A foreign national mortgage lets you finance a US investment property without US credit or a Social Security number, qualifying mainly on the property’s rent.
These are the 30 questions Latin American investors ask most before financing in the United States, from Colombia and Mexico to Argentina, Chile and Peru. We answer them directly, with no promises. Everything here applies to investment property only: we don’t finance primary residences or second homes.
Contents
- Eligibility: who can qualify
- Programs and how you qualify
- Down payment, reserves and source of funds
- Costs and loan terms
- Process and closing from abroad
- Property types, LLCs and refinancing
- Taxes and exit
Eligibility: who can qualify
1. Can a foreign national get a mortgage in the United States?
Yes. A foreign national who lives outside the US can finance an investment property without being a citizen or resident. The financing comes from programs built for foreign investors, offered mostly by non-bank investor lenders.
The key condition is use: the property must be an investment, held for rent. These programs don’t finance primary residences or second homes. In practice, the lender looks at four things: your identity, where your money comes from, your reserves and the property itself. Our full guide to the foreign national mortgage in the US walks through each one.
Residents of most Latin American countries qualify, with two exceptions to keep in mind. Some lenders exclude countries under US sanctions or rated high-risk for money laundering. And a 2023 Florida law restricts purchases by people domiciled in certain “countries of concern,” a list that includes Cuba and Venezuela. With limited exceptions, they can’t buy within 10 miles of military installations or critical infrastructure. If that applies to you, have an attorney review it before you sign.
2. Do I need a visa or green card to qualify?
You don’t need a green card, and many programs don’t require a current visa either. What you must have is a valid passport. Some lenders also ask for a US visa or an I-94 arrival record; others don’t, especially if you sign from your home country.
What lenders do want is a way to confirm your financial track record abroad, usually reference letters from your bank. The visa matters most when you travel to sign or when the lender’s guidelines call for it.
Chilean citizens travel under the Visa Waiver Program (ESTA), and some lenders accept that registration in place of a visa. We cover it in our guide for Chilean investors in Florida.
If you already hold a green card or US citizenship, you don’t need a foreign national program: resident programs are usually simpler.
3. Do I need a US credit history?
No. Many foreign national programs don’t require a US credit score. Instead, the lender checks your credit behavior in your home country.
The most common alternatives are:
- An international credit report, where your country has one (for example, from credit bureaus such as Datacrédito in Colombia or Buró de Crédito in Mexico).
- Reference letters from your bank, usually two, confirming the relationship and how well you manage your accounts.
- Proof of a mortgage or auto loan at home, paid off or current.
If you do have some US history, say from an old credit card, it can improve your terms. Not having it won’t disqualify you: it’s a documentation issue, not an eligibility one. More in our guide for the foreign investor with no US credit.
4. Do I need a Social Security number (SSN) or ITIN?
You don’t need a Social Security number to get the loan, and generally not an ITIN either. The lender identifies you by passport and verifies your profile with documents from your home country.
That said, even if the loan doesn’t require one, you will very likely need an ITIN later. The ITIN is the number the IRS issues to people who must file US taxes but aren’t eligible for Social Security. You’ll need it to report the property’s rental income and to claim your FIRPTA withholding as a credit when you sell. You apply with Form W-7, usually together with your first tax return.
If you buy through an LLC, the company will need its own tax ID (EIN), which a foreign owner can get without a Social Security number. See how to buy US property without an SSN.
5. Does buying US property give me a visa or change my immigration status?
No. Owning US property doesn’t give you a visa, residency or the right to work in the US. On its own, it also doesn’t affect any visa you already hold.
Investor visas run on separate rules. The E-2 visa requires investing in a real, operating business, and a passive rental property generally isn’t enough. The EB-5 has its own investment and job-creation requirements.
One practical point: a tourist visa doesn’t allow you to work in the US. That’s why most foreign investors hire a property manager to handle tenants, rent collection and maintenance. Remember, too, that a property financed as an investment isn’t meant to be your home.
This is general information, not immigration advice; talk to an immigration attorney about your case. More context in buying property and immigration status.
Programs and how you qualify
6. How do I qualify if I have no US income?
With the property’s rent. Most foreign national programs qualify the loan on what the property earns, not on your salary. In the industry this is called a DSCR loan, short for debt service coverage ratio.
The idea is simple: divide the monthly rent by the full monthly payment. That payment includes principal, interest, property taxes, insurance and any HOA dues.
