Mortgage Prospects Dim for Illegal Immigrants

By
Real Estate Agent with Every Home Realty, Inc.

WSJ - Mortgage Prospects Dim for Illegal Immigrants

But Illegal Immigrants could still buy homes legally 

Si, Se Puede con el ITIN. It is possible with an Individual Tax Identification Number issued by the IRS to illegal immigrants to pay taxes and develop relationships with financial institutions.

It may look dim at this time but it is a great niche for realtors that feel comfortable speaking Spanish and working with first time homeowners with great credit history.

These loans comply with the Patriot Act and are FULL documented loans. Therefore, if you are not willing to help these families compile at least 2 inches of documentations and developing a monthly detail budget - then walk away from this market. It is not for every one.

But if you are interested in this contact me.

Eliud Gautier
ITIN Real Estate Specialist

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Florida Real Estate Blog para el Consumidor Hispano/Latino
Hispanic Real Estate Professionals
Hispanos
Prestamo ITIN
The National Association of Hispanic Real Estate Professionals
Tags:
itin loans

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
6,658
David Hubbard
Premier Denver Homes - Highlands Ranch, CO

It's always good to know who has expertise on these matters. Thanks.

Oct 25, 2008 03:21 PM #1
Rainmaker
286,777
Barb Van Stensel
Chicago, IL

Great post and nitche.  No all fully understand what is going on in the market place and that the one thing that we must be careful of is the fact that people are being deported everyday and those who have acquired homes need to make sure that a good Realtor is watching over that home and getting it rented or selling it on behalf of those immigrants that good get deported.  It's such a shame, that this happens but this is a great post and thank you for the reminder.

Oct 25, 2008 04:05 PM #2
Rainmaker
56,917
Nelson Carrillo
McMillin Realty - Phone: (619) 940-6560 - Bonita, CA
South San Diego, CA Homes For Sale

Wow, yo no sabía eso. 

Es bueno saberlo. 

¡Gracias por compartirnos esa valiosa información!

-Nelson

Oct 25, 2008 04:09 PM #3
Anonymous
Yamil Hernandez

Banco Popular just pulled out of the ITIN and wholesale lending in Texas. Do you know of any bank doing ITIN loans in Dallas? I know of one in Houston but they will only lend in Houston.

 

Thanks,

 

Yamil Hernandez

Broker

Yamil Hernandez Realtors

Oct 25, 2008 05:19 PM #4
Anonymous
Rocio Uchofen (Century 21 Papp)

Hi, thanks for the info. Do you know if there is any bank doing ITIN loans in NYC? I suposse it has to be FHA approved.

Oct 25, 2008 09:21 PM #5
Rainer
27,837
Eliud Gautier
Every Home Realty, Inc. - Deptford, NJ
Eliud Gautier

Yamil - Dallas, San Antonio and Houston, TX - they are approved to lend in the state of TX but the closings have to occur at their offices - so if you think your SELLER will travel to any of these towns for a closing then you could use this program.

Rocio - Closings occur in Newark, NJ only, even for NYC deals.

Oct 27, 2008 12:59 PM #6
Rainmaker
238,110
Angelia Garcia
Pure Realtors - Dallas, TX

Hi Eliud,

who is the contact here in Dallas for the ITIN loans?

Oct 27, 2008 06:58 PM #7
Anonymous
Anonymous

Contact me and shot me an email. I will give you the point of contact for the whole state of Texas who is doing the ITIN products. I do not want to post his information without his permission.

HMNA is the only bank that is doing ITIN loans nationwide and have select a few areas to do them. The products in Dallas, San Antonio, and Houston are in the start of phases and have some kinks to work out.

Banco Popular is still doing loans in Texas but in select areas now. I just spoke to the rep the other day.

Good luck,

Victor

Oct 29, 2008 09:35 AM #8
Rainer
27,837
Eliud Gautier
Every Home Realty, Inc. - Deptford, NJ
Eliud Gautier

Hey, I don't mind you posting anything on my blog as long as it is verified to be accurate. There are is a unique program in the USA that is doing incredible loans for families through a non profit. It is called NACA. But it is not for the faint at heart.

I have been training realtors throught out the USA about how to manage their deals with NACA. So if any realtor is interested in getting my training let me know....

ITINSpecialist@comcast.net

Nov 06, 2008 07:27 AM #9
Anonymous
Yamil Hernandez-Tartak

Who is the contact in Dallas for ITIN besides Acorn and Naca? I understand Omni bank will do certain areas. Is there anyone else??

Please email me at yamil@yamilhernandez.com

Thank you,

 

 

Yamil Hernandez-Tartak

Mar 25, 2009 07:05 PM #10
Post a Comment
Spam prevention
Show All Comments
Rainer
27,837

Eliud Gautier

Eliud Gautier
Ask me a question
*
*
*
Spam prevention

Additional Information