ITIN and Foreign National Home Loans: Buying Without a U.S. Credit History

Two Different Buyers, Two Different Programs

"I don't have a Social Security number" and "I don't have U.S. credit" sound similar, but they usually point to two different borrowers and two different loan programs. Getting this distinction right at the start saves a lot of wasted time, so let's separate them clearly before going further.

ITIN Loans: For Borrowers Who File Taxes With an ITIN

An Individual Taxpayer Identification Number (ITIN) is issued by the IRS to people who need to file U.S. taxes but don't have, and don't qualify for, a Social Security number. Many ITIN holders have lived and worked in the U.S. for years, filed taxes consistently, and built a credit history — they simply don't have an SSN attached to it.

ITIN loans are built specifically for this group. Key facts:

• Designed for ITIN filers without a Social Security number
• Up to 85% loan-to-value, for loan amounts up to $2M
• Available for primary residences, second homes, and investment properties
• Cash-out refinancing is available

Because ITIN borrowers typically do have a U.S. financial footprint — bank accounts, tax filings, sometimes a credit file — underwriting can rely on more familiar documentation than a foreign national file requires.

Foreign National Loans: For Buyers With No U.S. Credit at All

A foreign national, for mortgage purposes, is someone who has no U.S. credit history, no green card, and no Social Security number. This might be an international investor purchasing a U.S. property, someone relocating for a future move, or a buyer who simply wants a second home in the States without establishing U.S. residency first.

Foreign national loans fill this gap. Key facts:

• No U.S. credit history, green card, or SSN required
• Documentation centers on an accountant letter plus one bank reference in place of a U.S. credit file
• Loan-to-value ranges from 80% at lower loan amounts down to 65% at loan amounts up to $10M
• Available for second homes and investment properties
• Title can be held in an LLC or corporation

Because there's no U.S. credit bureau file to pull, the program leans on alternative verification — the accountant letter establishes your financial standing, and the bank reference confirms a functioning banking relationship, even if that bank is outside the U.S.

Side-by-Side Comparison

	ITIN Loans	Foreign National Loans
Built for	ITIN filers without an SSN	Buyers with no U.S. credit, green card, or SSN
Key documentation	ITIN, tax filings, standard income docs	Accountant letter + one bank reference
Max LTV	Up to 85%, loan amounts to $2M	80% down to 65%, loan amounts to $10M
Occupancy	Primary, second home, investment	Second home, investment
Cash-out	Available	Not applicable to this program's structure
Title	Individual	Individual, LLC, or corporation

Why This Distinction Trips People Up

We regularly talk to borrowers who assume they need to pick between "no credit" and "no SSN" loan marketing without realizing those are two different situations with two different guideline sets. Here's a simple gut check:

• If you file U.S. taxes using an ITIN and have some U.S. financial history, start with the ITIN loan conversation.
• If you have no U.S. credit file whatsoever — you're buying from abroad, or you've just arrived and haven't built U.S. credit yet — the foreign national loan path is almost always the right starting point.

Getting this sorted early means we can request the right documentation the first time instead of going back and forth.

What the Accountant Letter and Bank Reference Actually Cover

For foreign national borrowers, the accountant letter typically comes from a licensed accountant in your home country and speaks to your income, employment or business ownership, and general financial standing. The bank reference is a letter from your bank confirming your account history and standing as a customer. Together, these two documents do the job that a U.S. credit report and pay stubs would normally do — they just come from a different source.

Higher Loan Amounts, Lower Leverage

Notice that the foreign national program's LTV scales down as the loan amount goes up — 80% at the lower end, tightening to 65% for loan amounts approaching $10M. This is intentional: larger transactions on borrowers with no domestic credit history carry more risk from an investor's perspective, so more equity is required to offset that as the loan size grows. If you're purchasing at the higher end of that range, planning for a larger down payment in advance will make the process considerably smoother.

Working Through Time Zones and Currency

International purchases often come with logistical wrinkles that domestic buyers don't face — document translation, time zone coordination for signings, and moving funds internationally for closing. None of these are dealbreakers, but they do take planning. We typically recommend starting the conversation well before you have a signed contract so we can walk through document requirements and international wire timing in advance.

Estimating Where You Stand

If you're weighing a property purchase and want a general sense of financing range before working through documentation, our income calculator can give you a starting estimate, though international income sources may need to be reviewed manually with our team for the most accurate picture.

Frequently Asked Questions

Can an ITIN borrower use a co-borrower with a Social Security number? In many cases, yes. Pairing an ITIN borrower with an SSN-holding co-borrower can strengthen a file, though the specific combination needs to be reviewed against investor guidelines.

Do foreign national borrowers need to visit the U.S. to close? Not necessarily. Depending on the investor and the closing structure, remote or power-of-attorney closings can sometimes be arranged, though this varies and should be confirmed early in the process.

Can either program be used for a primary residence? ITIN loans can be used for a primary residence, second home, or investment property. Foreign national loans, by contrast, are structured for second homes and investment properties only, since the program assumes the borrower's primary residence and financial base sit outside the U.S.

What credit score do I need for these programs? Because neither program relies primarily on a U.S. credit bureau score, underwriting instead weighs the accountant letter, bank reference, income documentation, and reserves. Your loan officer can walk you through exactly what a specific investor will want to see for your file.

Let's Find Your Path

Whether you're an ITIN filer who's been in the U.S. for years or an international buyer with no U.S. credit file at all, there's a program built around your situation — you just need the right one from the start. Take our quiz and we'll help route you to the correct path immediately.

Prefer to talk it through? Call Tanner Cook at 480-420-4918 or Zac Cook at 480-406-2016. We're the Cook Brothers team at Cornerstone First Mortgage, and matching ITIN and foreign national borrowers to the right investor is a core part of what we do.

Tanner Cook is a licensed mortgage loan originator (NMLS #2090424) with Cornerstone First Mortgage, LLC (NMLS #173855). This article is educational and is not a commitment to lend or financial advice. Non-QM loan programs require alternative income documentation; all loans are subject to underwriting approval, income and asset verification, and an ability-to-repay determination. Not all applicants will qualify. Programs and guidelines are subject to change without notice. Equal Housing Opportunity Lender.