Illustrative example: if the property rents for $3,000 a month and the full payment is $2,500, the ratio is 1.20. The rent covers the payment with $500 to spare.
Many programs look for a ratio of at least 1.0. Some accept less in exchange for a larger down payment or more reserves. Rent comes from the lease or, if the property is vacant, from the appraiser’s market rent analysis. We explain it in what is a DSCR loan.
7. Can I qualify with the income I earn in my home country?
Yes, with some programs, but it’s almost always the longer road. Qualifying on foreign income means proving it with documents a US lender can verify.
That usually includes your home-country tax returns, bank statements, letters from your accountant and, if you own a business, its financial statements. Everything needs a certified English translation. The lender also converts your income to dollars, so a devaluation can shrink the amount you qualify for.
That’s why most Latin American investors prefer to qualify on the property’s rent: there’s less paperwork and no exposure to the exchange rate. The income route makes sense when the rent won’t cover the payment, for example on properties with low rent relative to price.
We compare both routes in our guide on how to finance US property as a foreign national.
8. Which US banks lend to foreign nationals?
Few, and almost always with conditions. Some large banks and international banks with a Miami presence lend to foreign nationals, but mostly to private-banking clients. That means people who already hold significant investments with them.
For everyone else, the bank door is usually closed or very narrow. Traditional banks tend to want US credit history, verifiable income or an existing relationship. Many also won’t finance non-warrantable condos or properties held in an LLC.
That’s why most foreign nationals buying investment property finance through non-bank investor lenders. These institutions specialize in business-purpose loans: they qualify on rent and accept a passport, an LLC and a closing from abroad.
We don’t publish a list of banks because their policies change often. What helps is comparing several options against your actual deal, which is what we do on our foreign national mortgage page.
9. Which is better: a bank or an investor lender?
It depends on your profile, but for most foreign nationals an investor lender is the more practical route. A bank may offer better terms to existing private-banking clients. An investor lender offers more flexibility to everyone else.
- Bank: may price better, but usually wants an existing relationship, deposits or investments with it, and is stricter about property type.
- Investor lender: qualifies on rent and accepts LLCs, non-warrantable condos and closing from abroad, although its cost is usually higher.
Investor lenders aren’t all alike, either. Each has its own list of eligible countries, LTV limits, condo rules and prepayment penalties. Two offers on the same deal can look very different.
We are not a lender: we present your file to several lenders and show you the options side by side. That’s how our foreign national financing in Miami works, and the same applies nationwide.
Down payment, reserves and source of funds
10. How much down payment do I need, and how much can I borrow?
The typical down payment for a foreign national is around 30% of the purchase price. Depending on the program, the property and your file, it can range from 25% to 40%. Put another way, the loan usually reaches up to about 70% of value (LTV).
The down payment goes up with risk: non-warrantable condos, condo-hotels, short-term rentals with no history or a tight rent-to-payment ratio. It can come down a little with a strong file and a property that rents well.
As for loan size, some programs go up to $5 million, depending on the program, though most work with smaller amounts. Many programs also have a minimum loan amount, so a very inexpensive property is sometimes better bought with cash.
Remember, the down payment isn’t all the cash you need: add closing costs and reserves. We run the full math in our guide to the foreign national down payment.
11. How much in reserves do lenders require after closing?
Most commonly, 6 to 12 months of the property’s full payment, depending on the program. That payment includes principal, interest, taxes, insurance and HOA dues, known as PITI or PITIA.
Reserves are money that must remain available after you pay the down payment and closing costs. You don’t hand them to the lender; they stay yours. The lender only verifies that they exist and that you can access them.
Lenders tend to require more for larger loans, when you already own other financed properties or when the profile carries more risk. Reserves can sit in a US account or, in many programs, in your home country, as long as they’re documented. Some lenders accept liquid investments, such as stocks, at a discount to their value.
A US account makes it easier to pay the mortgage and show reserves. See how to open one in US bank account for foreign investors.
12. Can I use money from my home country for the down payment?
Yes. The down payment and reserves can come from accounts in your home country. The conditions: the money is yours, it sits in the banking system and you can document where it came from. It’s the most common situation for Latin American investors.
What the lender wants to see is a clean trail: a source account in your name, a balance explained by your activity, and a wire from that same account to the US.
