ITIN Mortgage in Florida

What an ITIN loan is and how it differs from a standard mortgage

The IRS issues an ITIN to people who must file US taxes but cannot get a Social Security number. ITIN mortgages exist because the main government-backed and conventional programs are built around an SSN:

• Not standard conventional loans: ITIN loans are usually non-QM or portfolio loans, kept by the lender or sold to private investors rather than to Fannie Mae or Freddie Mac.
• Not FHA, VA or USDA: those programs require a Social Security number.
• Priced higher: interest rates are typically above standard conventional rates, and some loans carry prepayment penalties or adjustable rates.
• Larger down payment: commonly 15% to 25%, set by each lender.
• Usually for a primary residence, though some lenders allow second homes.

Fewer lenders offer them, so compare at least two or three loan estimates. A mortgage broker who works with non-QM lenders can shop several at once.

ITIN loan or foreign national loan: which one fits

Buyers without an SSN often hear about two different products, and they are built for different people:

• ITIN loan: for people who live and work in the US, file US tax returns with an ITIN, and are buying the home they will live in. Income is documented with US tax returns and pay records.
• Foreign national loan: for buyers who live abroad and earn income abroad. These typically need 30% to 40% down and use foreign income documents, bank references and sometimes a credit report from the home country.

If you live in Florida, work here and file here, the ITIN route is usually the better match, with a smaller down payment. If your income and tax home are outside the US, a foreign national loan or a cash purchase is the realistic path. Tell the lender your situation at the start so they quote the right product.

How much you need for the down payment

Down payment requirements vary by lender, credit and loan size. Using Zillow values:

• Florida typical home, $375,361: $56,304 at 15%, $75,072 at 20%, $93,840 at 25%.
• Jacksonville, $284,832: $42,725 at 15%, $56,966 at 20%.
• Kissimmee, $355,424: $53,314 at 15%, $71,085 at 20%.
• Florida typical condo, $262,592: $39,389 at 15%, $52,518 at 20%. Condo approval rules for these loans differ by lender.

Lenders usually want to see the down payment in your own account for a period before you apply, or a clear paper trail for where it came from. Gift funds are allowed by some lenders and not others. Cash kept at home and deposited just before applying is hard to use, so plan months ahead.

Documents lenders ask for

• Your ITIN assignment letter from the IRS, and the number must be current.
• A valid passport or other government photo ID.
• US tax returns filed under your ITIN, commonly for the past two years.
• Proof of income: pay stubs and W-2s or 1099s, or business bank statements if you are self-employed. Some lenders qualify self-employed borrowers on bank deposits.
• Employment history, often two years in the same line of work.
• Bank statements for the down payment, closing costs and reserves.
• Credit: a US credit score where you have one. Some lenders accept alternative credit such as utility, phone or insurance payment records.

Filing your taxes every year under the ITIN is the single most useful thing you can do before applying. Lenders treat missing or late returns as missing income.

Closing costs are the same as any Florida purchase

The loan type does not change Florida's closing taxes. On an ITIN loan the buyer pays:

• Documentary stamp tax on the note: $0.35 per $100 of the loan amount.
• Intangible tax: 0.2% of the mortgage.
• The lender's title policy, plus the owner's title policy in counties where the buyer customarily pays it, such as Miami-Dade and Broward. Florida sets title premiums by promulgated rate.
• Lender fees, which tend to run higher on non-QM loans. Compare the loan estimates line by line.
• Inspections, prepaid insurance and escrow deposits.

For an 80% loan on a $375,361 home, the two mortgage taxes alone come to about $1,652. With a smaller loan on a larger down payment, they shrink accordingly.

Insurance and inspections lenders require

ITIN lenders apply the same property rules as any other lender. Plan for:

• Homeowners insurance with the first year paid by closing. A wind mitigation inspection can lower the premium, and older homes need a 4-point inspection for most insurers.
• Flood insurance if the home is in a FEMA A or V zone.
• A hurricane deductible, commonly 2%, 5% or 10% of dwelling coverage, applied once per calendar year. Keep that amount in savings.
• An appraisal ordered by the lender.

Get the insurance quote during the inspection period. On a tight budget, the premium can decide whether the payment still fits the lender's debt ratio.

Legal and tax points to settle before you buy

• Ownership is open to non-citizens. Florida does not require citizenship or residency to own a home, and buying a home does not provide any visa or immigration status.
• SB 264: Florida restricts purchases by people domiciled in China, Cuba, Iran, North Korea, Russia, Syria and Venezuela near military sites and critical infrastructure, and Chinese domiciliaries more broadly. If this could apply to you, check with an attorney before signing.
• Homestead: if the home is your permanent residence, you may apply for the exemption, worth up to $51,411 off assessed value in 2026, by March 1 of the following year. The property appraiser decides eligibility based on residency evidence, so ask what documents your county accepts.
• Selling later: if you are a foreign person for US tax purposes when you sell, the buyer must withhold under FIRPTA, usually 15% of the price, with lower rates in some cases.

This isn't legal or tax advice. A tax preparer who works with ITIN filers and a real estate attorney can answer the questions specific to your situation.

Moving to a standard loan later

Many ITIN borrowers plan to refinance once their situation changes, for example after receiving a Social Security number and permanent residence. Before you sign, check whether the loan has a prepayment penalty and for how long, since that sets the earliest point a refinance makes sense. Keep paying on time and filing taxes every year; both carry over to the next application. A shortlist of homes priced to your approved loan amount is the right next step once you have a preapproval in hand.