Foreign Buyers Financing a Florida Home: Loans, Documents, and Rules to Know

Who counts as a foreign buyer for lending

Lenders sort non-citizen borrowers into categories. Permanent residents with a green card can generally use the same programs as U.S. citizens. Non-permanent residents living in the U.S. with lawful status, such as certain work visa holders, may qualify for conventional, FHA, or other programs if they meet each program's documentation rules. Fannie Mae's Selling Guide, for example, addresses non-U.S. citizen borrower eligibility and requires lawful residency.

A foreign national, in lending terms, is someone who lives outside the U.S. and does not have U.S. residency. These buyers typically do not qualify for agency loans and instead use foreign national programs offered by portfolio and non-QM lenders.

How foreign national loans work

Foreign national programs are designed for buyers whose income, assets, and credit history are mostly outside the U.S. They generally require a larger down payment than domestic programs, more reserves, and may carry different pricing or loan structures. Many are used for second homes and investment properties, including condos.

Some lenders accept international credit references in place of a U.S. credit score. Others qualify investors based on the property's rental income under DSCR-style guidelines. Program details vary widely, so compare written Loan Estimates.

• Valid passport and, when applicable, visa
• Proof of income, such as employer letters, tax filings, or accountant letters from your home country
• Bank statements showing funds for down payment, closing costs, and reserves
• International credit references or reports, when the program accepts them
• Translations of foreign-language documents and, often, currency conversion
• An ITIN or other tax identification when needed for U.S. reporting

Moving money into the U.S.

Lenders must verify the source of your down payment and closing funds and need to see them seasoned in an account or clearly traced. Plan transfers in advance, keep records of each wire, and avoid splitting deposits in ways that are hard to document. Exchange-rate movement can change how much you need, so build in a cushion.

Banks and title companies are subject to U.S. anti-money-laundering rules, and you should expect identity verification and questions about the source of funds.

Florida's SB 264 restrictions

In 2023 Florida enacted SB 264, codified in chapter 692, Part III of the Florida Statutes. It restricts certain foreign principals connected to designated foreign countries of concern from acquiring some types of Florida real property. The countries listed are China, Russia, Iran, North Korea, Cuba, the Venezuelan regime of Nicolás Maduro, and Syria.

For most countries of concern, the restrictions focus on agricultural land and property near military installations and critical infrastructure facilities. Section 692.204 is broader for China-connected buyers and generally prohibits them from acquiring Florida real property, with a limited exception that allows an individual lawfully in the U.S. with a qualifying non-tourist visa or asylum to buy one residential property of up to two acres that is not within five miles of a military installation. The law also includes registration requirements for covered owners and affidavit requirements at closing.

The law has been challenged in federal court in Shen v. Simpson. The Eleventh Circuit granted limited injunction relief to two plaintiffs in February 2024 and issued a further decision in November 2025 that left the law in effect, according to the ACLU of Florida's case page. Because the law and its interpretation may continue to change, any buyer with ties to a listed country should consult a Florida real estate attorney before signing a contract.

Federal reporting and FinCEN

The U.S. Treasury's Financial Crimes Enforcement Network has for years used geographic targeting orders that required title companies to report certain all-cash purchases by legal entities in specified areas, including Miami-Dade, Broward, and Palm Beach counties. FinCEN also adopted a nationwide residential real estate reporting rule for non-financed transfers to entities and trusts, which was set to begin March 1, 2026. A federal court in Texas vacated that rule in March 2026, and FinCEN appealed. Check FinCEN's current guidance or ask your title company before closing.

These reporting rules mainly affect cash purchases through entities and trusts. Financed purchases are already subject to lender anti-money-laundering programs. Either way, buyers should be ready to document identity and beneficial ownership.

Taxes: FIRPTA and ownership structure

The Foreign Investment in Real Property Tax Act, or FIRPTA, generally requires the buyer to withhold 15% of the amount realized when a foreign person sells U.S. real property. Reduced rates or exceptions can apply, for example when the buyer will use the home as a residence and the price is $1 million or less, but the details matter. The seller can often apply to the IRS for a reduced withholding certificate.

Rental income, estate tax exposure, and whether to hold the property personally or through an entity are all decisions that affect financing too, since many lenders require individuals to guarantee loans made to entities. Coordinate with a U.S. tax advisor and attorney before you choose how to take title.

Timeline and closing from abroad

International purchases usually take longer than domestic ones because documents come from several countries and may need translation or verification. Allow extra time for the appraisal, condo review, and insurance, and set realistic contract deadlines with your agent.

You do not always need to be in Florida to close. Many buyers sign through a U.S. consulate, a notary with apostille, or a power of attorney prepared by a Florida attorney, depending on what the lender and title company accept. Confirm the signing method early so it does not hold up funding.

Choosing the property with financing in mind

Many international buyers favor Miami, Fort Lauderdale, and Palm Beach County condos. The building must meet the lender's condo standards, and buildings with short-term rental programs, hotel operations, or unfinished structural repairs can limit options. Review the condo documents and insurance early, and confirm rental rules if you plan to lease the unit.

Justin Mackler and United Direct Lending work with buyers who live abroad, coordinating with their agents, attorneys, and tax advisors so the financing fits the rest of the plan.