ITIN Frequently Asked Questions



What is an ITIN Mortgage Loan?

An ITIN Mortgage Loan is designed for people who file taxes with an Individual Tax Identification Number (ITIN) looking to purchase or refinance, a home in the United States.

Is there a difference in the interest rate or FNBA loan requirements if I have a Social Security Number or an ITIN number?

No. FNBA loan requirements are the same for both SSN and ITIN borrowers.

What factors may affect my rate?

Some key factors affecting rate include your credit score, property type, amount of down payment, term of the loan, occupancy, loan amount, and type of income used to qualify.

What are some commonly requested documents that I need to submit to FNBA?

  • A copy of your most recent Federal Tax Returns filed with your ITIN
  • One year of income documentation (Self-employed borrowers must have operated their business for at least one year)
  • A copy of your ITIN Letter
  • A valid, government-issued photo ID (passport, driver’s license, matrícula consular, etc.)
  • Proof of 6 months housing payment
  • Proof of cash to close using copies of accounts covering the most recent 60 days.

Do I need to come up with a down payment, and how much?

Yes, a down payment is required. Depending on your qualifications, the down payment minimum is 15%.

Are gift funds allowed?

Yes. Gift funds are allowed. The minimum down payment is 20%.

What property types are eligible?

FNBA finances single family homes, condos, townhomes, mobile/manufactured homes, and 2-4 unit homes. These can be primary, second, or investment homes.

Is there a pre-payment penalty?

No. There is no pre-payment penalty.

Regarding the interest rates, are they fixed or variable

The interest rates are fixed for the life of the loan.

Will my monthly payment change?

FNBA will not change the amount of principal and interest.  However, your total monthly payment may change in the future due to your property taxes or your homeowner’s insurance. The bank does not control those costs.

Can other people apply with me?

Yes. Your loan officer can assist you and analyze options and conditions with you.

Will you sell my loan to another lender?

FNBA does not have plans to sell loans originated by us.

How long does the process take?

The pre-qualification process usually takes 1-2 business days. Once you have signed a purchase agreement on a home, we can close in an average of 30 days and we are continuously striving to shorten the process.

I already have a loan with you. I want to buy a second property. Can you help me? Will I get a better rate or a lower down payment requirement?

FNBA treats existing customers no differently than new customers. There is no adjustment to rate, or down payment, based upon your status as an existing customer.

I have equity in my home, how soon can I refinance and get cash out?

FNBA requires borrowers to establish at least 6 months of ownership prior to being eligible for a cash-out refinance. Please note that though you may otherwise be eligible, the equity you have in your property may limit the amount of cash out based on maximum loan to value limits acceptable to FNBA.

I need to buy a home for a member of my family. Will that count as a second loan with a higher down payment requirement?

Loan terms offered by FNBA are affected by many things, including your intended occupancy of the home. Depending on whether you already have your own home, and whether you intend to occupy the property you wish to purchase, a higher rate and larger down payment may be required.

I have a piece of land, can you lend me money to build a house there?

FNBA does not allow loans to construct a home, and therefore would not lend in this case.

Once I have the loan with your bank, in the future, will I be able to talk with someone in Spanish or receive correspondence in Spanish if I need to?

Yes. Our Customer Service department is staffed with bilingual personnel to handle your inquiries in English or Spanish.

Does FNBA report payment history of clients without a Social Security number?

Yes. FNBA reports mortgage payment history for all borrowers.

Can I apply for a mortgage loan even if I do not have credit history nor a credit score?

Yes, anyone can apply.  FNBA has guidelines and programs for applicants that have no credit score or that lack credit history.

All communication by any method provided in any language other than English is for courtesy and/or information only. All mortgage documents necessary to effectuate the transaction, required by law, or required by federal regulation, will be provided in English.

Las comunicaciones de todo tipo provistas en idiomas distintos al inglés son solamente para fines de cortesía y/o informativos. Todos los documentos hipotecarios necesarios para efectuar la transacción, requeridos por ley o por reglamentación federal, serán provistos en inglés.