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June 18, 2008

Who is more creditworthy?

Though illegal immigrants can't get a driver's license in North Carolina anymore, they can still be approved for a home loan.

With an individual taxpayer identification number (ITIN), good credit and proof of tax filing, those who aren't legal permanent residents can qualify for a fixed-rate “ITIN mortgage.”…

But according to estimates from the Hispanic National Mortgage Association and local lenders, less than 1 percent of ITIN loans have gone into foreclosure. That compares with 1.2 percent for prime mortgages and nearly 11 percent for subprime mortgages given to borrowers with poor credit history, according to the latest available data from the Mortgage Bankers Association.

Posted by VisaLawyer at June 18, 2008 08:38 AM


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