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No US credit. No SSN. No US residency required. South Florida is the biggest market in the country for this — and we work these deals constantly.
Foreign-national investors have been quietly powering Florida’s investment real estate market for decades. Latin American capital flowing into Miami, Aventura, and Sunny Isles. European and UK buyers diversifying into US rental property as a dollar hedge. Canadian and Mexican investors holding long-term beach and vacation rentals. Most large US lenders make these files unnecessarily painful, requiring documentation that makes no sense for a borrower with no US tax presence and no Social Security Number. The specialized programs exist — and South Florida brokers who run them every week understand how to close them on time.
The product is simple. A non-US citizen with no US residency status purchases US investment property — single-family rental, small multifamily, condo, condotel, or vacation rental. The lender does not pull a US credit score (most foreign borrowers do not have one). Instead, the lender uses an international credit reference letter, the borrower’s passport, proof of funds seasoned in a US bank account, and standard property documentation. Vesting in personal name or in a US LLC.
What it actually is
Foreign national loans are non-QM investor products specifically designed for borrowers without US residency, US credit history, or a US Social Security Number. They are typically used to acquire US rental property — most often in South Florida, secondarily in California coastal markets, with growing volume in Texas and the Carolinas.
Documentation centers on the borrower’s identity (passport, visa if applicable), assets (US bank account balance letter showing seasoned reserves, source-of-funds letters from international banks), and credit (international credit reference letters from the borrower’s home-country banks, often two or three references attesting to the relationship and good standing). No US tax returns are required because the borrower has no US tax presence. Income may be documented via foreign tax returns or employer letters, but most foreign national programs price off assets and down payment rather than income.
Pricing typically runs 1.5-2.5 percentage points above prime jumbo rates, with larger down payments (30%+) and reserves (12 months PITIA seasoned in a US institution). The pricing premium reflects the secondary-market realities of foreign-national paper, not the borrower’s creditworthiness per se.
Who it is built for
- Latin American investors buying South Florida vacation rentals, particularly in Miami, Aventura, Sunny Isles, and Brickell
- European and UK investors diversifying into US real estate as a dollar-denominated asset class
- Canadian buyers acquiring Florida vacation rentals or part-time residences they intend to rent when not in use
- Foreign-owned US LLCs purchasing investment property, where the entity is the borrower of record
- High-net-worth international families building US real estate positions across multiple properties
The basics
- US credit: Not required. International credit reference letters accepted (typically 2-3 letters from home-country banks).
- US Social Security Number: Not required. Identity is established via passport.
- Maximum LTV: 70% on purchase as standard; 75% case-by-case for strong files.
- Minimum down payment: 30% of purchase price.
- Reserves: 12 months PITIA, seasoned in a US-domiciled bank or brokerage account (typically at least 60 days of seasoning).
- Vesting: Personal name or US LLC. LLC is common for portfolio-building investors.
- Pricing: Typically 1.5-2.5 percentage points above prime jumbo rates at equivalent LTV.
- Eligible properties: 1-4 unit residential, condos (warrantable and non-warrantable), condotels, short-term rentals.
Three things to know going in
Insider Insight #1 — Reserves seasoning is the gating issue — start the US account early.
Most foreign national programs require 60 or 90 days of US-bank seasoning on the down payment and reserves. International investors who have been vacationing in Miami for years and want to make an offer next month often discover they need to wire funds into a US institution and let them sit before they can close. The fix is simple but requires lead time: open the US account, transfer the down payment + reserves + closing costs, and let the seasoning clock run while you shop.
Insider Insight #2 — South Florida is the most-built market for this product in the country.
Miami-Dade, Broward, and Palm Beach counties run more foreign national investor closings than any other metro in the United States, and the lenders, attorneys, title companies, and appraisers in this market understand the documentation requirements without being told. That translates to faster closings, fewer rejected files, and tighter pricing on the same loan than a buyer would get attempting the same purchase in a less-experienced metro.
Insider Insight #3 — Start affordable. Scale once the playbook is proven.
Most foreign national investors I work with want to start with the highest-profile property they can afford — the Brickell condo, the Sunny Isles tower, the South Beach unit. The smarter play is usually a smaller first deal: a $400K-$600K condo or single-family rental that lets you run the entire process — US bank account, attorney, property manager, tax reporting — at lower stakes. Once that file closes and the operating rhythm is established, scaling to a second, third, or fourth property is a fraction of the effort.
Real-world scenario
A São Paulo-based investor wants to acquire a $475K oceanfront condo in Sunny Isles for short-term rental. Sixty days before closing, he opens a US bank account at a Florida-domiciled bank and wires $200K (down payment) plus $30K (reserves and closing costs). Pulls two bank reference letters from his Brazilian banks. Submits passport, current Brazilian tax returns (translated and certified), and source-of-funds documentation tracing the wired money back to documented income. At closing, he puts 30% down ($142,500), finances $332,500 at foreign-national pricing, and closes in a newly-formed Florida LLC. The condo is added to a vacation rental program and is producing income within 45 days of closing. Twenty-six days from application to keys.
Quick FAQ
Do I need to be physically present in the US to close?
Not necessarily. Many closings are handled with a power of attorney granted to a US-based attorney or family member, allowing the borrower to sign documents from their home country. The POA must be properly notarized and apostilled depending on the home country.
What if I do not have international credit history either?
Bank reference letters from your home-country financial institutions can substitute. The letter should attest to the length of relationship, account behavior, and good standing. Two or three letters from different banks is the standard configuration.
Can I close in a US LLC if I am a foreign national?
Yes — and many foreign national investors do, both for asset protection and for simplified estate-planning treatment of US assets. The LLC must be properly formed in the US (typically Florida or Delaware), have an EIN, and have an operating agreement on file.
How does US tax reporting work on rental income?
Foreign national investors generally need to file US tax returns reporting rental income (Form 1040-NR for individuals, Form 1120 for foreign-owned C-corp structures, etc.). Withholding rules and FIRPTA disclosure apply on sale. This is a tax-attorney conversation, not a mortgage conversation — we will refer you to an attorney who specializes in foreign-investor real estate tax compliance before you close your first property.
Free pre-approval. Soft credit pull. Zero hit to your score.
Before you make an offer, you need to know what the bank will actually back you on. A real pre-approval — not a quick online estimate — gives you the loan amount, the program, the rate range, and the monthly payment in writing. We pull a soft credit report (no impact to your score), review your income and reserves, and run the deal through underwriting logic so you walk into a property tour or a 1031 exchange knowing exactly what you can close on.
For investors, this matters double. Listing agents on rental properties take cash buyers and pre-approved investor offers seriously — everyone else gets passed over. Get the pre-approval first, then go shopping with leverage.
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Aleksandra Vasic — Mortgage Loan Originator, NMLS #[YOUR NMLS HERE] | True Blue Lending NMLS #2380218 | Equal Housing Opportunity. This is not a commitment to lend. All loans subject to credit approval.