A foreign national mortgage is a U.S. loan made to a non-resident buyer who has no Social Security number and no U.S. credit history. It is a well-established product in Miami — the question is not whether you qualify, but on what terms.
How a foreign national mortgage works
The lender underwrites the asset and your global financial profile rather than a U.S. credit score. Expect roughly 30%–40% down, a rate a bit above what a U.S. resident pays, and a few months of reserves. There is no requirement to be a resident or citizen, and the property can be a primary home, a second home or a pure investment. Many buyers pay cash first and then refinance into a foreign national loan to pull capital back out.
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The file is straightforward once you know what's needed: a passport, proof of income or assets from your home country (often a letter from your accountant or banker), bank statements, and a documented source of funds for the down payment. A reference letter from your home bank usually substitutes for the missing U.S. credit history. Everything can be prepared from abroad.
Rates, term and the real cost
Foreign national loans are typically fixed or fixed-then-adjustable over a long amortization, at a premium of roughly one to two points over the prevailing resident rate, reflecting the lender's added risk. The larger down payment lowers the loan-to-value and improves your terms. The honest way to evaluate it is total cost over your expected hold — not the headline rate alone.
Structure: financing through an LLC
Many non-resident buyers hold the property in a Florida LLC for liability and estate-tax planning, and finance it the same way. Lenders are comfortable lending to a single-member LLC with a personal guaranty. Whether the structure is worth the cost depends on the amount and your estate — decide it with your accountant before you make an offer.
