Many buyers from Latin America and Europe assume that buying in Miami means paying all cash. It doesn't. A foreign buyer with no U.S. residency, no Social Security number and no U.S. credit history can get a mortgage to buy a home or condo in Miami. The terms are different from those a local buyer gets, though, and it pays to understand them before you fall in love with a property.
In this guide I explain, step by step, how a foreign national mortgage works in 2026: the types of loans available, how much you need for the down payment, which documents lenders ask for, how long the process takes and the mistakes I see most often with international buyers.
With the right preparation, a foreign buyer can typically finance 60% to 75% of the price of a Miami property.
Can a Foreign National Get a Mortgage in the U.S.?
Yes. No U.S. law prevents a foreigner from buying property or financing it. What changes is the type of loan. Conventional mortgages (the ones that follow Fannie Mae and Freddie Mac rules) are designed for people with U.S. residency, income and credit. For people who live and work outside the country, there are foreign national loans.
These loans are offered by private banks, some international banks with a presence in Miami and specialized lenders. They do not depend on U.S. credit: they look at your ability to pay using documents from your home country, your cash reserves and, in some cases, the income the property will produce if you rent it out.
Important: Florida's SB 264 restricts certain purchases by people and entities connected to some countries (including China, Cuba and Venezuela). If that applies to you, talk to an attorney before making an offer. I cover it in more detail in my guide Cómo comprar en Miami siendo extranjero (in Spanish).
The Types of Mortgages a Foreign Buyer Can Use
1. Foreign national loan
This is the most common option for someone who lives outside the U.S. and wants to buy a second home or an investment in Miami. It is approved with your passport, proof of income from your country, bank statements and reference letters, with no Social Security number or U.S. credit required. In exchange, it asks for a larger down payment and the interest rate is usually higher than on a conventional loan.
2. Rental-income loan (DSCR)
If you are buying to rent, some lenders approve the loan based on the income the property will generate instead of your personal income. This is called a DSCR loan (debt service coverage ratio). In simple terms, the lender compares the expected rent with the monthly payment (mortgage, taxes, insurance and HOA dues). Many want the rent to cover at least 100% of that payment; others accept less if you put more down. It is popular with investors and, in many cases, allows you to buy through an LLC.
3. ITIN loan
An ITIN is a tax identification number the IRS issues to people who don't have a Social Security number. Some mortgage programs are designed for ITIN holders, for example people living in the U.S. on certain visas or who file U.S. taxes. Not every foreign national loan requires an ITIN, but if you plan to rent the property you will need one anyway to report that income. The application can take 7 to 11 weeks, so start early.
4. Conventional loan (if you live and work in the U.S.)
If you have a green card or a valid work visa, a Social Security number and U.S. credit history, you may qualify for a conventional loan, with lower down payments and better rates. Each case depends on your visa type and the lender's rules.
| Loan type | Who it's for | Typical down payment | What lenders look at |
|---|---|---|---|
| Foreign national | You live outside the U.S. | 25% to 40% | Income and accounts in your country, reserves |
| DSCR (rental income) | Investors | 20% to 30% or more | Expected rent vs. monthly payment |
| ITIN | You have an ITIN, no Social Security | Usually 20% or more | Income, U.S. tax returns |
| Conventional | Residents or work-visa holders | 3% to 20% | U.S. credit and income |
How Much Do You Need for the Down Payment?
In 2026, most foreign national loans require a down payment of 25% to 30% of the price. Some programs accept less, but they are uncommon. For more complex properties, such as condo-hotels, units meant for short-term rental or high-balance loans, the down payment can rise to 30% or 40%.
On top of the down payment, the lender will want to see reserves: money still available after closing, usually equal to 6 to 12 months of payments (mortgage, taxes, insurance and HOA dues). Reserves show the lender you can keep paying even if the property sits empty for a while.
What Interest Rate Can You Expect?
Rates change every week. As a reference, the national average for a conventional 30-year fixed mortgage was 7.24% for the week of October 29, 2026, according to Freddie Mac. Foreign national loans usually price above that average because the lender takes on more risk; lenders commonly quote them somewhere between half a point and a point and a half higher, and sometimes more. Your rate will depend on your down payment, reserves, property type, loan term and whether you choose a fixed or adjustable rate.
The most common terms run from 15 to 30 years. Some lenders offer adjustable rates that start lower and change after a few years. Always ask how high the payment could go.
The Documents Lenders Will Ask For
Every lender has its own list, but these are the most common documents for a foreign buyer:
- Valid passport and, in some cases, the visa you use to enter the U.S.
- Proof of income: a letter from your employer, tax returns from your country or a letter from your accountant if you are self-employed or own a business.
- Recent bank statements (usually 2 to 12 months) showing the down payment, closing costs and reserves.
- Reference letters from your bank or credit card issuer, or an international credit report, in place of U.S. credit.
- Source of funds: the lender will want to know where the money comes from, especially when it arrives from abroad.
