A message comes in: “Hi, I want to buy a home, but I don’t have a social security number.” And many realtors, without realizing it, think “this one doesn’t qualify” and serve them at half-throttle.
That reflex is costing you commissions. Because a good share of those buyers — the ITIN ones, the 580-credit ones, the ones who need help with the down payment — can buy. Just on the right path. And the realtor who knows how to tell who can from who can’t yet closes far more than the one who writes everyone off just in case.
In this article I explain, simply, what ITIN, 580 credit, and down payment help mean, and how to ask the right questions so you do not lose the good buyer or waste hours with the one who is not ready yet.
⚠️ Note: this is general information for you as a realtor, not mortgage or legal advice. The exact requirements change and depend on each case. For the fine numbers, your buyer always has to talk to a licensed lender.
The “doesn’t qualify” myth that costs you commissions
The most expensive mistake I see in the latino realtor is writing off buyers too early. Someone comes in with an ITIN, or a low credit score, or not much saved, and the realtor assumes it is a waste of time.
Sometimes it is. But often it is not. That person who “doesn’t qualify today” may be three months from qualifying, or may qualify right now through a program the realtor does not know about. When you write them off, you do not just lose that commission: you lose the referrals of their whole family, which is exactly where the latino buyer brings you the most business.
The key is not to say yes to everyone. It is to know how to ask well to sort them: this one buys now, this one buys in a few months if they prepare, and this one really is not for you yet.
ITIN: what it is and why it’s not an obstacle
The ITIN is an identification number used for taxes by people who do not have a social security number. Many hardworking people, who pay their taxes every year, buy with an ITIN.
What matters for you as a realtor: there are lenders who give loans to buyers with an ITIN. It is not the same number of options as with a social security number, and the terms tend to be different, but the path exists. Writing someone off just for having an ITIN is giving away a sale.
What you do not have to do is start explaining requirements or rates: that is what the lender is for. Your job is to know the path exists, not to switch off the buyer before you start, and to connect them with a lender who works with ITIN.
580, 620, 640 credit: what changes for your buyer
The credit score is what most opens or closes doors. Broadly:
- Low credit (around 580): it is low, but it does not close every door. There are programs that work in that range. It usually means less comfortable terms, but buying is possible.
- Mid credit (above 620-640): here more options and better terms open up. Many buyers who arrive at 580 can climb to this range in a few months with a couple of moves.
The message for your buyer is not “you don’t qualify.” It is “today you’re here, and with these steps you get to a better place.” That conversation makes you their trusted realtor long before they sign.
(Again: the exact numbers are set by the lender, not us. You guide; they approve.)
Down payment help: what it is and why almost nobody uses it right
The down payment — the upfront money — is the most common wall for the latino buyer. The good news is that there are down payment assistance programs, and many buyers do not know they exist.
What matters: these programs vary a lot from one state to another, and sometimes from one city to another. That is why I will not throw amounts at you here: they would be false for half the readers. What I will tell you is that, for the area where you work, it is worth gold to have the list of available help on hand and to know who manages it. That information, in your hands, is a huge reason for the buyer to choose you. The full picture is in down payment assistance for buyers.
The 4 questions you can’t forget when qualifying
You do not need a master’s in finance. With these 4 questions, asked naturally, you already know where each person stands:
- Do you have a social security number or an ITIN? Tells you which loan path they are on.
- How’s your credit, more or less? You do not need the exact number: “good,” “fair,” or “I’m fixing it” already places you.
- How much have you saved to start? Tells you whether they need down payment help or are already ready.
- How long have you had your job or income? Stability weighs for any loan.
With those 4 answers you separate, in seconds, the one who buys now from the one who needs a few months of preparation. And the one who needs preparation you do not toss: you keep them in follow-up and win them for when they are ready.
How to automate this filter
Asking these questions to every person, at all hours, is impossible by hand. That is why it is best to have an automatic assistant ask them. The assistant I describe here does it on its own, over WhatsApp, in a natural conversation — and passes you only the people who are already on a good path.
A note on the rules (Fair Housing)
Careful with how you ask. It is perfectly fine to ask about buying capacity: credit, savings, job, the kind of ID for the loan. That is part of your job.
What you cannot do is treat someone differently because of their origin, religion, family situation, or where they come from. Those are the Fair Housing rules, and they apply to everyone in US real estate. Ask about numbers and documents, never about the person.
Your next step
Understanding this separates you from the 90% of realtors who write off the latino buyer just in case. If you want to see how it fits into the complete system, read the marketing guide for latino realtors.
And if you want us to look at your case — your area, your type of buyer, how you filter today — apply for a 30-minute X-Ray Session. I tell you honestly what is costing you commissions and what to change first. I work with few realtors at a time, so it is for whoever is serious.
— Damian Silva, Founder, Capitán del Marketing
Note: this article is informational for realtors and does not constitute mortgage, tax, or legal advice. ITIN, credit, and down payment assistance programs, their requirements and amounts, change by state and by case. Your buyer must confirm everything with a licensed lender.