“The inclusion of ITIN loans in our diverse mix of products for homebuyers gives creditworthy, tax-paying customers a unique opportunity to realize their dream of homeownership,” Greg Austin, executive vice president of lending for CMS, said in a media release. “Our ITIN program demonstrates Carrington’s commitment to the unique financial needs of non-US citizens and residents who contribute to our communities and our country’s economy.”
Historically, borrowers seeking ITIN loans have sometimes faced excessive interest rates. CMS said its ITIN loans ensure fair interest rates and normal mortgage terms as the company leverages its liquidity as an asset manager.
The ITIN loan offering expands Carrington’s comprehensive suite of products, which includes non-QM, FHA, VA, USDA, and conventional loans. The company also offers ProcessIQ, where approved wholesale brokers can have Carrington handle non-licensable aspects of loan processing, working directly with borrowers.
“Homeownership is a cornerstone of the American dream, regardless of your economic bracket, citizenship status or where you live,” said Samuel Bjelac, senior vice president of national sales and third-party origination at CMS. “Although qualifying for a home without a Social Security number can be challenging, it doesn’t have to be. At Carrington, we can help people all over America open the door to homeownership with our ITIN loan.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.