ITIN Home
Loans
Opportunity I-Loan
will help those individuals and families who do not have a
traditional checking account or have not been able to
establish a credit history, qualify for low-interest
mortgage loans and buy their first home. This program will
make Illinois only the second state in the nation to
provide affordable, 30-year fixed rate mortgage loans for
qualifying individuals and families that live and work and
pay taxes but have no credit history or social security
numbers. The Program will also offer further protections
from predatory home loans.
Several Chicago banks are
offering mortgages to immigrants so that they can own a
home.
One reason mortgages geared
to immigrants are relatively prevalent in the Chicago area
is because the Illinois Housing Development Authority (IHDA)
introduced an "Opportunity I-Loan," which allows
immigrants, as well as others who don't have established
credit, to obtain a fixed-rate loan at a rate that's
slightly below prevailing market rates.
Not having a
Social Security number is another obstacle. Many lending
institutions now accept a tax identification number (ITIN)
which the IRS issues to immigrants regardless of the
status. It can take a couple of months to receive an ITIN,
and then some immigrants must take their W2 statements to
an accountant who will file past tax returns. Most of the
lenders require at least two years of tax returns as well
as photo identification for a home loan.
FIRST BANK DBA FIRST BANK
MORT
5310 W CERMAK RD
CICERO, IL 608042816
HARRIS TRUST AND SAVINGS BANK
111 W MONROE ST STE LLW
CHICAGO, IL 606034096
HEMLOCK FEDERAL BANK FOR SAVINGS
234 N BOLINGBROOK DR
BOLINGBROOK, IL 604402383
HEMLOCK FEDERAL BANK FOR SAVINGS
3030 WEST CERMAK ROAD
CHICAGO, IL 60623
LHI MORTGAGE INC
2700 W HIGGINS RD STE 110
HOFFMAN ESTATES, IL 601952006
MID-AMERICA MORTGAGE CORP
Alex Gardner
SECOND FEDERAL S&L ASSOCIATION
4811 W CERMAK RD
CICERO, IL 608042532
