Financing for foreign buyers in Miami: Foreign National Loans
One of the myths that holds international investors back the most: "no U.S. credit, no loan." False. Foreign National Loans exist for exactly that: mortgage financing for foreign buyers with no U.S. credit history or score, which typically finance up to 70% of the property value (so the down payment starts at 30%) and accept documentation from your home country.
What is a Foreign National Loan?
It is a mortgage program designed for buyers who do not live in the U.S. Instead of looking at a U.S. credit score (which you do not have), the bank evaluates your real capacity: income in your country, bank references, reserves and the value of the property you are buying. The risk the bank cannot measure with a score, it offsets with a larger down payment.
What do banks actually ask for?
- A valid passport and, depending on the case, a visa.
- Proof of income in your country: accountant letters, local tax returns or financial statements, depending on the profile.
- Bank references from your current accounts.
- Reserves: showing the liquidity to cover several months of payments.
- The down payment: banks typically lend up to 70% of the value, so the down payment starts at 30% and the rest depends on the bank and your profile.
Every bank has its nuances: some are more flexible with documentation from certain countries, others with certain property types. Comparing options before committing is part of doing the job well.
And the rates?
Foreign National Loan rates are higher than a resident's, because the bank charges for the risk it cannot measure with a local credit history. The exact number moves with the market, the bank and your profile, so be wary of any fixed figure you read out there (including on this page, if you were reading it a year from now). What does not change is the principle: a rate is negotiated best with a well-built file and several offers on the table.
How it pairs with pre-construction
Here is the move many investors miss: in pre-construction, the installments during construction are paid in cash on the developer's schedule, and the balance at closing can be financed with a Foreign National Loan. That means you do not need the full price in cash: you need the construction installments and a loan file ready for when the building is delivered.
The operational key: start the loan process months before delivery, not when the developer announces the closing. A loan that arrives late can cost you penalties or force a rushed sale.
A word of judgment
Financing is not always the right move, and neither is paying cash. It depends on your opportunity cost, your expected cash flow and your horizon. It is a financial analysis, not a dogma. What matters is deciding with the full numbers on the table: payment, rate, property costs and the tax treatment of rental income, which changes with how you structure.
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Frequently asked questions
Do I need a U.S. credit history?
Not with a Foreign National Loan. The bank evaluates your income, references and financial standing in your home country, in exchange for a larger down payment.
How much of a down payment do they require?
Banks typically lend up to 70% of the property value, so the down payment starts at 30%. The final percentage depends on the bank, the property and your profile. Note: the deposit a pre-construction project asks for is a different thing entirely.
When do I start the loan process if I bought pre-construction?
Months before the estimated delivery. Construction installments are paid in cash; the financing comes in at closing, and arriving late is costly.
This article is general guidance for educational purposes and does not constitute legal, tax or financial advice. Each case is reviewed individually with licensed professionals within the A3 Methodology. Roberto Paredes acts as a Realtor®, not as a financial, tax or legal advisor.