Thread: Acorn and Citibank --No Social Security Number?

No Social Security Number? You can finance a home with your ITIN
If you don't have a Social Security Number, but you do have an ITIN (Individual Taxpayer Identification Number), you may qualify for an ACORN program that offers 30-year fixed-rate financing with a very competitive interest rate. You can also use alternative lines of credit, such as rent and utilities, to qualify.

An ITIN loan, for homebuyers who may be new to this country, who do not have a Social Security number, gets its name from "Individual Tax Identification Number."

Adriana Vasquez, a housing counselor for ACORN, said her organization works with CitiBank and other lenders to make ITIN loans available for first-time homebuyers who do not have Social Security identification.

"For those seeking an ITIN loan, the first step is to attend one of our first-time homebuyer seminars – which are offered in Spanish, English and Vietnamese," Vasquez said. "These are held on Saturdays, last four hours and provide information about buying a home for the first time buyers. During the seminar, Realtors and loan officers explain the steps to home buying and how to qualify for a home mortgage loan."

After first-time homebuyers attend the four-hour seminar, their second step is to schedule a one-on-one meeting with an ACORN housing counselor.

"During this meeting, we go over their credit, their finances and determine what they can afford," Vasquez said. "If we find financial or credit problems, we show them how to solve these problems, and we tell them about their rights when working with Realtors and loan officers."

When they come to ACORN for their one-on-one meeting, first-time homebuyers must bring two year's worth of tax returns as well as a good credit history and a stable job history.

"If they don't have a credit history, we use alternative credit," Vasquez explained. "One of their most important payment histories is their 24-month rental history, and we help them get letters from their landlords to verify their payment record," she said. "We also use their utility bills to show they have a good payment history."

The paperwork the ACORN counselor will want to see for ITIN loan applicants includes the following:



"Once the homebuyer meets with the ACORN counselor and is pre-approved for an ITIN loan, the next step is to work with a loan officer," said Brian Ellis, area manager with CitiMortgage. "Because the homebuyer is pre-approved by ACORN, their loan will automatically be a 30-year, fixed-rate mortgage loan with no PMI."

PMI, or Private Mortgage Insurance, is usually required when financing a home with less than 20 percent down. Not having PMI can save the borrower as much as $18,000 over the life of a 30-year loan, Ellis explained.

CitiMortgage, as well as several other lenders, works with pre-approved ACORN clients through a national agreement with ACORN. "Because of our agreement, we can get applicants the best interest rates available for ITIN loans. Currently, those rates range from 6 to 6.5 percent, which is excellent anywhere in the market," Ellis pointed out.

Once the client has been pre-approved through ACORN's program, has met with a loan officer and is approved for the loan, they only need a minimum of $500 out-of-pocket for the transaction.

This fee covers any costs of the bank's origination of the loan as well as a full appraisal of the property the client wants to purchase.

Said Ellis, "The ITIN loan program is for the purchase or refinance of a property. It is not to buy second homes or investment properties," Ellis said. "If you own a property and want to buy another property through the ACORN program, you must sell your existing property first."

Vasquez said that ACORN also does refinancing. "We can help clients who have become involved with high-interest loans and who need relief. We're here to help anyone who wants to become a homeowner," she said.

For more information, or to get started, call ACORN's Houston office at 713-863-9002.

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http://www.merchantcircle.com/blogs/Cas ... er-/249325

This really makes one proud to be a tax payer.

When they come to ACORN for their one-on-one meeting, first-time homebuyers must bring two year's worth of tax returns as well as a good credit history and a stable job history.

Two years of tax returns? So someone can be in the country for only two years and do this? What if they had a bad credit history before that? And two years at a job is not necessarily a stable job either.

redpony353 wrote,

Two years of tax returns? So someone can be in the country for only two years and do this? What if they had a bad credit history before that? And two years at a job is not necessarily a stable job either.

Thats no problem. If you have bad credit ACORN can show you how to start a brothel and establish good credit. From there they can make you into a politician.

Even if you are new to this country if you are eligible to earn money here, i.e. seek employment, you are eligible to be issued with a social security number.

Next question, if you are new here are they accepting overseas tax returns, so how can they have a stable job here if they are new here.

The questions just keep popping up in my head.

As a legal immigrant who followed the rules this blows my mind. I worked to get a good credit rating so I could get a mortgage and had to jump through many hoops to do so. It is amazing how easy this all seems to be for individuals who if they were here legally would not need this program, so we can guess their immigration status. This cannot be good for the housing market and in turn the economy as a whole.

Originally Posted by roundabout

redpony353 wrote,

Two years of tax returns? So someone can be in the country for only two years and do this? What if they had a bad credit history before that? And two years at a job is not necessarily a stable job either.

Thats no problem. If you have bad credit ACORN can show you how to start a brothel and establish good credit. From there they can make you into a politician. :roll:

Yeah, now if we had not seen that with our own eyes it would be hard to believe we are that far into the twilight zone!!!!

Originally Posted by lindiloo

Even if you are new to this country if you are eligible to earn money here, i.e. seek employment, you are eligible to be issued with a social security number.

Next question, if you are new here are they accepting overseas tax returns, so how can they have a stable job here if they are new here.

The questions just keep popping up in my head.

As a legal immigrant who followed the rules this blows my mind. I worked to get a good credit rating so I could get a mortgage and had to jump through many hoops to do so. It is amazing how easy this all seems to be for individuals who if they were here legally would not need this program, so we can guess their immigration status. This cannot be good for the housing market and in turn the economy as a whole.

This is what ruined the economy, why is this still being allowed?

So anyone can buy a new identity, pay rent and utilities for 2 years and get a mortgage? A 20 year old with a 2 year history of paying rent and utilities can get a mortgage? Oh yeah, only if they don't have a SS#? Since when is punishing people who have SS# legal?

Let's all get ITINs and refuse to divulge SS# and do this. WHy not? Seems to be the easier way of getting ahead, who care how many taxpayers are hurt by this, right?

lindiloo wrote:

As a legal immigrant who followed the rules this blows my mind. I worked to get a good credit rating so I could get a mortgage and had to jump through many hoops to do so. It is amazing how easy this all seems to be for individuals who if they were here legally would not need this program, so we can guess their immigration status. This cannot be good for the housing market and in turn the economy as a whole.

If you look at the worst housing markets they are in the states that have the most illegals, CA, AZ, IL. I believe they have run our economy into the ground.

The American citizens are paying for bailouts and TARP, while the cash, and I believe that cash payments with a huge amount of it not TAXED because it is under the table, is going out of the back door South and has been for too many years.

http://news.bbc.co.uk/2/hi/business/7855021.stm

Slowdown hits Mexico remittances

Mexican migrant workers are sending less money home to their families
Mexicans living abroad sent home less money per year in 2008 for the first time on record as the US slowdown hit migrants' earnings.

According to Mexico's central bank, remittances fell 3.6% in 2008 to $25bn.

This money is the country's second largest source of foreign income after oil revenues.

The fall is thought to have been caused by a crackdown on illegal immigration and migrant job losses as the US recession leads to widespread layoffs.

The central bank said the fall was the first annual drop since it started keeping track of remittances in 1995.

Flows of remittances from the US to Mexico are among the largest among all migrant workers worldwide.

Overall, remittances from workers to their home countries make up an estimated $300bn, three times the level of foreign aid.

If you would like to know the World Bank's position, poke around here.

http://econ.worldbank.org/WBSITE/EXTERN ... 83,00.html

It is the developing new world government and the transfer of wealth from Western nations to Third world nations complements of the UN.