How Foreign National Mortgages Work In Downtown Miami

Thinking about financing a Downtown Miami condo as a non‑U.S. citizen? You are not alone. International buyers are a big part of the Miami story, but the mortgage process can feel unfamiliar when you live abroad or do not have U.S. credit. In this guide, you will learn how foreign national mortgages work in Downtown Miami, what lenders expect, how condo project reviews affect your down payment, and how to plan your timeline with fewer surprises. Let’s dive in.

What a foreign national mortgage is

A foreign national mortgage is a loan designed for buyers who do not live in the United States full time and often do not have U.S. credit. In Downtown Miami, most purchases are condos in high‑rise buildings, so lenders also review the building’s association and insurance before approving your loan.

You will typically see three lender routes:

• Conventional foreign national programs from U.S. banks. These look like standard mortgages but ask for more documentation and larger down payments.
• Portfolio or private‑bank loans from regional lenders and private wealth banks. These can be more flexible, sometimes at a higher cost.
• Non‑bank or bridge loans. These are faster and short term, usually with higher rates, and used when timing is tight or leverage is higher.

FHA and VA loans generally do not apply to most foreign national buyers. Those programs are limited to U.S. citizens or certain eligible non‑citizens.

How much you can borrow

Foreign national programs usually require a larger down payment than loans for U.S. residents. Plan your budget with ranges, then confirm with your lender for your specific profile and building.

• For primary‑use or owner‑style occupancy, lenders often allow 65 to 75 percent loan‑to‑value, which means 25 to 35 percent down.
• For investment purchases or buildings with risk factors, expect 50 to 65 percent LTV, which is 35 to 50 percent down.
• Luxury units, new towers, and non‑warrantable condos often require 40 to 50 percent or more down.
• Some portfolio lenders may go higher on LTV, in rare cases up to 80 percent, but that is the exception.

Rates for foreign nationals are usually modestly higher than for comparable U.S. borrowers, often by about 0.25 to 1.0 percent depending on the lender, the building, and your profile. Fixed‑rate and adjustable loans are available. Private mortgage insurance is uncommon in these programs, so lenders rely on larger down payments instead.

The documents lenders ask for

Strong, organized documentation is your biggest advantage. Many delays come from gathering, translating, and certifying international paperwork.

Identity and credit

• Valid passport, plus visa or immigration documents if applicable.
• If you do not have U.S. credit, lenders accept international credit reports when available, or bank reference letters, lender references, and trade references.
• If you have a U.S. credit profile under an SSN or ITIN, that generally helps.

Income, assets, and source of funds

• Personal and business bank statements for 6 to 12 months, translated and notarized if not in English.
• Proof of down payment and closing funds, usually via certified statements and bank letters.
• Employment verification or business documentation, such as home‑country tax returns or audited financials for business owners.
• Clear source‑of‑funds trails to satisfy anti‑money‑laundering rules. This can include sale proceeds, transfers, or inheritance records.

International documents may require translation and notarization. Some lenders request apostilles or consular legalization for documents issued abroad.

U.S. bank account and ITIN/SSN

You can often qualify without an SSN. Having an ITIN is helpful for tax reporting and may simplify some lender processes. Most lenders will ask you to open a U.S. bank account to handle escrow, monthly payments, and wire timing cleanly.

Condo project review in Downtown Miami

Your loan approval depends on both you and the building. In Downtown Miami, condo associations vary in investor concentration, reserves, insurance, and leasing policies. Lenders run project reviews to determine whether a building is warrantable.

What lenders examine:

• Owner‑occupancy ratios and investor concentration.
• Percentage of units still owned by the developer.
• Any active litigation involving the association.
• Adequacy of insurance, reserves, and the annual budget.
• Leasing and rental restrictions that affect cash flow and marketability.

If a building is labeled non‑warrantable, many lenders still finance it, but the down payment is often larger and terms can be tighter. Miami condos also carry specific insurance needs for wind and flood. Flood zone designations may require separate flood insurance, which can add to your carrying costs. HOA fees, special assessments, and insurance costs are factored into your debt ratios during underwriting.

Timeline from offer to closing

Set expectations early and plan your wires and translations ahead of time.

• Pre‑approval or pre‑qualification: 1 to 7 days, depending on your document readiness.
• Application to clear underwriting: 45 to 75 days is common for foreign nationals. A 60‑day contract is a practical target. Faster closings near 30 days can happen with simple profiles and prepared documents.

What can slow you down:

• Gathering notarized translations or apostilles for international documents.
• Verifying international bank statements and employment references.
• Condo project reviews that add 1 to 3 weeks.
• International wires and compliance checks.