- Proof of address in your home country.
- English translations of any documents in another language.
My advice: gather these documents before you start touring properties. In Miami, an offer backed by a solid pre-qualification from a lender that works with foreign buyers carries far more weight than one without it.
The Process, Step by Step
- Set your total budget.Down payment, closing costs, reserves and monthly expenses, not just the purchase price.
- Get pre-qualified.Talk to one or two lenders that work with foreign nationals and compare terms.
- Open a U.S. bank account.Many lenders require or recommend one for monthly payments.
- Search with a Realtor.Before you make an offer, confirm the building can be financed with your type of loan.
- Sign the contract and fund the escrow deposit.The deposit is held by the title company or the closing attorney.
- Appraisal and inspection.The lender orders an appraisal and you order your own inspection.
- Final approval and insurance.The lender reviews everything and requires property insurance (and flood insurance if the property is in a flood zone).
- Closing.You can sign in Miami or, in many cases, from your country before a notary or at a U.S. consulate.
From contract to closing, a foreign national loan usually takes 30 to 60 days, depending on the lender, the building and how quickly documents are delivered.
The Building Has to Qualify, Too
This is the point that surprises buyers most in 2026. When you buy a condo with a mortgage, the lender evaluates the building as well as you. It reviews the association's reserves, insurance, pending lawsuits, special assessments and whether the building meets the inspections Florida has required since the Surfside collapse.
Some buildings don't qualify for certain loans, which leaves cash or a lender with more flexible rules as the only options. That's why it is essential to review the building before making an offer. I explain it in detail in my article on the Miami condo financing crisis.
How Much Cash Do You Need in Total? An Example
Say you want to buy a $500,000 condo in Miami with a foreign national loan and 30% down. The figures are illustrative; your case will depend on the lender, the building and the rate.
| Item | Approximate amount |
|---|---|
| Down payment (30%) | $150,000 |
| Loan (70%) | $350,000 |
| Monthly principal and interest (30 years, illustrative 8% rate) | About $2,570 |
| Buyer closing costs (estimate) | 2% to 5% of the price |
| Reserves (6 to 12 months of total payments) | Set by the lender |
Add the building's HOA dues, property taxes and insurance to that monthly payment. That's why I always recommend calculating the full monthly cost before deciding. If you want to compare with renting, see my analysis of renting vs. buying in Miami in 2026.
Buy With Cash Now and Finance Later?
Some buyers pay cash to close faster or compete better for a property, then refinance to pull some of that money back out (a cash-out refinance). It can work, but it is not guaranteed: it depends on the appraisal, the building, rates at that time and whether you qualify for the new loan. If that is your plan, talk to the lender before you buy, not after.
Personal Name or LLC?
Many foreign investors buy through a Florida LLC for privacy, liability protection and planning. Some loans, especially DSCR loans, can be made to an LLC; others only lend to individuals. The decision has tax and inheritance consequences, so make it with an accountant and an attorney who specialize in international buyers. My guide on inheriting Miami property as a foreign owner explains why the structure matters for your heirs.
Common Mistakes I See With Foreign Buyers
- Shopping before talking to a lender. They fall in love with a condo in a building that can't be financed.
- Moving money at the last minute. Large, undocumented transfers delay approval.
- Forgetting reserves. Having the down payment isn't enough; the lender wants to see extra money after closing.
- Forgetting the ITIN. If you plan to rent, you will need it to file taxes.
- Only counting the mortgage. HOA dues, insurance and taxes can change the final number a lot.
- Not comparing lenders. Terms vary a great deal from one lender to another.
If this is your first purchase in the U.S., also read what makes buyers fall in love with a Miami home and my Miami house prices 2026 report, and if your goal is investment, visit my page for Miami investors and new developments.
Frequently Asked Questions
Can I get a mortgage in Miami without a Social Security number?
Yes. Foreign national loans do not require a Social Security number or U.S. credit. They are approved with your passport, proof of income from your country, bank statements and bank references.
How much down payment does a foreign national need?
In 2026 the most common range is 25% to 30% of the price. For condo-hotels, short-term rental properties or high-balance loans, it can reach 30% to 40%.
Do I need an ITIN to buy with a mortgage?
Not always. Many foreign national loans don't require one, but some programs do. If you plan to rent the property, you will need an ITIN to report that income, and the application can take several weeks.
How long does a foreign national mortgage take?
Usually 30 to 60 days from contract to closing, if your documents are ready and the building qualifies for the loan.
Can I sign the closing documents from my home country?
In many cases, yes, before a notary or at a U.S. consulate, depending on what the lender and title company accept. Confirm it in advance so the original documents can be shipped on time.
This article is for general information only and is not financial, legal or tax advice. Loan terms change and vary by lender. The average rate cited is from Freddie Mac's Primary Mortgage Market Survey (week of October 29, 2026). Confirm your situation with a lender, an attorney and an accountant.
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