One of the first questions Lourdes Alvarez hears from clients in Spain and Latin America is: can I actually get a mortgage in the United States if I am not a resident? The short answer is yes. The longer answer is that the process works differently from what most buyers expect, and knowing the real conditions ahead of time saves a lot of frustration later.
Foreign national financing is a specific loan category offered by a select group of lenders. It is not the same as a conventional Fannie Mae or Freddie Mac loan, but it is a legitimate and well-established product used every day by international buyers in South Florida.
What Is a Foreign National Loan?
A foreign national loan is designed for buyers who do not have a U.S. Social Security number, a U.S. credit history, or permanent residency. Lenders who offer these programs evaluate you differently: they look at income documentation from your home country, assets, and in many cases the debt-service coverage ratio of the property itself if you plan to rent it.
These loans are generally available for residential properties, condos in approved buildings, and investment purchases. Rates tend to be higher than conventional loans and down payment requirements are more significant, typically starting around 25 to 30 percent of the purchase price, sometimes more depending on the property type and lender.
What Documents Will You Need?
Documentation requirements vary by lender, but you can expect to provide: a valid passport, proof of income for the past one to two years (tax returns or accountant letters in your local language, usually translated and certified), bank statements showing sufficient reserves, and a reference letter from your current bank.
Some lenders also require a credit reference from your home country bank or evidence of existing assets. The process is more document-heavy than a standard U.S. loan, but buyers who are prepared move through it smoothly. The key is working with a lender who genuinely specializes in foreign national programs, not one who simply says they can figure it out.
Cash vs. Financing: A Practical Look
A significant portion of international buyers in Palm Beach County purchase with cash, and there are real advantages to that approach: faster closings, stronger offers in competitive situations, and no lender conditions to satisfy. However, cash is not the only path, and financing can make sense when a buyer wants to preserve liquidity or diversify capital.
If you are considering financing, build in extra time. Foreign national loan approvals can take longer than domestic ones, and some communities or condo associations have specific requirements that affect which lenders will work with a given property. Getting pre-qualified before you start touring homes is not optional; it is essential.
The Role of Your Real Estate Agent in This Process
Your agent is not your mortgage lender, but a good agent knows which lenders work reliably with foreign buyers, which communities have restrictions that affect financing, and how to structure an offer that protects you when you are buying from abroad. Lourdes Alvarez has guided fully remote purchases for clients in Spain and throughout Latin America, coordinating every step so that buyers never feel lost simply because they are not physically in Florida.
One detail that surprises many international buyers: in Florida, the seller pays the buyer's agent commission. You do not pay Lourdes a fee for her representation. That means you get full professional guidance at no direct cost to you as a buyer.
Start the Conversation Before You Start the Search
The biggest mistake foreign buyers make is falling in love with a property before understanding what financing they qualify for or whether the specific building or community is financeable at all. Some condo buildings in South Florida do not meet the requirements for foreign national loans, and some HOA communities have restrictions that complicate the process.
If you are considering a purchase in Boca Raton, Delray Beach, or anywhere in Palm Beach County, reach out to Lourdes before you start browsing listings. A short conversation can clarify your real options, connect you with the right lender contacts, and make the entire process far more straightforward than it might seem from abroad. Visit palmbeachestatesmls.com to get started.
Written by Lourdes Alvarez, licensed Realtor (FL #SL3559024) with Charles Rutenberg Realty, serving Boca Raton, Delray Beach and Palm Beach County.
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