Florida Mortgage Guide for International Buyers

Can International Buyers Get a Mortgage in Florida?

In many cases, yes. Non-U.S. residents can generally buy property in Florida, and many can also finance the purchase through a program built for international borrowers.

Owning property and qualifying for a mortgage are two separate questions. A cash buyer mainly needs to complete the purchase. A buyer who wants financing must also be approved by a lender, which reviews both the borrower and the property.

This guide covers mortgage financing only. It is not immigration, legal or tax advice.

What Is a Foreign National Mortgage?

A Foreign National mortgage is a loan for borrowers who are not U.S. citizens or permanent residents and who usually live outside the United States.

These programs accept documentation that reflects an international borrower's situation. See our Foreign National Mortgages page for program details.

Do I Need an SSN, Green Card, U.S. Credit History, or U.S. Employment?

Not necessarily. Some Foreign National programs do not require an SSN, a Green Card, U.S. credit history or a U.S. job.

Instead, a lender may ask for international credit references, bank reference letters, a valid passport and visa or other documentation. What is accepted depends on the lender and the program.

Can Foreign Income Be Used?

Under some programs, yes. Depending on the lender, these income types may be considered:

• Salary from an employer outside the U.S.
• Business or self-employment income
• Rental income from property you own
• Other income the lender accepts with proper documentation

There is no single document list. Lenders differ on what they need, in what format and whether translations are required. For some investment programs, the property's expected rent matters more than your personal income.

Can Foreign Bank Accounts and Assets Be Used for Down Payment, Closing Funds, and Reserves?

Eligible foreign funds may be used, subject to the program's rules. They are typically needed for:

• Down payment: the part of the price you pay yourself
• Closing costs: fees and charges to complete the transaction
• Reserves, if required: money you show in your account after closing
• Source of funds: records showing where the money came from

Lenders usually want to see where the money came from and how it was transferred to the U.S. You are responsible for following banking, tax and reporting rules in both countries.

How Much Down Payment Is Required?

There is no universal percentage. The down payment depends on the program, property type, whether the home is a second home or investment, your profile and the lender.

Foreign National down payments are usually different from standard loans for U.S. residents buying a primary home. The most reliable way to get a number is to review your specific scenario.

What Are Reserves?

Reserves, when a program requires them, are funds you must show in your own account after closing. They are not a fee paid to the lender, and the money generally stays in your account.

Reserves show the lender you could keep making payments if something unexpected happens. Not every program requires them, and the amount varies by program and lender.

DSCR for Florida Investment Property

DSCR (Debt Service Coverage Ratio) compares a property's rental income to its monthly mortgage payment, including taxes and insurance.

With a DSCR loan, qualification can rely mainly on the property's rent instead of your personal income. Not every property qualifies. Learn more on DSCR & Investment Property, or test numbers with our DSCR calculator.

Buying Through an LLC

Some investment property programs allow the property to be purchased in the name of an LLC (limited liability company).

An LLC has legal and tax consequences in the U.S. and possibly in your home country. Talk with an attorney or tax advisor first. We can explain which mortgage programs allow LLC ownership.

Florida Condo and Non-Warrantable Condo Financing

When you finance a condo, the lender reviews the condo project as well as you. A warrantable condo meets a lender's standard project eligibility requirements; a non-warrantable condo does not meet one or more of them and may need a specialized program. Items reviewed can include:

• HOA budget, reserves and dues
• Master insurance coverage
• Pending litigation
• Special assessments
• Rental and occupancy rules
• Building condition and required inspections

See Florida Condo Financing for more detail.

Short-Term Rental / Airbnb Financing

In some cases, yes. DSCR or Foreign National programs may be used for properties intended for short-term rental.

City, county and HOA rules can limit or ban short-term rentals, so check them before you buy. More on Short-Term Rental Financing.

Can I Close Without Traveling to the U.S.?

Sometimes. It depends on the lender, the title or closing company, the type of transaction and the approvals required.

Documents may be signed through remote online notarization (RON), a foreign notary or a U.S. embassy or consulate. Which method is accepted is confirmed for each transaction; none is guaranteed.

What Is FIRPTA?

FIRPTA is a U.S. federal tax law that can require tax withholding when a foreign person sells U.S. real estate. You may hear about it when buying from a foreign seller or when you later sell.

FIRPTA is a tax matter. Please speak with a qualified tax advisor or CPA about your situation.

The Mortgage Process for International Buyers

1. 1Review your scenario
   We discuss your goals, budget, income, funds and property plans.
2. 2Choose a program
   Foreign National, DSCR or another option that fits.
3. 3Find a property and sign a contract
   You make an offer and sign a purchase agreement with your agent.
4. 4Prepare documents and funds
   You gather what the lender requests and document your source of funds.
5. 5Underwriting and property review
   The lender reviews your file, the appraisal and the property.
6. 6Closing
   Documents are signed, required funds are sent, and the closing process is completed.

See each step in detail on our Mortgage Process page. For unfamiliar terms, use the Mortgage Glossary.

In-Depth Guides

• Foreign National Mortgage Without an SSN or U.S. Credit
• Using Foreign Income and Assets for a U.S. Mortgage