How to Get ITIN Loans for Your House or Business

Are you struggling with access to capital for achieving personal and professional goals, like buying a home in the U.S, because you don’t have a Social Security Number (SSN)? 

Without an SSN you may be missing out on the access to financial products, such as credit cards, loans, and mortgages. But do you know, even without an SSN, you can still get access to credit in the U.S? The United States Government has created the Individual Taxpayer Identification Number (ITIN), which may be able to help you gain access to these financial products. 

This article is going to explain what an ITIN is, how you can get an ITIN, and how you can use the ITIN to help qualify for personal and business financing products such as mortgages and business loans.

What is ITIN?

The ITIN is a processing number issued by the Internal Revenues Service (IRS) for the purpose of facilitating payment of taxes by people that have a tax obligation to the United States and do not qualify for an SSN. This includes non-resident aliens, such as undocumented immigrants. The ITIN allows all individuals, regardless of immigrant status, to comply with the US tax laws. According to the IRS, in 2015, 4.35 million people paid over $13.7 billion in net taxes using an ITIN.

The IRS does not verify applicants’ legal presence in the U.S — the tax code classifies aliens based on their physical presence (resident or non-resident), not their legal status in this country. People that ultimately qualify and receive an SSN may have all their contributions to the tax system through the ITIN transferred into their Social Security accounts.

An SSN is typically required to qualify for consumer and commercial financial products in the U.S as it helps lenders perform due diligence on the borrower, such as identity verification. The good news for people with an ITIN is that there are various banks and lending companies that accept the ITIN as part of the application package for purposes of completing identity verifications  – typically in combination with other identification documents.

How to Get An ITIN Number?

If you don’t already have the ITIN, then your first obvious requirement is to get the ITIN. As mentioned earlier, ITIN is issued by the IRS. So, you need to apply for ITIN with the IRS. You can visit the IRS website to see the instructions for the application.

  • You need to apply for ITIN by filing Form W-7 with your federal income tax return.
  • Other necessary documents are certified copies of proof of identity and foreign status documents.
  • You need to courier your Form W7, complete federal tax return, foreign status documents, and proof of identity to the Internal Revenue Service’s address. You will be required to mail only when you are filing a tax return for the first time. Once you get your ITIN, you will be able to file your tax returns as directed in the instruction forms in subsequent years.
  • If you qualify for an ITIN, then most likely within seven weeks, you can accept to receive a letter from the IRS mentioning your ITIN.

P.S: The ITIN will expire if there is no tax filing for three consecutive years.

You can apply for an ITIN directly through the IRS, with an option to file electronically. The links below have the necessary documents and instructions.

How to Get ITIN Loans?

There are several financial institutions that offer products to people who have an ITIN instead of an SSN – these products include personal bank accounts, home mortgages, personal loans, business loans, personal credit cards, business credit cards, and business bank accounts. Qualifying for a product using ITIN instead of an SSN typically includes additional requirements, such as proof of employment, tax return filings, and foreign government issued identification. Requirements vary by institution and product. Some of the additional documents that you could be asked to verify, include (but are not limited to): 

  • Rent payment records: This is to prove that you can successfully pay rent, which typically demonstrates to lenders responsible payment behavior.
  • Employment history: Lenders may require this information to help establish your ability to remain employed and thus have steady income and ability to make payments on debt.
  • Tax returns: Lenders may require previously filed tax returns, to help validate your past income.
  • Business registration: When applying for a financial product for your business, the lender may require proof of business incorporation or registration.

How to Register Your Company’s DBA Name?

Now, if you are applying for an ITIN loan to finance your business, then you will also need to register your business – and there are various ways to register a business, such as a corporation, LLC, or a DBA (Doing Business As). 

This section is about DBAs. DBAs are primarily applicable for sole proprietors and general partners. A DBA is the name with which you register your business with the local government. In regards to an ITIN loan, DBA may be valid proof for the financial institution that you are running a legal business in the U.S. Also, as mentioned earlier, some money lenders ask for your business bank account before approving an ITIN loan to finance your business, and DBA registration can get you closer to having a business bank account.

Mentioned below are the steps to register your company as DBA:

  • The requirements for DBA registration vary from state to state. Visit the state government office or the county clerk’s office to get the details of the process.
  • While selecting a DBA name, take care of points like don’t use “Inc.”, “LLC” or “Corp.” etc. as these represent corporations and not sole proprietor businesses.
  • There, typically, is a registration fee that can range from $10 to $100.
  • Once your DBA gets registered, your next step is to open a business bank account, which is easy, just that you have to provide the bank with some information and relevant documents of proof that is needed by law.
  • Name and place of birth – Proof of document can be a valid passport, driver’s licenses, consular identification, birth certificate, etc.
  • Address – Proof of document can be a current utility bill, lease, U.S driver’s license, etc.
  • Identification Number – Proof of document can be SSN, ITIN, alien identification card number, etc.
  • Employer identification number (EIN)
  • Business license and property agreements


In a nutshell, to qualify for ITIN loans for financing your sole prop business, you need to be handy with the ITIN as your identification number, DBA registration of your business, and an active business bank account. You will also need additional documents that will vary by lender and can include previous tax filing, proof of address, and identification documents.

Reasons Why People with ITIN Numbers May Benefit From Buying a House:

Many lenders have started offering access to mortgage loans for customers that have an ITIN instead of an SSN. There are several reasons as to why people choose to purchase a home and the decision should be done after considering all factors that may impact your situation. In general, home ownership has been know to offer several benefits, such as:

  • Good Investment: Home values tend to appreciate over time, unlike other purchases like vehicles.
  • Tax benefits: There are several federal and local government laws and benefits that encourage and reward homeownership, typically through tax incentives and savings.

In Conclusion

This article introduced the concept of the ITIN number for those unable to qualify for a Social Security Number and presented some key benefits of having an ITIN if you do not have an SSN. The key message is that having an ITIN improves your access to financial products, personal and business products, that may otherwise be out of reach without an SSN.

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