When you convert currency, your bank will ask about the purpose of the transaction. In Colombia, for example, buying dollars to wire abroad goes through the regulated exchange market and comes with an exchange declaration (declaración de cambio). Keep that record, because it’s part of the trail the lender will review. We cover it in our guide for Colombian investors in Florida.
If the money comes from selling a property, a business or an inheritance, also keep the deed, the financial statements or the estate documents.
13. How do I prove the source of funds?
With documents that tie the money to a legitimate source and show how it reached the account you’ll wire from. US lenders run this review under their anti-money-laundering policies, and it’s where foreign national files most often stall.
A well-built file includes:
- Recent months of statements for the source account.
- A short letter explaining where the money came from: savings, a property sale, business profits or an inheritance.
- Support for every large or unusual deposit, such as the sale deed or a profit distribution resolution.
- Certified English translations of the key documents.
In Argentina, for example, many dollar savings sat outside the banking system for years. To a lender, cash with no trail doesn’t work: the money must be in an account, and its origin must be explainable. We cover this in our guide for Argentinian investors in Florida.
If you are a politically exposed person (PEP), expect extra questions. That’s normal, and it pays to prepare for it.
14. How do international wires and currency conversion to dollars work?
The money moves by international wire, in dollars, from an account in your name to the title company’s escrow account. Before that, you convert your pesos or other currency to dollars at your bank or at a regulated exchange house.
Three rules prevent most problems:
- Same account, same owner. Wire from the account you documented. Wires from third-party accounts, even family members’, cause delays and questions.
- Leave time. International wires pass through intermediary banks and compliance checks. Send early and budget for intermediary bank fees.
- Confirm instructions by phone. Fraud using fake wiring instructions sent by email is common. Call the title company at a verified number before you send.
On currency risk: your loan and payment are in dollars, and so is the rent. If the rent covers the payment, your local currency stops mattering month to month. In countries where dollar accounts are common, such as Paraguay, the conversion step is simpler; see our guide for Paraguayan investors in Florida.
Costs and loan terms
15. Why is the interest rate higher for a foreign national?
Because the lender takes on more risk and more work. There’s no US credit history, your income and assets are abroad, and collecting from someone who lives overseas is harder. These loans also generally aren’t bought by the federal mortgage agencies; private investors buy them and expect a higher return.
We don’t publish rates because they depend on the day and the deal. What we can tell you is what moves them:
- A larger down payment (lower LTV) usually improves the rate.
- A comfortable rent-to-payment ratio helps too.
- Ample reserves and a clean file lower the perceived risk.
- Property type matters: a non-warrantable condo or a short-term rental costs more.
- Accepting a longer prepayment penalty often lowers the rate.
The practical move is to compare complete offers for your deal, not advertised rates. A low rate with high costs or a long penalty can end up more expensive.
16. What closing costs should I expect?
Closing costs fall into five groups. The amounts depend on the price, the loan, the county and the lender, so a generic percentage isn’t much use.
- Lender costs: origination, processing and underwriting, plus points if you choose to pay for a lower rate.
- Third parties: appraisal, title insurance, title company or closing attorney fees, and recording.
- Florida taxes on the mortgage: documentary stamp tax on the note and intangible tax on the mortgage. Other states have different charges.
- Prepaids and escrow: property insurance (including wind and, where needed, flood), property taxes, first-period interest and HOA dues.
- International costs: wires, certified translations, apostilles, notary or consulate, courier and, if applicable, forming the LLC.
Before you decide, we put every cost for each option in writing: the lender’s, third parties’ and ours. That way you compare real numbers. In Florida, insurance is usually the surprise; we explain it in investment property insurance.
17. Do investor loans have prepayment penalties?
Many do. It’s common for an investment property loan to charge a penalty if you pay it off, sell or refinance during the first few years. It’s one of the terms most worth reading slowly.
The typical structure is a step-down: a percentage of the balance that drops each year until it disappears after a set period. There are also flat penalties for a fixed term, and loans with no penalty in exchange for a higher rate.
Before choosing, ask yourself how long you plan to hold the property. If you may sell or refinance soon, a short penalty or none can be worth a higher rate. If you’ll hold for many years, a longer penalty may get you a better rate. Also check how the penalty treats partial principal payments.
If refinancing is part of your plan, read rate-and-term vs. cash-out refinance.
18. Can I make interest-only payments?
Yes, on some programs. An interest-only period lets you pay just interest for the first years, without paying down principal. Afterward, the payment rises because principal is repaid over the remaining term.
