Financing for foreign buyers
You do not need a US credit history to buy with a mortgage in Florida. You need the right loan programs — and your documents ready.
Foreign national loans exist — and they work
Several banks and private lenders in Florida run programs designed for buyers with no Social Security number and no US credit history. Instead of a credit score, they evaluate your passport, bank statements, and income in your home country.
The main differences from a conventional loan: a larger down payment (typically 25–30% of the price) and a rate usually 1–2 points above what a resident would get. In exchange, the process looks surprisingly familiar: pre-approval, appraisal, closing.
Documents lenders typically request
Every lender has its own list, but nearly all foreign national programs ask for the same core items:
- Valid passport and visa (or ESTA, depending on the program)
- Bank statements from the last 2–3 months
- A reference letter from your bank at home
- Proof of income: employer letters, local tax returns, or financial statements if you own a business
- Reserves: many programs want 6–12 months of mortgage payments sitting in the bank
- ITIN (Individual Taxpayer Identification Number) — some programs require it, others help you obtain it during the process
ITIN, DSCR, and other routes
If you already have an ITIN and some US history, ITIN loans can offer better terms than a pure foreign national program.
If you are buying to rent, DSCR loans qualify the property on the rent it generates — not your personal income. For foreign investors they are often the simplest path because they remove the overseas-income discussion entirely.
And the most common route of all: paying cash. A large share of Latin American buyers in South Florida buy without a mortgage and, if useful, refinance later ("delayed financing") to recover liquidity.
What the full process looks like
Pre-approval first (1–3 days with documents ready), then the search and the offer, contract with an escrow deposit, appraisal and final approval, and closing — which you can sign by power of attorney or at a US consulate if you are abroad. End to end, foreign national financing usually takes 30–45 days.
Paola works with bilingual lenders who handle these programs every week and can connect you directly with the right person for your case.
This page is informational and is not financial advice or a loan offer. Programs, rates, and requirements change; confirm details with a licensed Florida lender.
Frequently asked questions
How much down payment do I need as a foreigner?
Most foreign national programs require 25–30% of the purchase price. With an ITIN and some US history it can be lower; buying cash removes the question entirely.
Is the interest rate much higher?
Usually 1–2 points above the conventional rate of the moment. Many buyers finance with a foreign national loan and refinance years later once they have built US credit.
Do I need to be in the US to close?
No. You can sign with a power of attorney, with a notary at a US consulate in your country, or through remote online notarization (RON), which Florida allows.
What is an ITIN and how do I get one?
It is a taxpayer ID issued by the IRS for people without a Social Security number. You apply with Form W-7, usually with help from a CPA or certified acceptance agent. You will also need it if your property earns rental income.
