Foreign National Mortgage Pre-Approval in Miami

Looking to buy in Miami but worried your foreign passport will slow you down? You are not alone. International buyers are a big part of the market here, yet cash offers and strict condo and insurance reviews can make financing feel daunting. In this guide, you will learn how to secure a strong pre-approval as a foreign national, what documents lenders want, how Miami-Dade’s flood and condo rules affect your loan, and the exact steps to close on time. Let’s dive in.

Why foreign-national financing in Miami is different

Miami is a global market where international buyers compete with fast, cash-heavy offers. That makes speed and documentation readiness essential for you. National market research confirms the ongoing role of international activity in U.S. housing, which is very visible in Miami’s coastal neighborhoods and urban cores. You can review high-level trends in the National Association of Realtors’ international activity reports for context.

Coastal risk and building factors are also front and center. Many homes and condos sit in mapped flood zones, and lenders typically require flood insurance. You can check property-level flood maps through the FEMA Flood Map Service Center and learn about coverage on FEMA’s flood insurance page. Condo associations face extra scrutiny on budgets, reserves, special assessments, and building recertifications since 2021. All of this means a clean pre-approval and early property due diligence are your best competitive advantage.

Lenders and loan types you will encounter

Lender categories to know

• Large national banks and retail lenders: conservative guidelines, higher down payments, and stricter overlays for nonresidents in many cases.
• Local and regional banks or credit unions: may be flexible on Miami-area deals but vary widely by policy.
• Portfolio lenders and mortgage companies: common for foreign-national loans because they set their own rules and accept alternative documentation.
• Correspondent lenders and brokers: shop multiple investors and often access niche foreign-national programs.
• International banks with U.S. branches: helpful if you bank abroad with the same institution.
• Private or hard-money lenders: faster approvals and fewer documents, but higher rates and shorter terms.

Common product options

• Conventional or portfolio loans: many foreign-national loans are placed in portfolio programs rather than agency boxes.
• Jumbo financing: frequent in Miami price points, typically with higher down payment and reserve needs.
• Bank-statement loans: use 12–24 months of bank statements for self-employed buyers without U.S. tax returns.
• DSCR or rental-income loans: qualify based on expected rental income, often for investors.
• Bridge or construction loans: case-by-case, with larger equity requirements.

Product availability and pricing shift often. A local broker who closes foreign-national deals in Miami-Dade can help match your profile to the right investor.

What to prepare for pre-approval

Identification and tax status

• Valid passport is required. Some lenders ask for a secondary ID.
• Visa documentation if applicable, though many programs allow nonresidents without a U.S. visa.
• SSN or ITIN helps but is not always required for certain portfolio loans.

If you want a refresher on the U.S. mortgage process and timelines, review the Consumer Financial Protection Bureau’s guidance in the Owning a Home section.

Income, assets, and source of funds

• Income proof: U.S. W-2s and returns if employed domestically, or foreign tax returns and employer letters if income is earned abroad. Many lenders accept translated, notarized, or apostilled documents.
• Bank statements: plan for 12–24 months of statements to verify cash flow, especially for bank-statement loans.
• Assets and source-of-funds: current statements for down payment and closing costs, plus documentation showing the legal source of funds. Expect enhanced anti-money-laundering checks on international wires.

Credit history options

• A U.S. credit file is the most straightforward.
• If you do not have U.S. credit, many programs accept alternative credit like international bureau reports or verified trade lines such as rent and utilities. Acceptable forms vary by lender.

For general agency rules and definitions that influence conventional loans, you can reference the Fannie Mae Selling Guide and Freddie Mac resources. Many foreign-national loans still close through portfolio channels that set their own standards.

Identity screening and compliance

• Lenders will run OFAC and other sanctions checks on borrowers and on wire origins. You can learn more about sanctions screening through the U.S. Treasury’s OFAC site.
• Be ready to document international transfers and currency conversions with clear wire histories and explanation letters.

Cash, reserves, and rate expectations

Set realistic expectations before you shop.

• Down payment: many foreign-national programs for second homes or investment properties start around 30 percent. Depending on property type and price, you may see 30 to 50 percent down, and sometimes more for jumbo loans.
• Reserves: plan on 6 to 12 months of payments left in liquid accounts after closing, with higher reserve needs for investors or jumbo.
• DTI: debt-to-income approaches vary. Traditional targets are often 43 to 50 percent, though bank-statement or DSCR loans may calculate differently.
• Pricing: expect a rate premium compared with similarly qualified U.S. citizens or permanent residents, reflecting documentation and underwriting risk.

The key is to request written scenarios from your lender that show the assumed down payment, reserve months, estimated rate, and points for the exact program you will use.

Step-by-step pre-approval roadmap

Follow this checklist to move fast and compete with cash.

1. Initial consult and loan plan

• Meet a lender or broker experienced with Miami foreign-national loans.
• Share your passport, residency status, target property use, and price range. Provide a snapshot of funds.

