Foreign National Mortgages in Florida: A Practical Guide for Investors

Miami, Doral, Brickell, Aventura and the rest of South Florida attract property buyers from Latin America, Europe, Canada and beyond. Many of them assume they need to pay cash because they don't live in the U.S. or have a U.S. credit score. That isn't always true. Some lenders offer foreign national programs built for exactly this buyer. This guide explains how a foreign national mortgage in Florida works, what to prepare, and the local rules to check before you buy.

What a foreign national mortgage is

A foreign national mortgage is a loan for a non-U.S. resident buying or refinancing property in the United States. Through our foreign national program, we work with lender partners that offer these loans for Florida investment property: a home or condo you will rent out or hold, not a home you will live in full-time.

Underwriting usually combines three things: who you are (identity and residency), whether you can document the funds for the down payment, closing costs and reserves, and how the property performs. Many programs look at the property's expected rent much like a DSCR loan does. Leverage is typically more conservative than for U.S. residents, and the exact limits depend on the lender partner, the property and your documentation.

Who qualifies

• Non-U.S. citizens living outside the U.S. who are not permanent residents. This is the core foreign national borrower.
• Some non-permanent residents living in the U.S. on certain visas. Lenders treat these borrowers differently; some fit them into foreign national programs and others into different products.
• Buyers with no U.S. credit history. Many programs accept alternative credit evidence instead of a U.S. score.

Green card holders and U.S. citizens living abroad usually go through other loan programs. And because these are business-purpose loans, they are not designed for a primary residence.

A Florida rule to know about: Florida law (Chapter 692, Part III, Florida Statutes) restricts real estate purchases by certain "foreign principals," including people domiciled in China, Russia, Iran, North Korea, Cuba, Venezuela or Syria who are not U.S. citizens or permanent residents. Covered buyers generally may not acquire property on or within 10 miles of a military installation or a critical infrastructure facility (a category that can include fenced, guarded airports and seaports), with limited exceptions, and China has broader statewide restrictions. Buyers sign an affidavit about this at closing. If you live in one of those countries, speak with a Florida real estate attorney before you sign a contract; this law has been litigated and amended, so confirm the current rules.

Documents lenders typically ask for

Every lender partner has its own checklist, but these are the usual building blocks:

Document	Why lenders ask	Tip
Valid passport	Identity and citizenship	Check the expiration date well before closing.
U.S. visa, if you have one	Residency status and travel history	Many programs don't require a visa for buyers living abroad; confirm with the lender partner.
Bank statements	Proof of funds for down payment, closing costs and reserves	Large deposits will need a paper trail. Translate statements into English if needed.
Foreign credit references	Payment history when there is no U.S. credit report	Letters from your bank or card issuer on letterhead are common; an international credit report may also be accepted.
Proof of income or business ownership	Ability to carry the property	Some programs rely mostly on the property's rent; others want an accountant's letter or company documents.
U.S. bank account	Closing funds, reserves and loan payments	Open it early; international wires and compliance checks take time.

What about an ITIN? An ITIN is not always required to get the loan; some lender partners ask for one and others don't, so verify early. Separately, the IRS says you need an ITIN if you have a federal tax purpose and are not eligible for a Social Security number. Owning a U.S. rental generally creates U.S. tax filing obligations, so talk to a cross-border CPA either way.

Buying through an LLC

Many international investors take title in a Florida LLC. Most foreign national lender partners allow it, and they will typically ask for:

• Articles of organization and the operating agreement.
• The LLC's EIN.
• A certificate of status from the Florida Division of Corporations (Sunbiz).
• Passports and details for each member; owners above the lender's threshold usually sign for the loan personally as well.

Some lenders will not lend to a company registered outside the U.S., so if you already own a foreign holding company, ask before you structure the purchase. Get tax and legal advice on how to hold title, and think about the exit now: when a foreign person sells U.S. real property, the IRS generally requires the buyer to withhold 15% of the amount realized under FIRPTA, unless an exception or a withholding certificate applies.

Condo considerations

Condos are the most common purchase for international buyers in South Florida, and they bring their own checks:

• Lender approval of the building. Lenders review the association through a condo questionnaire: owner-occupancy, delinquencies, litigation, insurance and budget. Buildings that work like hotels or have unusual structures can be harder to finance.
• Rental rules. Minimum lease terms, tenant approval and limits on rentals all affect whether the unit works as an investment. If you are thinking about nightly or weekly rentals, read our guide to short-term rental loans in South Florida first.
• Reserves and building safety. Florida requires associations of condo buildings three habitable stories or higher to complete a structural integrity reserve study at least every 10 years, and older buildings need milestone inspections. Ask for the latest reports, the budget and any pending special assessments.

Working in Spanish, and from abroad

Our team works in Spanish and English, so you can review the numbers, the document list and every step of the process in your language. A few things still happen in English: loan and closing documents are generally in English, and lenders usually require English translations of foreign documents such as bank statements and income letters.

To keep things moving from another country:

• Send funds to your U.S. account early. International wires can take several days, and banks may ask where the money came from.
• Always confirm wiring instructions by phone with the title company, using a number you already know. Wire fraud targeting real estate closings is common.
• If you can't travel to close, ask the title company early about signing from abroad, including whether documents need to be notarized at a U.S. consulate or apostilled, and whether the lender will accept a power of attorney.

Next step

If you are looking at a property in Doral, Miami or anywhere in South Florida, send us the property details, how you plan to hold title and a summary of your funds. We will tell you which lender partner guidelines may fit and exactly what to gather. Call (786) 723-5626 or write to us through our contact page, in Spanish or English.