The main advantage is cash flow: the early payment is lower and the property keeps more of its rent. On some programs, the rent-to-payment ratio is also calculated on the interest-only payment, which can help you qualify.
The downsides are just as clear. Your balance doesn’t drop during that period and, when it ends, the payment goes up. Lenders also tend to reserve this option for stronger files, with more down or better coverage.
It makes sense if you prioritize cash flow or plan to sell or refinance before the period ends. You can compare both payments in our DSCR calculator.
Process and closing from abroad
19. What is the process, and how long does it take?
The process has five steps, and nearly all of it happens remotely:
- First conversation. You reach us through the form or WhatsApp with the property, the price and your situation. We reply within 24 hours.
- Pre-qualification. We review your profile and the property, without affecting your credit, and tell you which programs fit. Get this before you sign a purchase contract.
- Documents and options. We present your file to several lenders. You get a term sheet typically within 3–5 business days once we have your documents, with every cost in writing.
- Lender review. The lender you choose orders the appraisal, reviews title and insurance, and verifies funds and documents.
- Closing. You sign from your home country or in the US, wire the funds, and the lender funds the loan.
Closing typically takes 3–4 weeks, depending on the appraisal, title and your documents. When you negotiate the purchase, ask for a realistic financing period in the contract. The process summary is on our foreign national loans page.
20. What documents do I need?
A typical foreign national file includes:
- A valid passport for each buyer and guarantor.
- A visa or I-94 record, if the lender asks for it.
- Two bank reference letters from your home country.
- Recent statements showing the down payment, closing costs and reserves.
- A written explanation of the source of funds, with support.
- LLC documents, if buying through one: articles of organization, operating agreement and EIN.
- The purchase contract or, for a refinance, title, insurance policy and current leases.
- Certified English translations of any document not in English.
One tip that prevents delays: make sure your name appears the same way on every document. Many Latin Americans use two surnames, and a mismatch between passport, bank statement and LLC triggers questions and extra letters.
The full list, with examples, is in documents for an investment property loan.
21. Can I close without traveling to the United States?
Yes. Most foreign nationals close from their home country. Your options depend on the lender and the title company, which must approve them in advance:
- Local notary, with apostille. You sign before a notary at home and apostille the documents. Colombia, Mexico, Argentina, Chile and Peru are all parties to the Hague Apostille Convention.
- US consulate or embassy. You sign before a consular officer. Notarial appointments can be scarce, so book early.
- Power of attorney. Someone you trust signs in the US on your behalf, under a power of attorney the title company approved in advance.
- Remote online notarization. Some lenders accept it; others don’t.
After signing, the originals go by courier to the title company. Also plan your wires so the funds arrive before the closing date. We cover it step by step in how to close from abroad.
22. How does the appraisal work, and what happens if it comes in low?
The lender orders the appraisal from an independent appraiser, and you pay for it as part of your costs. The appraiser inspects the property and compares it with recent similar sales. For rental properties, the report usually includes a market rent analysis, which feeds the rent-to-payment ratio.
The loan is based on the lower of the purchase price and the appraised value. If the appraisal comes in below the price, you have four paths:
- Renegotiate the price with the seller.
- Bring more down payment to cover the gap.
- Request a reconsideration of value with comparable sales the appraiser didn’t use.
- Walk away, if your contract still has an active financing or appraisal contingency.
For condos, the lender also reviews the building through an HOA questionnaire. We go deeper in appraisal types for investors.
Property types, LLCs and refinancing
23. Can I buy through an LLC?
Yes. Buying through a US LLC is common among foreign nationals, and many programs accept it. You can form it in Florida or another state, with one or more members.
Keep three points in mind:
- Personal guarantee. Even when the LLC is the borrower, the principal members usually sign a personal guarantee.
- Documents. The lender reviews the articles of organization, operating agreement, EIN and who controls the company.
- IRS filings. A single-member LLC owned by a foreign person must file Form 5472 every year, attached to a pro forma Form 1120. The penalty for not filing is $25,000.
An LLC separates liability and keeps the investment organized, especially with partners. But on its own, it doesn’t shield you from US estate tax (see question 30). We compare the options in buying through an LLC as a foreign investor.
24. Can I finance a Miami condo, including non-warrantable condos and condo-hotels?
Yes, though every building is reviewed on its own. A “warrantable” condo meets Fannie Mae’s project standards; a “non-warrantable” one doesn’t. Many investor lenders finance both, with a larger down payment on non-warrantable units.
