foreign credentials. Use case, LTV, and pricing diverge accordingly.
ITIN Mortgage
Primary residence loan for US-resident borrowers without SSN.
Best for: Long-term US residents with an ITIN and 2 years of US tax filings.
Pros
- +Available for primary residence (not just second home)
- +Lower down payment (10–15%)
- +Better pricing than foreign national
Cons
- −Requires 2 years of US tax filings under ITIN
Foreign National Mortgage
Second home or vacation property loan for non-US residents.
Best for: Non-US-resident buyers of US vacation homes.
Pros
- +No US credit, no US tax returns
- +Foreign credit references accepted
- +Available with passport + visa
Cons
- −Higher down payment (20–30%)
- −Higher rate
- −Most programs second home / investment only
| Field | ITIN Mortgage | Foreign National Mortgage |
|---|---|---|
| Min FICO | 600–660+ (or alt credit) | Foreign reference letters |
| LTV (purchase) | Up to 85–90% | Up to 70–75% |
| LTV (cash-out) | Up to 80% | Up to 65–70% |
| Income docs | Standard (W-2 or bank statement) | Standard or asset-based |
| Term | 30-year fixed | 30-year fixed |
| Time to close | 30 days | 30–45 days |
Which one should you choose?
- ITIN Mortgage: choose ITIN if the borrower lives in the US and has filed taxes under the ITIN for 2+ years.
- Foreign National Mortgage: choose foreign national if the borrower lives abroad and has no US tax filings.
- For mixed-status couples (one SSN, one ITIN), some programs allow co-borrowing on conventional with the SSN spouse as primary.
Frequently asked questions
Can a foreign national qualify for an ITIN program?
Only after they begin filing US taxes under an ITIN — usually requires 2 years before ITIN program eligibility.
Can an ITIN borrower buy a vacation home?
Yes, but most ITIN programs are designed for primary residence. Foreign national programs are designed for second home / investment.
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Related
ITIN
ITIN mortgages allow borrowers without a Social Security Number to qualify for a primary residence loan using an Individual Taxpayer Identification Number.
Foreign National
Foreign national mortgages for non-US-resident buyers of second homes and primary residences. No US credit, no US tax returns, qualify with reserves.
Today's mortgage rates
Conventional
5.875%
5.911% APR
FHA
5.250%
5.278% APR
VA
5.250%
5.275% APR
Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.