Enough! This is too much. Acording to all the DU polls we have had in the last few weeks DU is equally divide on the immigration issue. What does everyone think of this
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One result of that effort is the ITIN home loan. This loan makes it possible for someone who does not have a Social Security number to obtain a home loan. A Social Security number is usually required for any financial transaction in the United States for tax reasons. But many people who live here, particularly illegal immigrants, do not have such a number. Opinions vary about illegal immigrants, but there are more than ten million of them and they need a place to live. An ITIN loan will allow them to find and purchase a house.
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http://www.homeequityhelp.net/itin_home_loans.htmquote……….
Javier and Araceli Garcia, illegal immigrants from Mexico, never imagined that the U.S. government would help them realize their dream of owning a home.
But last year, the couple secured a $54,600 mortgage to buy the gray, 1,158-square-foot bungalow that they had been renting for eight months. The Wisconsin housing authority financed the loan. The Internal Revenue Service gave them an identification number that enabled them to apply for it at local Mitchell Bank, which was happy to take their business.
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http://www.post-gazette.com/pg/05189/535094.stmquote…….
If you are considering providing ITIN home loans, remember that you will be going back to a time when the underwriting process was completed manually and two-week turnarounds were nonexistent. That is the downside. The upside is that once you have completed one ITIN loan, the word will quickly spread throughout the undocumented-immigrant community, and a never-ending number of prospective homebuyers will contact you to apply for an ITIN loan.
Regardless of how the ITIN home loan is viewed, it could be the saving grace for millions of undocumented immigrants wanting to purchase a home. It could also be the catalyst needed to address the needs of millions of potential homebuyers.
The ITIN home loan may be a boon or a bust, but one thing is certain: It will highlight the need for changes in the mortgage industry that will have an effect on millions of nontraditional borrowers.
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http://www.scotsmanguide.com/default.asp?ID=1180&part=2more…..
More articles
http://money.cnn.com/2005/08/08/news/economy/illegal_immigrantshttp://www.chron.com/disp/story.mpl/business/3844981.html/