Who are ITIN borrowers?
An ITIN is issued by the IRS to individuals who need to pay taxes, but are not eligible for a Social Security number. Some may have entered the country legally but overstayed their visas, while others may have crossed borders illegally. Regardless of their immigration status, Senko notes that many of these individuals are still active participants in the economy, with many owning their own businesses in the trades and hospitality sectors.
“The key thing is that they’re here,” Senko explained. “They’re living in the community, they’re providing jobs and services, and they may want to buy a home. Whatever your political affiliation, I believe it’s important to create stable communities and homes for these working families.”
One of the common points of confusion is the difference between ITIN borrowers and foreign nationals. While foreign nationals often invest in US properties without intending to live in them, ITIN borrowers are usually looking to buy a primary residence. Senko noted that despite this distinction, ITIN borrowers don’t tend to represent any additional level of complexity.
“We treat ITIN borrowers just as we’d treat anyone else,” he said.
“We look at their credit, income, and their ability to repay (ATR), and we give them affordable financing options.”