When the savings rate starts to fall and Americans have less to put at home, the industry provides more flexible loan products that do not require a large down payment.

And now, when immigrants start to comprise a larger and larger share of our population, the loan industry begins to introduce loans designed for immigrant populations that may not have a solid credit history or Social Security figures. Get more info about itin services via the internet.

This loan, known as an ITIN loan, is offered to illegal immigrants who do not have a Social Security number. The IRS issues these numbers to people who are required to pay taxes but do not qualify for the Social Security number.

The government uses these figures only for tax purposes. Some small banks, as well as national banks Citibank and Wells Fargo, have started issuing loans to customers who have ITIN but do not have a Social Security number. Most of these loans have been issued in California, but they may soon be available elsewhere.

The process of getting an ITIN loan is somewhat more complicated than the process of applying for a conventional mortgage.

Applicants with ITIN usually have a less well-documented credit history. As a result, the usual background work required to issue a loan like that is more complicated and more time consuming than for a conventional mortgage.

In addition, costs and interest rates will tend to be higher than other types of loans to compensate lenders for additional problems and additional risks.