Sunrise Banks: Pathway2Home℠ ITIN Mortgages
Homeownership is one of the most effective ways to create generational wealth. But its perks go beyond financial well-being. Data compiled by the National Association of Realtors links homeownership to higher levels of civic and social engagement in addition to overall stability. According to the research, “low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and higher perceived control over their lives.”
But the barriers to homeownership are significant – and disparities persist along racial and socioeconomic lines. New Americans are less likely to live in owner-occupied homes than native-born U.S. citizens. Foreign-born residents are also more often cost-burdened by their housing expenses. Individual Tax Identification Number (ITIN) mortgage loans aim to bridge the homeownership gap for immigrants. Sunrise Banks’ Pathway2Home℠ mortgage program allows New Americans an opportunity to build wealth for their families and reap all the benefits associated with owning a home.
We talked with Sunrise Banks Mortgage Lender Rocio Gomez to learn more about the Pathway2Home℠ program and how it benefits ITIN borrowers. Here’s what she had to say.
How are ITIN loans helpful to New Americans?
RG: The Sunrise Banks Pathway2Home℠ ITIN mortgage program can make the dream of becoming a homeowner a reality for any applicant that has an active ITIN number. If you don’t have a Social Security number, don’t let this stop you from buying a home or providing a better future for you and your family.
How do ITIN loans align with Sunrise Banks’ mission of “empowering financial wellness?”
RG: While there are other banks that would not lend to borrowers with an ITIN, Sunrise Banks has created a program to help the underserved. Our mission is to empower everyone to achieve financial wellness, and this means that ITIN borrowers now have the opportunity to create generational wealth.