How do foreign nationals get a mortgage in Miami?

Short answer

Foreign nationals get a mortgage in Miami through foreign national loan programs offered by non-QM and portfolio lenders, which do not require a U.S. Social Security number, U.S. credit history, or U.S. tax returns; across our 100+ lenders the down payment typically runs 25% to 30%, with income documented through a letter from your employer or accountant and foreign bank statements. Global buyers made up 15% of MIAMI Realtors' existing-home sales in the year ending July 2025, and 51% of them financed or did not pay all cash, so this is a well-established lane in Miami. QMS Lending is a bilingual broker in Doral that works with foreign national lenders every week.

Who counts as a foreign national borrower

In mortgage terms, a foreign national is a buyer who lives outside the United States, or is here on a visa that does not make them a permanent or non-permanent resident for lending purposes, and who does not have a U.S. Social Security number. Fannie Mae's Selling Guide (B2-2-02) only covers non-citizens who are lawful permanent or non-permanent residents, so true foreign nationals are financed outside the agency system.

That is why the loans are non-QM: each lender writes its own rules on down payment, documentation, and property type. It also means guidelines change more often than agency rules do, and the lender that was best for a Colombian buyer last quarter may not be the best this quarter. Comparing lenders is the job of a broker.

Miami is the largest foreign-buyer market in the country. MIAMI Realtors' 2025 international report shows $4.4 billion in foreign purchases from August 2024 to July 2025, led by buyers from Colombia (15%), Argentina (11%), Mexico (7%), Brazil (7%), and Canada (5%), with a median purchase price of $558,700 and 51% buying condos.

Down payment, reserves, and loan size

Across the foreign national programs we broker, as of October 2026:

• Down payment: 25% to 30% is the usual range for a purchase. Some lenders go lower for strong files, and condotels or non-warrantable condos usually require more.
• Reserves: lenders commonly ask to see 6 to 12 months of mortgage payments in a bank account after closing. Funds can be in a foreign account at the application stage, but most lenders want the down payment and closing funds in a U.S. account before closing.
• Loan amounts: many foreign national programs go well into jumbo territory, which matters because the 2026 conforming limit is $832,750 and Miami's international buyers skew toward higher-priced condos.
• Occupancy: second homes and investment properties are the norm. If you plan to rent the property, a DSCR loan for foreign nationals qualifies on the rent instead of your income.

Exact figures are set by each lender and are subject to credit approval. Rates vary daily; call for today's pricing.

Documents you will need

• Passport and a valid visa or entry stamp (B-1/B-2 visitor visas are commonly accepted).
• Proof of income: a letter from your employer stating position, tenure, and salary, or a letter from your accountant (CPA or equivalent) if self-employed. Some lenders accept 12 months of foreign bank statements instead.
• Bank statements: usually two to three months, showing the down payment, closing costs, and reserves.
• Credit: an international credit report when available, or reference letters from banks or creditors in your country. Some lenders require no credit at all.
• U.S. bank account: opened before closing to receive wired funds and pay the mortgage.
• ITIN or W-8BEN: some lenders require an IRS Form W-8BEN; an ITIN is not required for most foreign national programs but helps with escrow and tax reporting.

Documents in Spanish or Portuguese typically need a certified translation. Our bilingual team reviews them before they go to the lender so nothing is sent back.

Condos, condotels, and the building review

Half of Miami's international buyers buy condos, and the building is where most foreign national files slow down. Lenders review the condo project the same way they do for U.S. buyers: budget, reserves, delinquencies, litigation, commercial space, and whether the building operates as a hotel. Since Florida's 2022 condo safety law, buildings of three or more stories also need a milestone structural inspection at 30 years and a structural integrity reserve study at least every 10 years, with the first study due no later than December 31, 2026.

Buildings that allow short-term rentals or run a hotel program are condotels and are financed only by specialty lenders at larger down payments. See condotel loans and non-warrantable condo loans. Send us the building address before you sign a contract and we will tell you which lenders will finance it.

Closing from abroad

You do not need to be in Miami to close. Most lenders allow a power of attorney or a remote signing at a U.S. consulate or with an approved remote online notary; the title company coordinates it. Funds are wired to the title company's escrow account, and your lender will want to trace the source of the wire.

Florida closing taxes apply to everyone: documentary stamp tax of $0.35 per $100 on the mortgage note and intangible tax of 2 mills ($2 per $1,000) on the mortgage, plus title insurance at the state's promulgated rate. On a $600,000 loan that is $2,100 plus $1,200 in state taxes before title and lender fees. See our closing costs guide.

Plan ahead for FIRPTA when you eventually sell: a foreign seller is generally subject to U.S. tax withholding at closing. That is a tax question for your CPA, not a lending question, but it affects your exit math.

How QMS works with international buyers

We start with a 15-minute call in Spanish or English, usually over WhatsApp or video. You tell us the price range, the building if you have one, and how you earn your income. We come back with the lenders that fit, the down payment each requires, and a document checklist. From there we run the file, order the appraisal, and coordinate with your agent and the title company so you can close on your schedule, from Miami or from home. See foreign national loans.

QMS Lending is an independent mortgage broker in Doral, FL (NMLS #1781090), founded in 2018, with access to 100+ lenders. All loans are subject to credit approval and program guidelines. Rates vary daily; call 305-425-1990 for today's pricing. Equal Housing Opportunity.