2. Document collection and legalization

• Assemble required documents: passport, tax returns or bank statements, employment letter, 12–24 months of statements, and asset proofs showing source of funds.
• Obtain certified translations, notarizations, and apostilles as needed.
• If funds are abroad, collect wire histories and be ready for AML questions.

3. Conditional pre-approval in writing

• The lender reviews documents and issues a conditional pre-approval with a maximum loan amount, required down payment, reserve requirements, and key underwriting conditions.
• Confirm the rate assumptions and expiration date on the letter.

4. Use the pre-approval to write offers

• Strengthen your offer with a solid earnest money deposit placed with a trusted escrow agent.
• Match your contract timelines to your lender’s appraisal and condo review schedule.
• Where appropriate, consider appraisal gap language or tighter contingencies supported by your loan timeline.

5. Underwriting after contract

• The lender orders the appraisal, title search, condo documents, and flood determination.
• You deliver any outstanding items such as translations, updated statements, or explanation letters.
• Expect deeper reviews for older or highly assessed condos, which can affect eligibility and insurance.

6. Clear-to-close and closing logistics

• Finalize homeowner’s and flood insurance early.
• Confirm wiring instructions by phone with your title company to reduce wire-fraud risk. Do not rely on email alone.
• If you are closing remotely, arrange a notary or power of attorney that your lender and title company will accept.

Typical timing: conditional pre-approval can arrive within 1 to 7 business days once your file is complete. Full underwriting and clear-to-close often takes 30 to 45 days after contract acceptance, and may run longer when apostilles, international wires, or complex condo reviews are involved. The CFPB’s mortgage lifecycle resources offer a helpful overview of steps and pacing.

Miami-specific checks that affect approval

Flood zones and insurance

• Many Miami-Dade properties fall within special flood hazard areas. Lenders will require flood insurance when indicated by the flood determination.
• Obtain an early quote because premiums can affect your monthly payment and approval. Use the FEMA Flood Map Service Center to review the specific flood zone for a property, and the FEMA flood insurance page to understand coverage basics.

Condo association health

• Lenders review reserves, budgets, special assessments, occupancy ratios, litigation, and recent inspections or recertifications. Buildings with thin reserves or pending assessments can limit financing choices.
• Ask for key HOA documents early. Your lender may need questionnaires, budgets, bylaws, and insurance certificates to clear the condo review.

Title, escrow, and local records

• Florida closings are handled by title companies and attorneys. Choose firms experienced with international signings and wires.
• If you want to research taxes or permitting items that can show up in title, Miami-Dade County’s property and permitting portal is a useful public reference.

Tips to compete with cash buyers

• Get a strong, documented pre-approval that spells out loan amount, required down payment, reserve months, and a realistic timeline.
• Attach clean proof of funds and source-of-funds documentation to your offer when appropriate.
• Use a larger earnest money deposit with quick post-acceptance timelines, held by a reputable escrow agent.
• Coordinate appraisal timing with your lender so you can keep contingencies tight but safe.
• Work with a local team that handles foreign-national deals regularly, including lenders, attorneys, and title companies.
• Prepare early for flood insurance quotes and full HOA packages, especially for older condos.

Ready to align your financing with your Miami search?

A strong foreign-national pre-approval turns you from a browser into a serious contender, especially in Miami’s competitive neighborhoods. With the right lender, complete documentation, and early attention to flood and condo details, you can write confident offers and close on schedule.

If you want a hands-on plan and introductions to trusted South Florida lending and closing partners, connect with bilingual advisor Isaias Franco. Whether your goal is in Miami-Dade or the northern Palm Beaches, you will get clear guidance, local insight, and a smooth path from pre-approval to keys.

FAQs

Can a foreign national get a mortgage in Miami?

• Yes. Many lenders offer foreign-national programs, though requirements vary and usually include higher down payments and more documentation.

How much down payment should I expect as a nonresident buyer?

• Plan for 30 to 50 percent for second homes or investment properties, with higher equity common for jumbo loans and certain condo buildings.

Do I need U.S. credit or an SSN to be pre-approved?

• Not always. Some lenders accept alternative credit like international reports or verified trade lines, and certain programs do not require an SSN or ITIN.

How long does foreign-national pre-approval and closing take?

• Conditional pre-approval can take a few days once documents are complete, and clear-to-close often takes 30 to 45 days after contract acceptance.

What Miami factors can derail financing late in the process?

• Flood insurance costs, condo financial or structural issues, AML or OFAC wire reviews, and delays with notarizations or apostilles can all impact timing.

According to NAR’s international activity reports Use FEMA’s Flood Map Service Center to check a property’s flood zone Learn about flood insurance basics from FEMA Explore CFPB’s Owning a Home resources Review Fannie Mae’s Selling Guide Review Freddie Mac resources for lenders Understand OFAC sanctions screening Search Miami-Dade property and permitting records