Foreign national home loans in Florida: we may be able to help, whether you’re in the US or not

By Darryn Stephen, Senior Mortgage Advisor, Smart Home Loans

Who it may fit

• Non-US residents who live abroad and want a Florida second home or vacation home
• Investors outside the US buying a Florida property to rent out
• Buyers whose income or savings are held outside the US. You may not need US income, since lenders may look at foreign income or assets, depending on the program
• Buyers without a Social Security number or US credit history

These are loan situations, not labels. What a lender cares about is how your income and funds can be documented and where the money for the purchase comes from.

Already have a valid visa, EAD or green card? You may qualify for other options, such as a conventional loan or, for permanent residents, sometimes an FHA loan. Ask me, and I will tell you what may fit.

How it works

1. We talk it through. Price range, how you plan to use the home, and where your funds are held.
2. I look at which lenders and programs may fit. Foreign national guidelines differ a lot from one lender to the next, so this step matters.
3. You gather documents. The lender reviews identification, income or assets, and the source of your funds.
4. Credit is reviewed in the way the program allows. No US credit history? Lenders may use alternative credit references, such as international credit reports or reference letters, and requirements vary. Some lenders want a US credit file.
5. The home is appraised and reviewed. Title and insurance are arranged, and in many cases closing can be coordinated from abroad, depending on the lender and the title company.

Often a larger down payment is needed than on a standard loan, and terms may differ. How much varies by lender, program and property.

What to have ready

• A valid passport or other government-issued ID
• Recent statements for the accounts holding your down payment, closing costs and reserves
• Proof of income if the lender asks for it, such as an employment letter, business documents or statements, with translations if they are not in English
• A plan for how funds will be sent. Transfer timing and exchange rates can affect your timeline
• Details of the home you are considering and how you plan to use it
• Contact details for your own tax professional or attorney

Lenders want to see where your funds came from, so keep records of your transfers.

Things to keep in mind

• Occupancy and property type. These loans are usually limited to second homes or investment properties. Primary residence options are limited. Some condos and condotels may not qualify.
• Screening. Lenders verify your ID and the source of your funds, and may not lend to residents of certain countries.
• Down payment and reserves. Often a larger down payment is needed. It varies by lender.
• Timing. Documents from abroad may take longer to gather and translate, so starting early helps.
• Florida costs. Homeowners insurance (and flood insurance in some areas) and condo or HOA reviews may affect timing and cost.
• Tax, ownership and immigration questions. These are best answered by your own tax professional or immigration attorney. I’m glad to work alongside them.

Thinking of buying in Florida?

Call or text me, or send a short note about the purchase you have in mind. I’ll tell you which questions to answer first and whether a foreign national loan or another option may fit. No pressure.

Honest answer: if a loan won’t work I’ll tell you. But not without trying.

Smart Home Loans NMLS #1734077 · Darryn Stephen NMLS #2664300 · Equal Housing Opportunity. Not a commitment to lend. Programs, terms and eligibility depend on the lender and the borrower’s profile. This is general information, not legal, immigration, tax or financial advice. Foreign national program availability and requirements vary widely by lender.