Explore the Benefits of the SmartEdge ITIN Loan Program

For borrowers without a Social Security Number, securing a mortgage can be challenging. The SmartEdge ITIN (Individual Taxpayer Identification Number) Loan Program is designed to help non-U.S. citizens achieve their homeownership dreams. This program provides flexible and accessible financing options tailored to meet the unique needs of ITIN borrowers.

Key Features of the SmartEdge ITIN Loan Program

1. Flexible Loan Terms

• Fixed Rate: Available in 15 to 30-year terms.

• Interest-Only Options: Includes 10-year interest-only periods followed by 20-year or 30-year amortization, providing lower initial payments.

1. Generous Loan Amounts

• Minimum loan amount: $100,000.

• Maximum loan amount: Up to $3,000,000, based on eligibility and creditworthiness.

1. Credit Requirements

• Minimum credit score: 660 for cash-out refinance.

• Non-traditional credit permitted, with qualifying ratios for borrowers without a credit score calculated using the occupying borrower’s income only.

1. Income Documentation

• Self-Employed Borrowers:

• Recent 2 years of personal and business tax returns.

• Year-to-date profit and loss (P&L) statement and balance sheet.

• Execution of IRS Form 4506-C.

• 2 years of 1040 tax transcripts.

1. Eligible Property Types

• 1-4 unit family homes, warrantable and non-warrantable condos, leasehold estates, modular homes, and PUDs (Planned Unit Developments).

1. Occupancy

• All primary residence transactions in New York must pass the NY State Subprime tests.

• Properties must be owner-occupied.

1. Reserves Requirements

• Loan amounts between $2,000,000 and $3,000,000 require 9 months of reserves.

• Additional reserve requirements based on the specific loan scenario.

Benefits of the SmartEdge ITIN Loan Program

• Accessible Financing: Designed specifically for ITIN borrowers, providing access to mortgage financing without a Social Security Number.

• Flexible Income Verification: Accepts non-traditional credit and allows self-employed borrowers to use comprehensive income documentation, including P&L statements.

• High Loan Limits: Generous loan amounts enable financing for a wide range of property types, including high-value homes.

• Interest-Only Options: Lower initial payments with interest-only options make homeownership more affordable in the early years of the loan.

How to Apply

If you are an ITIN borrower looking to purchase or refinance a home, the SmartEdge ITIN Loan Program can provide the financing you need. Contact Newrez today to learn more about how you can qualify and start your journey toward homeownership.