I don't get asked this question by other LOs around the country - Should I get involved with the ITIN Loan as a LO?
But LOs want to know about the DTI, the LTV, the credit scores, the available rates, and could these loans be brokered.
Well, here is the answer to the unasked question - and I am going to answer this key ITIN question with a series of questions.
1) Do I network with key members of the immigrant community where I want to promote the ITIN loan? In particularly,
- Religious, Community and Civic leaders serving the immigrant community
- Radio talk shows dealing with with immigration issues
- Tax Preparers helping immigrants obtain ITIN
- Hispanic realtors working with immigrants
- Immigrant Business Associations
- Immigration Attorneys
2) Is the housing stock within the community where the immigrants live and/or work affordable?
- In order to answer this question you have to have a good idea of the typical income of the immigrant community you want to serve.
- Then you have to ask yourself if the housing available affordable and suitable for the immigrant community?
- Special Note: "Handy Man Special" and "AS IS" properties will not be suitable for the ITIN loan.
3) Are you, as a LO, ready to make an investment of time and money to educate the immigrant community about the mortgage process so that they don't default on their loan because of lack of information?
- You need to be ready to co-sponsor workshops with realtors, title and insurance companies geared towards educating the new emerging immigrant community about homeownership in the USA.
IF - and it is a BIG IF you have anwered YES to the questions above - then you may be ready to go to work as an ITIN Loan Officer.
Then if this is so email me - ITINSpecialist@comcast.net - so that I could connect you to a reputable company working with ITIN Loans.
