Hawai,
This may not help you after all this time (I'm new here), but it might help you or other members in the future.
Although the IRS offers undocumented people an ITIN to to pay taxes, they have also become popular as a method of obtaining mortgages. ITINs are acceptable as described by the Patriot Act.
ITINs have been used by major Banks across the country for years, to allow undocumented aliens to open savings and checking accounts, and obtain credit cards. The ITIN Mortgage Programs are usually Full Documentation loans, and can receive financing as high as 97% (sometimes with 3% DPA, totaling 100%).
Most ITIN mortgage programs require:
-Tax Payer Identity established by an ITIN
-Two years Tax returns & two year work history
-Three Credit Lines, Traditional or Non-traditional
-Home Buyer Education certificate from approved non-profit (before closing)
The major banks .... Wells, CITI, BofA, etc ... have been funding ITINs retail and will probably start funding wholesale in the coming year. I have talked to some Brokers that already are receiving wholesale funding, from one or two of these lenders, probably as a start to the larger rollout.
Second Federal (
http://www.secondfederal.com/) in Chicago has been funding ITINs since 1998.
As far as wholesale lenders, Banco (
http://www.bpnawholesale.com/) is the well known choice, but seems to be slow and sporadic (from what I hear).
First Consolidated (
http://fcmcw.com/) in Texas started an ITIN program in Oct '06. They have several Doc types available, but I have been told they require an upfront fee of several thousand dollars, to sign a Broker.
Platinum Direct Funding (
http://www.platdirect.com) is another choice that just recently started signing Brokers. They will ask for a 3 to 1 ratio of Alt-A and ITINs loans. They will not fund just ITINs, for Brokers.
Good luck with the ITINs.
