“Can I buy a house with an ITIN number, even if I’m a Non-U.S. Citizen and don’t have an SSN?“
Let’s discuss buying a home with ITIN number.
Obviously, we have a lot of non-U.S. citizens living abroad or in the US without a Social Security Number (SSN).
And they would love to purchase a U.S. real estate property (for example, a house.)
If you don’t want a loan, you can always purchase it with cash, and there’s tons of people who do so. It happens all the time.
But, if purchased with cash…
When Do You Need the ITIN?
Whether you rent the property or collect the rent, there’s some withholding on that rental income, and you’ll need the ITIN to reduce or eliminate it.
Afterward, we can prepare your taxes and help you get an ITIN to cut the withholding.
Can I Buy A House With ITIN Number
If you’re looking to sell that property, then there will be some withholding from the other party and the escrow as well.
The income earned on that property will be withheld.
So to reduce or eliminate it, you must get the ITIN, so that’s where you’ll run into that route, being a non-U.S. citizen.
You’ll run into needing the ITIN if you’ve purchased a house via cash and either want to sell it or earn rental income from it.
Can Non-U.S. Citizen Purchase A House With ITIN Number
The second route is if a non-U.S. citizen wants to purchase a house with a mortgage loan.
They’ll need an ITIN.
Most banks and financial institutions require a U.S. federal tax id, like the Social Security Number (SSN) or the Individual Taxpayer Identification Number (ITIN), when it comes to issuing that loan.
So you would need that to help get that mortgage loan.
Now, we’re not saying that will instantly approve you for the loan, but it’s one of the requirements to apply it to purchase that U.S. real estate property.
So, yeah, in order to get the ITIN, you’ll need to start applying for one.
We’ll be able to work with you on getting a tax return prepared (if that’s the case).
Or if you qualify for one of the five exception categories, we can take another route. But if you’re looking for the loan route, you’ll need the ITIN.
We will do and file the application for you.
ITIN Guidance For Non-U.S. Citizens Real Estate Buyers and Sellers
So, that’s where the ITIN really comes into play for U.S. real estate and non-U.S. citizens.
If you purchased a U.S. property and are renting it out, you might need the ITIN for withholding purposes on your rental income.
Or if you want to sell it, again, your earnings will face some withholdings.
You’ll need the ITIN as well.
On the other side, if you’re looking to get a loan to purchase a U.S. property, the banks or financial institutions will require the ITIN in place of the SSN to help you apply for one and hopefully get accepted.
What To Do Next
We hope this article was valuable and informative in kind to explain how ITINs, U.S. real estate, and Non-U.S. Citizens purchasing a house tie with each other.
By now, you understand why you need and ITIN for this, and how to apply for one.
If you have any questions, please feel free to reach out to us. We’ll be more than happy to answer them for you.
Should you feel ready to go ahead and start the ITIN process, don’t hesitate.
Go ahead and click the link below to start your ITIN application, and once the payment is submitted, our team will start working with you.
We’ll get the complicated paperwork done for you, certify your documentation to avoid sending your originals to the IRS, and we’ll work with the IRS on helping you get your ITIN.
Start your ITIN application here: ITIN.com