Florida mortgages for foreign nationals

To a lender, a foreign national is a buyer who is not a US citizen and does not live in the US. You may visit often, but your home, job and taxes are in another country. You can still buy and finance a home in Florida. The loan just works differently.

Pick where you are buying from

More countries

See every country guide.

How these loans qualify you

Most foreign national buyers have no US credit history. So lenders look at other things: your passport, bank statements from your home country, reference letters from your bank, and sometimes a credit report from your home country. If the home will be a rental, a DSCR loan can qualify the home on its expected rent instead of your income.

What to expect

• A larger down payment than a typical US loan. The amount varies by lender and by how you will use the home.
• A higher rate than a standard US loan, because the lender cannot use US credit.
• Cash reserves left in the bank after closing, often several months of payments.
• Money moved early. Funds usually need to be in a US account, or traceable to one, before closing.

Your name or an LLC?

Many foreign buyers hold the home in a US LLC. Lenders that allow it will still ask you to sign a personal guarantee. An LLC can help with privacy and liability, but it adds setup costs and tax filings. Read buying in an LLC, then ask your attorney and tax adviser.

Using it and renting it out

Many buyers use the home for family trips and rent it out when they are away. Rental rules depend on the exact address, so check them before you buy. Start with Florida short term rental rules and short term rental loans.

Taxes, in plain words

US tax basics from the IRS: rental income from US property owned by a nonresident is taxed at 30% of the gross rent by default, unless you elect to be taxed on net income and file a US return (Form 1040-NR). When a foreign owner sells, the buyer generally must withhold 15% of the sale price under FIRPTA. See the IRS pages on nonresident real property and FIRPTA withholding. A cross border tax adviser can tell you how this fits with your home country.

Why people buy here from abroad

Florida mixes sun, theme parks and beaches with homes that have pools and room for the whole family.

For many buyers it is a place to use for years and rent out between visits.

The steps, from abroad

1. Send me your plan: where, what price range and how you will use the home.
2. I match you with lenders that finance foreign nationals and tell you what they will ask for.
3. Gather your passport, bank statements and reference letters.
4. Start moving funds early, through a bank in your country.
5. Find the home and sign the contract. Your agent and I keep the loan and the inspection on schedule.
6. Close. Many buyers sign closing documents abroad through a notary or a US consulate, if the lender and title company allow it.

Guides for foreign buyers

Home Loans With Dane is a US mortgage broker. This page is general information, not tax or legal advice. Talk with a tax adviser in both countries before you buy.