Tax ID Loans – Massachusetts
Your Trusted MA ITIN (Tax ID) Mortgage Lender
When you need a lender or broker for Individual Tax Identification Number (ITIN) Loans, you can trust Prysma. We assist Non-US citizen families in Massachusetts with realizing their homeownership dreams.
First Time Home Buyers shouldn’t worry since we specialize in ITIN (Tax ID) loans for Massachusetts homeowners with products and lending solutions designed for new buyers. Refinances and more. No required Social Security or Green Card.
Our loan experts work closely alongside you to determine rates and loan options best for you and your family. Because Prysma is a lender in Massachusetts, everything will be completed in-house. This means that we can have faster approval rates and closing times.
Complete our form or call us today to see how Tax ID loans can be a great solution for you. (888) 743-9985
The 4 Steps to Homeownership in Massachusetts
Prysma supports you throughout the entire home buying process if it’s your first house or you’re relocating to Massachusetts. Here’s the simple 4-Step process involved in owning your home.
In this step, talk to one of Prysma’s licensed Mortgage Loan Originators for pre-qualification of a loan up to a specific amount. This helps you decide what price range is best for you owning a Massachusetts home. Our loan specialists will make sure they answer all your questions to aid you in making sure your loan option choice is best for your needs.
Find Your Home & Make an Offer
After you’re pre-qualified, start the search for your Massachusetts home. When you view various home options, consider all factors like price, location, and neighborhood safety. After choosing the Massachusetts property that is best, then make an offer and negotiate with the seller on the final sales price.
Have you have chosen your Massachusetts home and determined a sales price? Next, revisit Prysma’s licensed Mortgage Loan Originators to apply for and get the loan that’s best for your new home. Your committed Mortgage Loan Originator will guide you personally through all the steps in the loan process.
closing & Moving in
With the acceptance of your offer and the approval of your mortgage, time to prepare for closing and move into your new Massachusetts home!
Want to Learn More About ITIN Mortgages?
Why Borrowers Choose PRYSMA for ITIN Mortgage Loans in MA
Prysma Lending went above and beyond to help me with my loan. It’s hard to rely on a good lender now a days, with all the big corporate banks out there. Prysma provided me with Amazing service. I have been using them for over 10 years and couldn’t be happier.
– S. Johnson
Highly recommend Prysma! They were very professional and went above and beyond my expectations! They kept me informed and answered all my questions. A special thanks for Debora and Mark for their effort, even during their vacation they worked and made my closing happened.
– M. Breda
Prysma cares about their clients and works hard to demonstrate that with each closing!
– W. Bernard
Understanding ITIN Mortgage loans in Massachusetts
What is an ITIN (Tax-ID) Loan?
A Tax ID loan is a mortgage loan not requiring applicants to have Social Security or Green Cards.
Who is An ITIN (Tax-ID) Loan For?
ITIN Loans were designed for people without a Social Security Number (SSN) but with an Individual Taxpayer Identification Number (ITIN). ITIN numbers are a unique way to identify to help you make contact with the Internal Revenue Service (IRS). Most times, the IRS gives ITIN numbers to individuals when they don’t have eligibility to receive a Social Security Number from the Social Security Administration (SSA).
What Do I need to Qualify?
- ITIN program only needs a copy of passport and copy of ITIN card that are valid
Minimum of 15% down payment
- 15% down qualified borrowers based on scores and income ratios. Down payment ranges from 20% to 30%
- Scores not required
- Borrowers must have 3 alternative tradelines to be considered and at least 25% down payment
- This is a full doc loan but 24 months Bank Statements can be used to qualify self-employed borrowers (PERSONAL BANK STATEMENTS ONLY OR DBA)
- For W2 borrowers we strictly use W2 and pay stubs for qualification
- Max Debt To Income ratio is 43% but can be increased to 50% with compensating factors
- Seasoning assets not required
What Are the Benefits of An ITIN (Tax-ID) Mortgage?
It may be difficult to accomplish homeownership for Non-US citizens living and working in the United States. Most immigrants don’t have a social security number and have an inadequate credit history. Most of the time, this excludes them from getting a conventional mortgage loan.
Our work at Prysma is to aid individuals in Massachusetts in obtaining an affordable ITIN mortgage lending program allowing potential homeowners with an ITIN (Individual Tax Identification number), and not a Social Security number, can purchase their dream home.
How Do I Apply for a Tax-ID Loan in MA?
In order to apply for a Tax-ID Loan in MA, you’re required to obtain an ITIN number. Then, contact one of our Loan Originators here at Prysma Lending Group. In this process, you must complete forms including:
- Proof of a sustainable income
- Credit history
- Income verification
Your expert Prysma lender will review the details of the ITIN loan in addition to your credit history with you. After you have achieved approval, then start the search for a new home that is within your pre-approved budget.