Remote closings and notarization

Florida permits remote online notarization, and many Miami title companies and lenders support digital signings for some documents. Policies vary by lender, and certain files still require in‑person notarization. If you plan to close from overseas, confirm early with the lender, title company, and seller so your contract timeline matches reality.

Funds, escrow, and currency

Down payments and closing funds are typically sent by international SWIFT wire. Start early. Bank holidays, AML reviews, and currency conversion can create timing gaps. Lenders and title companies generally require U.S. dollar transfers and a documented source of funds. Having a U.S. bank account improves wiring speed and payment reliability once you own the property.

Ownership structures and privacy

Many international buyers purchase through a U.S. LLC or a foreign entity for privacy or estate planning. If you choose an entity, expect more documentation, such as operating agreements, resolutions, and beneficial owner disclosures. Lenders may also require a personal guarantee. Discuss your structure with your tax advisor and lender before you write an offer so the loan application matches your chosen approach.

Taxes and ongoing costs to plan for

If you rent out your condo, you must report U.S. rental income, and you may be subject to withholding unless you elect to be taxed on net income. When you eventually sell, FIRPTA is a federal withholding regime that can apply to foreign sellers unless an exemption is met. In addition, budget for Miami‑Dade property taxes, HOA fees, wind and flood insurance, utilities, and possible special assessments. Florida does not have a state income tax, but federal taxes and local assessments still apply.

How to make a stronger offer in Downtown Miami

You can reduce friction and protect your timeline with a few smart steps.

• Ask your lender for a foreign national pre‑approval letter tailored to the building type.
• Share proof of funds for the full down payment and closing costs with your offer.
• Use a 60‑day closing period unless your lender confirms a faster path.
• Clarify project review needs before you sign, especially for newer towers or buildings with a high investor share.
• Get early insurance quotes for wind and flood, and confirm HOA fees and any upcoming assessments.
• Line up currency transfers in advance so your deposit and closing wires arrive on time.

Quick checklist for overseas buyers

Use this step‑by‑step list to stay ahead of the process:

1. Choose a Miami agent who knows Downtown condo dynamics and foreign national processes.
2. Shortlist buildings and request condo association documents early to assess warrantability.
3. Contact lenders that offer foreign national programs and ask for a pre‑approval checklist.
4. Gather documents: passport, visa if any, 6 to 12 months of bank statements, proof of funds, employment or business records, international credit report or references, and any required translations or apostilles.
5. Open a U.S. bank account if possible, and set up SWIFT capability with your bank.
6. Negotiate and sign the purchase agreement with clear escrow wiring instructions.
7. Submit the loan application, then schedule appraisal and inspections if needed.
8. Respond quickly to underwriting requests and provide any condo documents the lender needs.
9. Arrange insurance for hazard, wind, and flood, and confirm HOA costs.
10. Finalize wire instructions for closing and confirm whether remote notarization is allowed for your file.
11. After closing, obtain an ITIN if needed for tax filings, and if you plan to rent, set up property management and accounting.

Why work with a boutique advisor in Brickell

Foreign national financing is as much about preparation as it is about rates. You benefit from clear education on building eligibility, realistic timelines, and end‑to‑end support after closing. If your goal is a second home or an income‑producing condo, a high‑touch partner helps you move with confidence and speed.

At Fajer International Realty, you get founder‑led attention, bilingual guidance, curated access to pre‑construction and branded residences, and turnkey rental and property‑management programs that simplify ownership. When you are ready to explore Downtown Miami options, schedule a private call with our team at Fajer International Realty.

FAQs

Do I need an ITIN to buy a Downtown Miami condo as a foreign national?

• Not always. An ITIN is helpful for tax filings and can simplify some lender processes, but many lenders can qualify you without one if your other documents are strong.

Can I get a mortgage in Miami without U.S. credit history?

• Yes. Lenders often accept international credit reports, bank reference letters, and documented assets when U.S. credit is limited or unavailable.

What down payment should I expect for a Downtown condo?

• Plan for 25 to 50 percent down depending on the building and your profile. Non‑warrantable or luxury towers often require 40 to 50 percent or more down.

Are Downtown Miami condos harder to finance than houses for nonresidents?

• Often yes, because lenders run a condo project review that looks at reserves, insurance, litigation, and investor concentration. Non‑warrantable buildings can require larger down payments.

How long does a foreign national mortgage closing take in Miami?

• Expect 6 to 10 weeks on average. Complex document legalization, condo reviews, and international wires can add time. A 60‑day contract is a practical goal.

Does using a U.S. LLC make financing easier for foreign buyers?

• Not necessarily. Entity purchases add paperwork and often require personal guarantees. Discuss structure with your lender and tax advisor before you make an offer.