Daily Real Estate News  |  June 13, 2005  |   Lenders Tailor Mortgages to Illegal Immigrants With approximately 11 million illegal immigrants living in the United States, according to the Pew Hispanic Center, an increasing number of lenders are looking to serve this segment of the population in the quest to become homeowners. For instance, some require borrowers to present an Individual Tax Identification Number (ITIN) issued by the IRS that shows that they are working and paying taxes, rather than a Social Security number that offers proof of citizenship. Among the lenders serving undocumented immigrants are Alabama-based New South Federal Savings Bank, which is launching its Casa Mia mortgage program in Phoenix, Houston, and Atlanta as well as in its home state; and Milwaukee-based MGIC Investment Corp., which offers mortgage insurance to lenders nationwide that provide loans to illegal immigrants. While there currently is no state or federal legislation that prohibits the financing of home purchases by undocumented immigrants, critics who say the practice enables illegal immigration and increases the country's vulnerability to terrorism hope to change that.

Source: Phoenix Business Journal (06/13/05); Sunnucks, Mike