Foreign nationals looking to purchase property in Miami have access to a variety of mortgage programs tailored to their unique needs. These programs, offered by both large banks and specialized lenders, aim to facilitate the home-buying process for non-U.S. residents. Below is an overview of some prominent foreign national mortgage programs available:

1. HSBC Foreign National Mortgage Program

Eligibility and Features:

  • Designed specifically for foreign nationals without a U.S. credit history.
  • Down payment requirements typically range from 30% to 50%.
  • Competitive interest rates are often fixed for the first few years.
  • Loan terms usually range from 15 to 30 years.
  • Requires proof of income, an international credit report, and a U.S. bank account.
2. Citibank International Personal Bank (IPB) Mortgage Program

Eligibility and Features:

  • Available to foreign nationals and expatriates.
  • Flexible down payment options, starting at 30%.
  • Fixed and adjustable-rate mortgage options.
  • Requires proof of international credit standing and income verification.
  • May offer cross-border banking services to streamline financial management.
3. Bank of America Foreign National Loan Program

Eligibility and Features:

  • Tailored for non-U.S. residents purchasing second homes or investment properties.
  • Down payments start at 30%.
  • Fixed and adjustable-rate options are available.
  • Requires documentation such as a passport, visa, and proof of international credit history.
  • Some programs may require the property to be managed by a U.S.-based property management company.
4. Wells Fargo International Mortgage Program

Eligibility and Features:

  • Caters to foreign nationals and non-resident aliens.
  • Competitive interest rates with various loan term options.
  • Requires a larger down payment, typically 30% or more.
  • Proof of income and international credit history is necessary.
  • May offer services to assist with U.S. tax compliance and financial planning.
5. U.S. Bank Foreign National Mortgage Program

Eligibility and Features:

  • Designed for foreign nationals looking to invest in U.S. real estate.
  • Down payment requirements typically between 30% to 40%.
  • Offers fixed and adjustable-rate mortgage options.
  • Requires documentation of income, assets, and international credit history.
  • Assistance with currency exchange and transfer of funds to the U.S.
6. International Mortgage Lenders

Some specialized lenders focus exclusively on providing mortgage solutions for foreign nationals. Some of these lenders include:

  • Masmortgage: Offers a variety of mortgage products for international buyers, including fixed and adjustable-rate loans.
  • FirstBank Florida: Provides mortgage solutions specifically designed for foreign nationals, with flexible terms and competitive rates.
  • Banesco USA: Tailors mortgage programs to non-U.S. residents, emphasizing personalized service and streamlined processing.
Key Considerations for Foreign National Mortgage Programs

When exploring foreign national mortgage programs, keep the following in mind:

  1. Documentation Requirements: Be prepared to provide extensive documentation, including proof of income, international credit reports, a valid passport, and a visa.
  2. Down Payment: Expect to make a larger down payment compared to U.S. citizens, often ranging from 30% to 50%.
  3. Interest Rates: Interest rates for foreign national mortgages may be slightly higher due to the increased risk perceived by lenders.
  4. Legal and Tax Implications: Consult with a U.S. real estate attorney and tax advisor to understand the legal and tax implications of owning property in the U.S.
  5. Local Real Estate Agents: Work with a local real estate agent who has experience assisting foreign buyers. They can provide valuable guidance throughout the process.
  6. Check out the article Getting a Mortgage in Miami for more details related to obtaining a mortgage.
Miami, FL mortgage and refinance rates (APR)

Accurate as of 06/19/2024

ProductInterest RateAPR
30-year fixed-rate6.828%6.906%
20-year fixed-rate6.347%6.438%
15-year fixed-rate5.936%6.062%
10-year fixed-rate5.716%5.926%
7-year ARM6.961%7.694%
5-year ARM6.625%7.677%
30-year fixed-rate FHA5.817%6.630%
30-year fixed-rate VA5.935%6.308%

By leveraging these specialized mortgage programs, foreign nationals can successfully navigate the U.S. real estate market and secure the property they desire in Miami.