Foreign National Mortgage in Miami: Financing Without U.S. Credit

Can an international buyer get a foreign national mortgage in Miami?

Yes. A foreign national mortgage lets a buyer with no U.S. credit history, no Social Security number and no U.S. income finance a Miami property. Lenders in this market underwrite the asset and the borrower’s international financial profile rather than a FICO score, and they typically ask for a larger down payment — commonly 30 to 40 percent — along with international bank reference letters, twelve months of reserves and, in most cases, an ITIN or a U.S. tax filing history. Rates sit above conventional pricing, and the loan is usually held on the lender’s balance sheet rather than sold, which is why terms vary so much from bank to bank.

By Erika Schell, P.A. | August 2026

Key takeaways

• A foreign national mortgage finances a Miami purchase for a buyer with no U.S. credit, no Social Security number and no U.S. income.
• Plan on 30 to 40 percent down, international bank reference letters and documented source of funds; a foreign national mortgage is a portfolio product, so terms vary widely by lender.
• An ITIN loan is a different product for borrowers who live and file taxes in the United States, and a foreign national mortgage should be planned alongside your FIRPTA exit.

The assumption that an international buyer has to pay cash in Miami is one I correct almost weekly. Cash is common here, and it carries real negotiating weight, but it is a choice rather than a requirement. Financing keeps capital deployed elsewhere, and for buyers whose wealth is invested rather than idle, that difference matters more than the rate spread.

Foreign national loans and ITIN loans are not the same product

The two get conflated constantly, and they serve different borrowers.

• A foreign national mortgage is for a borrower who lives and earns outside the United States and is buying a second home or an investment property here. The lender underwrites international income and assets, verified through bank letters, accountant letters and translated statements. No U.S. credit is expected.
• An ITIN loan is for a borrower who lives in the United States, works and files taxes here, but does not have a Social Security number. They use an Individual Taxpayer Identification Number issued by the IRS. These borrowers usually do have some U.S. credit and U.S. income to document, and the property is often a primary residence.

The IRS explains eligibility and the application process for an Individual Taxpayer Identification Number directly. Getting the right product named early saves weeks, because the document lists barely overlap.

What lenders ask a foreign national to produce

The file is different from a domestic one, not necessarily harder. Expect to provide a valid passport and, where applicable, a visa; two or three international bank reference letters on letterhead confirming the relationship and account standing; twelve to twenty-four months of bank statements, translated and converted; a letter from an accountant or the borrower’s employer confirming income; proof of reserves after closing, commonly six to twelve months of the full housing payment; and evidence of the source of the down payment funds.

Every institution runs its own anti-money-laundering review, and the source-of-funds documentation is where files most often stall. Assemble it before the offer rather than after.

Down payment, rate and structure

Plan on 30 to 40 percent down as the working range, with the higher end typical for condominiums, investment properties and larger loan amounts. Rates generally sit above conventional pricing, and terms are frequently structured as adjustable or as a fixed period followed by an adjustment, because these loans are portfolio products.

Some buyers use a deliberate two-step approach: purchase with cash to win the negotiation, then complete a delayed financing or cash-out refinance within a defined window to recover capital. That is a genuine strategy rather than a workaround, and the trade-offs are laid out in cash versus financing on a Miami luxury home.

How financing interacts with FIRPTA when you sell

This is the part that gets planned too late. Under the Foreign Investment in Real Property Tax Act, when a foreign person sells U.S. real property, the buyer is generally required to withhold a percentage of the amount realized and remit it to the IRS. The withholding is on gross proceeds, not on gain, which means a seller who financed the purchase and has a mortgage payoff can find the withholding and the payoff together exceeding what the closing produces.

The mechanics, the exemptions and the withholding certificate process are covered in detail in FIRPTA for Miami buyers and sellers. The point to take now is simple: the exit strategy affects how you should structure the entry, and both belong in the same conversation with your CPA before you sign.

Holding structure and the questions to ask early

Whether to take title individually, through a U.S. LLC, or through a foreign entity is a tax and estate question rather than a real estate one, and the answer differs by the buyer’s home country and by whether an income tax treaty applies. What I can tell you is that the decision affects the loan: some lenders will finance an LLC, others will not, and the ones that do may price it differently.

Bring the CPA and the lender into the conversation before you make an offer. Changing the holding structure after a contract is signed is possible but expensive, and occasionally it is not possible at all inside the contract timeline.

Where international buyers are buying in Miami

Interest concentrates in Brickell and Edgewater for new condominium product, Coral Gables and Coconut Grove for established single-family, and Doral for buyers who want newer construction inside master-planned communities with quick access to Miami International Airport. The relevant differences between these markets are price per square foot, carrying cost and rental rules — not who lives there — and the practical criteria are set out in the international buyer services page.

Frequently Asked Questions

Can foreigners buy property in the United States?

Yes. There is no citizenship or residency requirement to own U.S. real estate, and no visa is required to purchase. Owning property does not itself grant any immigration status or right to reside.

How much down payment does a foreign national mortgage require in Miami?

Commonly 30 to 40 percent, with the upper end more typical for condominiums, investment properties and larger loan amounts. A handful of portfolio lenders go lower for strong files, but plan on the range above.

Do I need a U.S. credit score to get a foreign national mortgage?

No. Lenders in this space substitute international bank reference letters, statements and accountant or employer letters for a domestic credit file. What they will not substitute is documented source of funds.

Do I need an ITIN to buy property in Miami?

Not to purchase. You will generally need one to file the U.S. tax returns that follow — rental income reporting, and the FIRPTA process when you sell — so most international owners obtain one at or shortly after closing.

How long does a foreign national mortgage take to close?

Typically longer than a domestic loan, often forty-five to sixty days, driven mostly by document translation and compliance review. Contracts should be written with a financing timeline that reflects that rather than a standard thirty days.

Let’s find out what you actually qualify for

Before you narrow the search, it is worth knowing what a lender will do for your specific profile, because it changes which properties are realistic. I can connect you with lenders who write this product in Miami every week and coordinate the file alongside the purchase. Reach out through the contact page or call 786-801-4442. I work in English and Spanish.

About Erika Schell, P.A.
Erika Schell is a Luxury Certified REALTOR® with The Keyes Company, affiliated with Forbes Global Properties, and an 8-time Top Producer at Keyes Doral serving buyers, sellers, and investors across Miami-Dade County. Florida Real Estate License #3366404. With a Master’s in Finance and more than 20 years of corporate experience, Erika brings the precision of a financial analyst to every luxury transaction. She works personally with each client, in English and Spanish, from first consultation through closing. This article is general information, not tax or lending advice; confirm your situation with a CPA and a licensed lender.