Buying property in Miami Beach as a foreign national is absolutely possible, but the path to financing looks different than it does for U.S. buyers. You face unique documentation, higher down payments, and extra insurance considerations tied to coastal risk. The good news is that lenders offer dedicated foreign national programs, and with the right plan, you can close smoothly.
In this guide, you’ll learn how foreign national mortgages work in Miami Beach, what lenders expect, how insurance and condos impact approval, and the typical steps and timelines. You’ll also get a practical checklist to stay organized. Let’s dive in.
Foreign national mortgages: The basics
Foreign national mortgages are designed for buyers who are not U.S. citizens or permanent residents. In Miami Beach, you can work with international or private banks, regional lenders with foreign national programs, and mortgage brokers who place loans with portfolio lenders. Traditional government-backed options are often not available, so most loans are held in the lender’s portfolio, which means terms vary widely by institution.
You’ll see differences from standard U.S. loans, including larger down payments, alternative credit verification, additional reserves, and sometimes higher interest rates and fees. The payoff is access to financing tailored to cross-border buyers who may not have U.S. credit or income reporting.
What lenders look for
Down payment and LTV
- Primary residence (less common for non-residents): some programs accept about 20 to 30 percent down.
- Investment and vacation properties: commonly 30 to 50 percent down.
- Lender appetite and your profile can shift these ranges, so comparing offers is essential.
Credit and income
- U.S. credit history is not always required. Lenders may accept international credit reports, bank reference letters, or alternative credit proofs like rent and utility payment history.
- Income is verified through translated tax returns, employer letters, company financials for self-employed buyers, or bank-statement programs.
Reserves and rates
- Expect additional cash reserves, often 6 to 12 months or more of mortgage payments.
- Rates and fees can be higher to reflect additional compliance and documentation costs.
Ownership and structure
- Many lenders prefer title in your individual name. Some will lend to a U.S. LLC if owners provide U.S. tax filings and personal guarantees. Policies vary.
Miami Beach factors that impact approval
Flood and wind insurance
Miami Beach faces coastal flood and hurricane exposure. If the property sits in a FEMA Special Flood Hazard Area, flood insurance is usually mandatory, and many lenders require it even outside the highest-risk zones. You will also need windstorm and hurricane coverage. Premiums can be higher on the coast and may include windstorm deductibles, which can increase your reserve requirements.
Condo scrutiny
Condominiums are common in Miami Beach and often undergo deeper lender review. Lenders look at association financials, reserves, litigation, owner-occupancy ratios, and master insurance. Some lenders limit loan-to-value or decline projects with risk flags. Associations may also have rules around occupancy and rentals for non-U.S. owners, which can affect your usage or yield.
Elevation and surveys
Elevations can influence flood insurance pricing and underwriting. An elevation certificate that shows finished-floor height may be required, especially in low-lying areas. Confirming this early helps you estimate total carrying costs and avoid surprises.
Climate and long-term value
Sea-level rise and recurrent flooding are active policy topics in the area. Resilience projects and changing insurance markets can influence long-term value and liquidity. This is not a reason to avoid the market, but it is a factor to underwrite with your advisor.
Taxes, IDs, and legal considerations
U.S. tax ID
An Individual Taxpayer Identification Number (ITIN) is not always required to close a purchase, but many lenders request it. If you plan to rent out the property or eventually sell, you will likely need an ITIN to file U.S. tax returns.
FIRPTA on future sales
When a foreign owner sells U.S. real property, FIRPTA rules require tax withholding. How you hold title, such as individually or through an entity, can affect the tax outcome at sale. Understanding this early helps you plan for a smooth exit later.
AML and source of funds
Large international wires trigger anti-money-laundering verification. Be prepared to show bank statements for your down payment and reserves, explain large deposits, and provide certified translations or apostilles when required. Title companies, lenders, and banks often need a clear paper trail.
Entity ownership
Some buyers prefer title through foreign corporations, trusts, or U.S. LLCs for privacy and planning. Many lenders still require the individual to sign personally, and entity documentation adds time. Engage a Florida real estate attorney and a U.S. CPA with cross-border expertise to evaluate the best structure for you.
Costs to budget in Miami Beach
- Down payment and reserves per lender requirements.
- Flood, windstorm, and property insurance premiums with potential wind deductibles.
- Miami-Dade documentary stamp taxes, recording fees, and title insurance.
- Appraisal, lender fees, and translation or legalization costs for documents.
- Condo association application or approval fees, if applicable.
Step-by-step financing process
1) Pre-approval and lender selection
Start 2 to 4 weeks before you shop. Gather passport and visa documents, bank statements, income proofs, and credit references. Request program checklists from lenders with proven foreign national experience. Compare down payment, reserves, rates, closing timelines, and condo policy flexibility.
