Who this is for
Foreign national loans are mortgages for non-US citizens buying property in the United States — typically Florida, given the geography. The borrower has no US Social Security number, no US credit history, and often no US tax returns. None of that disqualifies them. The right lender qualifies on a different set of factors entirely.
Common buyers: Canadian snowbirds, European retirees, Latin American investors, business owners abroad with kids in US schools, athletes with non-US contracts. Florida — especially Miami, Orlando, Naples, the Gulf Coast — sees high foreign-buyer activity, and the lender ecosystem is built for it.
How foreign national lending works
A US bank can't pull a credit report on someone with no Social Security number. So foreign national loans use a different qualifying playbook:
- International credit reports — Equifax, Experian, and TransUnion can pull credit from many countries (Canada, UK, Mexico, parts of EU). When available, this serves as the credit profile.
- Reference letters — when no formal credit report is available, the lender accepts letters from your home-country banks confirming accounts in good standing for 24+ months.
- Asset verification — bank statements from your home country, brokerage statements, business ownership documentation. Translated and seasoned (typically 60-90 days) in a US bank or accepted at the lender's discretion.
- Income verification — varies. Some lenders accept a CPA letter from your home country verifying income. Some accept tax returns from your country. Some don't require income verification at all and qualify purely on assets and the property's rental potential.
What you actually need
- Down payment: 25-35% typical. Larger down payments unlock better pricing and more lender options. Some programs go to 20%, but 30% is the sweet spot.
- Reserves: 6-24 months of PITIA in a US bank account, sometimes longer. The lender wants to see you can weather payments without immediate access to your home-country accounts.
- Two valid passports / ID — one is the underlying citizenship, second can be a national ID, driver's license, or second passport.
- Visa status documentation — varies by program. Some lenders require an active US visa (B1/B2 visitor, E-2 investor, etc.); others lend to borrowers with no US visa whatsoever.
- US bank account — typically required to receive draws and make payments. Can be opened with passport and proof of address (sometimes home-country, sometimes US).
- ITIN (Individual Taxpayer Identification Number) — sometimes required, sometimes not. Easier to apply for through a CPA than directly with the IRS.
The biggest spread vs. domestic loans is rate. Foreign national loans price 1-2.5% higher than equivalent conventional loans for US borrowers. The premium reflects the additional risk and complexity. The math has to work at this rate. Most foreign buyers are paying largely cash anyway — financing 25-50% — so the rate impact on monthly cost is muted compared to a fully-leveraged domestic buyer.
Property type matters
What you're buying changes which lenders fit:
- Vacation home / second home — most common. Foreign national second-home rates and terms are widely available.
- Investment property (long-term rental) — qualifies on rental income, similar to DSCR programs. Often the cleanest path for foreign investors.
- Short-term rental (Airbnb) — fewer lenders, but real options exist. STR projection tools (AirDNA) used to estimate income.
- Primary residence — possible if you have visa status that allows extended US residency. Otherwise treated as a second home for underwriting purposes.
- Condo — extra layer: project warrantability. Many luxury Florida condos popular with foreign buyers are non-warrantable. Specific lenders specialize in non-warrantable foreign national condo lending.
Florida-specific notes
- Florida is the #1 state for foreign buyer activity. The lender ecosystem here is mature. Underwriters, processors, and closers are familiar with international documents, FATCA paperwork, and foreign-account verification. The deal closes faster here than in most states.
- FIRPTA implications. When a foreign owner sells US real estate, FIRPTA (Foreign Investment in Real Property Tax Act) requires withholding of 10-15% of the sales price for tax purposes. Doesn't affect the buy side, but worth knowing for the eventual exit. A real estate CPA familiar with FIRPTA is part of the team.
- Insurance is the same Florida fight. Foreign nationals face the same insurance market everyone else does — high premiums, carrier exits, mandatory wind/flood. The insurance quote is part of qualifying.
- HOA and community approvals. Some Florida communities (especially deed-restricted, 55+, or guard-gated) have buyer approval processes that work differently for foreign buyers. We flag this early so it doesn't kill a deal at the closing table.
- Property tax homestead doesn't apply. Florida homestead exemption is for primary-residence US residents. Foreign buyers who use the property part-time pay full assessed property tax. Build it into your monthly cost calculation.
Common foreign national scenarios
Canadian Snowbird
$700K Naples second home, 30% down
Canadian credit report available, retirement income verified through CRA equivalent. Standard foreign national second-home loan. Closes in 30-45 days.
Latin American Investor
$1.2M Miami condo, 35% down
No formal credit history; reference letters from two banks. Asset-rich; income verification waived. Asset-based qualification. Slightly higher rate, fast close.
European Family
$2M Sarasota waterfront, 40% down
Children attending US school. E-2 investor visa. Full doc with home-country tax returns and CPA-prepared income letter. Best pricing tier.
STR Investor
$600K Orlando rental, 30% down
Airbnb-focused investment. AirDNA projection used for rental income qualifying. DSCR-style underwriting through a foreign-national-friendly lender.
When foreign national isn't the right path
- You have a green card or are a permanent resident — you qualify for standard programs (conventional, FHA) at much better rates.
- You're paying all cash — sometimes the math works better cash-only, especially on smaller properties where the foreign-national rate premium dominates.
- You can't document assets — foreign national lending is asset-heavy. If you can't verify the down payment source, the deal doesn't close.
FAQ
Do I need a US visa to get a foreign national loan?
Some lenders require an active US visa (B1/B2, E-2, EB-5, etc.); some don't. Visa-free programs exist but typically require larger down payments and more reserves. We match you to lenders that fit your situation.
How long does a foreign national close take?
30-45 days standard, sometimes 60 if international document collection is slow. The bottleneck is usually getting bank reference letters and translated/apostilled documents from the home country. We send the document list early so you can chase letters in parallel with US-side work.
Can I title the property in an LLC?
Yes — and it's very common for foreign buyers. The LLC is a US LLC (you set it up before closing), the foreign individual is the member, and the loan is made to the LLC with personal guaranty. This affects FIRPTA treatment, asset protection, and estate planning. Worth coordinating with a US tax advisor.
Are rates really 1-2% higher than US borrowers?
Roughly. The premium varies by lender, down payment, asset profile, and visa status. Strong borrowers (40%+ down, large reserves, US visa, home-country credit history) get the best foreign national pricing — usually around 1% over conventional. Less-documented borrowers can be 2%+ over.
What's an ITIN and do I need one?
An Individual Taxpayer Identification Number is the IRS's ID for non-citizens who need to file US tax returns or be on a US loan. Required for some lenders, optional for others. A US-based CPA can apply for it on your behalf; takes 4-8 weeks. We flag whether your specific lender path needs it.