National and state estimates show that Latinos have a far lower rate of foreclosure than subprime borrowers
When Miguel left Mexico for the Carolinas, he planned on staying for a year.
That was five years ago. Now, he has a wife, a 1-year-old son and a mortgage that he got in February without a Social Security number.
“It wasn't difficult at all,” Miguel says.
Though illegal immigrants can't get a driver's license in North Carolina anymore, they can still be approved for a home loan.
With an individual taxpayer identification number (ITIN), good credit and proof of tax filing, those who aren't legal permanent residents can qualify for a fixed-rate “ITIN mortgage.”
The estimated $3 billion ITIN mortgage market makes up only a tiny fraction of the overall U.S. mortgage market, which originated $2.4 trillion in loans last year.
Yet the borrowers who have ITIN mortgages have proven to be some of the sturdiest as foreclosures climb to record highs.
Banks aren't required to keep track of how many ITIN home loans they give, so it's difficult to find accurate data on them.
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