Foreign-National Mortgages for Miami Condos: How They Work

A foreign national can finance a Miami condo without a US credit score, a Social Security number or US income. The loans come from specialized lenders, not the standard conforming programs, and typically require 25 to 35 percent down, more on larger loans. The second question is just as important: will a lender finance the particular building? County mortgage records show where banks are lending today.

How foreign-national loans work

Down payment. Lender and broker guides put the usual range at 25 to 35 percent, according to List & Sell Florida. A Miami brokerage's financing guide puts foreign-national down payments at typically 30 to 40 percent, higher on larger loans. Treat these as starting points and get written terms from more than one lender.

Documents instead of a credit score. Expect to provide your passport, recent bank statements, proof of income and a reference letter from your home bank. Some lenders accept a foreign credit report. Documents in other languages usually need certified translation, and the source of your down payment must be traceable.

Rates and reserves. Rates run above those on standard conforming loans, and lenders usually want several months of payments, including HOA dues, held in reserve after closing.

The building has to qualify too

A condo loan approves two things: you and the project. Lenders look at the building's finances, insurance, litigation, owner occupancy and share of short-term rentals. A strong borrower can still be turned down because the building fails review.

You can see where lenders have actually said yes. In the 12 months to October 13, 2026, banks and other regulated lenders recorded 3,704 mortgages on the 806 condo buildings we track. Of the 659 buildings with enough sales to rate, 296 earned a good or strong financeability rating. It varies a great deal by area:

• Downtown: 862 regulated mortgages, and 23 of 26 rated buildings good or strong.
• Brickell: 651 mortgages, 57 of 81 buildings good or strong.
• Edgewater: 424 mortgages, 32 of 38.
• Sunny Isles Beach: 308 mortgages, but only 25 of 78 buildings good or strong.
• Key Biscayne: 100 mortgages, 12 of 39.
• Fisher Island: 2 regulated mortgages in a year.

Each building page shows its own financeability panel: the share of recent sales that were bank-financed and the lowest down payment a regulated lender accepted. Check it before you make an offer, and give your lender the building name early. The full ranking is on our financeability page.

Buying pre-construction with a foreign-national loan

New towers made up about 23 percent of recorded condo sales in Miami-Dade over the past year: 3,603 developer sales against 11,826 resales in the 12 months to August 2026. With pre-construction, you pay deposits during construction and need the loan only at closing, often two or three years later. Your lender will judge the finished building then, and a new tower has no lending history until it delivers. Plan for the possibility of closing in cash or with a larger down payment.

Cash, entities and taxes

Many international buyers pay cash, and many buy through a US LLC for privacy or estate planning. Lenders can close in either name, but the structure has tax consequences: talk to a US attorney and accountant before closing, not after. When you eventually sell, the buyer will usually have to withhold up to 15 percent of the price under FIRPTA as a prepayment of your US tax. Our foreign buyer's guide covers that in detail.

General information, not lending, legal or tax advice. Confirm current terms with a licensed mortgage lender.