2) Offer and escrow
Once under contract, appraisal and underwriting begin. Condo buildings may require additional questionnaires, financials, and insurance certificates. If you are abroad, coordinate remote notarization standards or plan for signing at a U.S. embassy or consulate. A properly drafted power of attorney can work if your lender and title company approve it.
3) Underwriting and conditions
Underwriters review source-of-funds documentation and condo materials. Expect follow-up requests for bank statements, explanation letters, or updated insurance quotes. Appraisal scheduling can take longer for certain condos due to project reviews.
4) Closing preparation
Confirm wire instructions with the title company to prevent fraud. Finalize insurance, lender conditions, and any condo approval. Plan for additional time to clear international wires. Many foreign national closings run 1 to 2 weeks longer than domestic timelines.
Typical timeline in Miami Beach
- Pre-approval and document gathering: 2 to 4 weeks, longer if entity ownership or complex income.
- Underwriting and appraisal: 3 to 6 weeks, influenced by condo review.
- Closing and logistics: add 1 to 2 weeks for international notarization and wire clearance.
Condo buying checklist
- Verify association financials, reserves, and any active litigation.
- Confirm master insurance, flood, and wind coverage for the building, plus your unit policy needs.
- Check owner-occupancy ratios and any rental rules that could impact yield or usage.
- Determine whether the project is acceptable to your lender and whether an LTV cap applies.
- Request or obtain an elevation certificate if the building’s flood risk is unclear.
Foreign buyer documentation checklist
Use this as a working list to speed approval and reduce surprises:
- Passport and visa documentation.
- Recent foreign bank statements, often 3 to 12 months, with explanations for large deposits.
- Proof of income: tax returns, payroll, or company financials with certified translations as needed.
- International credit report or bank reference letters; or alternative credit such as rent and utilities.
- Evidence of funds for down payment and reserves, with a clear source-of-funds trail.
- U.S. bank account details for smoother payments and transfers.
- ITIN planning with a U.S. CPA if you expect rental income or a future sale.
- Florida real estate attorney for title structure and FIRPTA planning.
- Lender program checklist and early condo association document requests.
- Currency management plan to handle exchange-rate risk and wire fees.
Smart strategies for success
- Start early on documentation. Certified translations and apostilles can take time.
- Price insurance upfront. Flood and wind quotes help you budget and meet lender conditions.
- Keep funds seasoned. Maintain deposits in one or two accounts where possible and avoid sudden large transfers without documentation.
- Shop multiple lenders. Foreign national programs differ on LTV, reserves, condo policies, and closing logistics.
- Align ownership with your goals. Coordinate with legal and tax advisors before making offers, not after.
How we help international buyers
You want a smooth acquisition with a clear financial plan. Brosda & Bentley Realtors supports cross-border buyers with lender introductions, document checklists, and coordination among your lender, title company, attorney, and CPA. Our team is experienced with Miami Beach condos and coastal underwriting concerns, so you can select properties that meet your lifestyle and financing goals.
From pre-approval to insurance and condo association reviews, we help you anticipate issues and keep momentum. If you are exploring multiple neighborhoods or a portfolio strategy, we provide market insight and full-lifecycle support, including property management and exit planning.
Ready to make your Miami Beach purchase with a confident plan? Schedule a Private Luxury Consultation with Brosda & Bentley Realtors.
FAQs
Can a foreign national get a mortgage in Miami Beach?
- Yes. Many lenders offer foreign national programs. Terms depend on your documentation, down payment, property type, and the lender’s policies.
How much down payment do foreign buyers need in Miami Beach?
- Investment and vacation properties often require 30 to 50 percent down. Some primary residence scenarios may allow about 20 to 30 percent, depending on the lender.
Do I need U.S. credit to qualify?
- Not always. Lenders may use international credit reports, bank reference letters, or alternative credit like rent and utilities, with extra verification.
Will my mortgage rate be higher as a foreign national?
- Possibly. Many programs charge slightly higher rates or fees due to additional compliance and documentation. Comparing offers is key.
Do I need an ITIN to buy in Miami Beach?
- Not always for the purchase itself. You often need an ITIN for U.S. tax filings tied to rental income or a future sale, and some lenders prefer it.
What insurance is required for Miami Beach properties?
- Expect flood insurance if in a flood zone and windstorm coverage for hurricanes. Lenders review coverage limits and may require specific policies.
Can I hold title through an LLC or foreign company?
- Sometimes. Many lenders still require the individual to be on the note or provide a personal guarantee. Legal and tax advice is essential to choose the right structure.
