Can a Foreign National Get a Mortgage to Buy Property in Miami?
By Roman Ivanov, REALTOR® at REAL | 786-909-4892 | MiamiFineLiving.net
Yes — and more lenders offer foreign national loan programs in Miami than most international buyers expect. That said, the terms are materially different from what a U.S. citizen or permanent resident would receive, and the building or property itself must also qualify for the financing. Here is what you need to understand before you start the mortgage process in Miami FL real estate 2026.
What Is a Foreign National Loan Program?
Foreign national loan programs are offered by portfolio lenders — banks and private lenders that hold the loan on their own balance sheet rather than selling it to Fannie Mae or Freddie Mac. Because they are not selling the loan on the secondary market, they have flexibility to underwrite borrowers who do not have U.S. credit histories, Social Security numbers, or tax returns filed in the U.S.
Miami has a deep ecosystem of portfolio lenders specifically experienced in foreign national lending — in large part because of the city's long history as a global real estate market. These lenders are comfortable underwriting buyers from Latin America, Europe, Canada, and other regions using foreign credit reports, bank statements, asset verification, and professional reference letters in lieu of standard U.S. documentation.
Typical Loan Terms for Foreign National Borrowers
Foreign national loans typically come with higher down payment requirements and higher interest rates than equivalent domestic loans. Down payments commonly range from 30 to 40 percent of the purchase price, and interest rates are generally 0.5 to 1.5 percentage points above comparable domestic products. Loan-to-value ratios are more conservative, and reserve requirements — meaning liquid assets the borrower must demonstrate in addition to the down payment — are often six to twelve months of mortgage payments.
"I always connect international buyers with two or three lenders before they go under contract so they understand the real cost of financing before it affects their negotiations. A buyer who knows their financing terms going in is a much stronger negotiator than one who is still sorting it out after the offer is accepted." — Roman Ivanov, REALTOR at REAL
The Building Qualification Requirement
Beyond the borrower's qualifications, the building or community itself must meet lender criteria for a financed purchase. For condo buildings, this means passing a condo project review — which evaluates reserve fund adequacy, delinquency rates among owners, insurance coverage, and milestone inspection compliance. Aventura buildings with HOA approval processes and Coral Gables communities requiring HOA approval each carry their own review timelines that buyers need to factor into their purchase schedule.
Documentation Foreign National Lenders Typically Require
While requirements vary by lender, the standard documentation package for a foreign national loan in Miami typically includes: a valid passport, proof of foreign address, foreign bank statements for the past twelve to twenty-four months, foreign credit report or professional references confirming creditworthiness, proof of income from the home country (pay stubs, tax returns, or business ownership documentation), and proof of down payment funds and reserves.
Some lenders also require a letter from the borrower's home country bank or financial institution confirming account history and standing. The earlier you begin assembling this documentation, the smoother your purchase timeline will be — delays in foreign national loan approvals are almost always documentation-related, not creditworthiness-related.
When Cash Makes More Sense Than Financing
For international buyers with liquidity, cash purchases remain the cleanest path to closing in Miami — particularly in the condo segment, where building-level lender review adds an additional variable. Golden Beach properties between $2M and $4M and Fort Lauderdale waterfront homes in the $2M to $4M range are frequently transacted in cash by international buyers, giving them a competitive advantage over financed offers in a competitive listing situation.
Roman Ivanov, a 1-year veteran REALTOR at REAL with over 160 homes sold and 50 Google 5-star reviews, connects every international buyer with vetted foreign national lenders as a standard part of the purchase process. Roman Ivanov real estate REAL Miami FL clients always go into negotiations knowing their financing is solid. Browse Bay Harbor Islands gated communities and Fort Lauderdale gated properties to explore lender-friendly communities popular with international buyers right now.