The most common reasons a building is non-warrantable are hotel-style services, one owner holding many units and too much commercial space. HOA litigation and pending critical repairs also count.
In Florida, that last point carries real weight since the post-Surfside reforms. Condo buildings three or more habitable stories tall need a milestone structural inspection by the year they turn 30. The local building official can require it at 25, and it repeats every 10 years. They also need a structural integrity reserve study (SIRS) every 10 years, and associations can no longer waive those reserves. The result: higher dues and special assessments in many older buildings.
Before you sign, ask for the HOA budget, the SIRS, the inspection report and any approved assessments. Condo-hotels have fewer lenders and require more down; see how to finance a condotel.
25. Can I finance a short-term rental like an Airbnb?
Yes, on some programs. Short-term rentals can be financed, but lenders treat them more cautiously than annual leases. If the property has a track record, they use its actual income; if not, a market projection with conservative assumptions.
Before you buy, confirm three separate permissions:
- The city or county. Some South Florida cities, such as Miami Beach, heavily restrict short-term rentals in many residential areas.
- The building or community. Many associations set minimum lease terms or cap how many times a year a unit can be rented.
- Taxes. Short-term rentals owe state and local taxes on the rent, on top of income tax.
Tourist areas such as Orlando and Kissimmee have communities designed for vacation rental; elsewhere, short-term rental is banned. Expect a larger down payment and higher reserves. If the property has no history, read short-term rental with no history.
26. Can I finance apartment buildings, commercial property or several properties?
Yes. Foreign national programs cover much more than houses and condos. Properties with 2 to 4 units qualify much like a house: on the combined rent.
Buildings with 5 or more units, retail and mixed-use properties are underwritten as businesses. The lender looks at net operating income, the rent roll, the trailing twelve months (T-12) and the building’s debt coverage. There’s more paperwork, but the logic is the same: the property must carry its debt.
You can also hold several financed properties. Each loan qualifies on its own, but required reserves rise with each additional property, and some lenders cap their exposure to a single investor. For larger portfolios, there are loans that bundle several properties under one mortgage.
If you’re looking at a building, read our guide for the foreign investor buying an apartment building.
27. Can I take cash out of a property I bought with cash?
Yes. Many Latin American investors buy with cash and later want some of that capital back. A cash-out refinance lets you do that, even as a foreign national.
There are two common situations:
- Soon after buying. Some programs allow cash out shortly after the purchase, usually up to what you invested and documented in the purchase.
- After some time. Once the program’s waiting period (seasoning) has passed, the loan is based on the current appraisal. That value may be higher than what you paid.
On a cash-out, the maximum LTV is usually lower than on a purchase. The lender will also review title, insurance and leases. The proceeds can be wired to your US account or to your account at home.
Waiting periods vary by lender; we explain them in seasoning requirements explained.
Taxes and exit
This article is general information, not tax advice; we coordinate with cross-border CPAs on every file.
28. What taxes do I pay on rental income, and what return do I file?
By default, rent a foreign owner earns from US property is taxed at 30% of the gross amount, with no deductions. The tenant or property manager normally withholds it.
The alternative most investors use is the section 871(d) election. It treats the rent as income from a US business: you deduct interest, depreciation, taxes, insurance, HOA dues and maintenance, and pay tax only on net income. To do it, you give Form W-8ECI to whoever pays you the rent and file Form 1040-NR every year, which requires an ITIN. The IRS explains it on its page about US real property owned by nonresident aliens.
Florida has no state personal income tax. But your home country probably taxes your worldwide income. Mexico and Chile have income tax treaties with the US; Colombia, Argentina, Brazil, Peru and Paraguay don’t. Even without a treaty, many countries give a credit for tax paid in the US. Ask, too, about any foreign-asset reporting your country requires.
29. What is FIRPTA, and what happens when I sell?
FIRPTA is the law that requires the buyer to withhold part of the price when the seller is a foreign person. The general withholding is 15% of the gross sale price, not of the gain. In practice, the title company withholds it at closing and sends it to the IRS.
That withholding is a prepayment, not the final tax, which is based on the gain. If too much was withheld, you recover the difference by filing Form 1040-NR for the year of the sale. You can also apply before closing for a withholding certificate (Form 8288-B) to reduce it to what you expect to owe.
Two practical tips. First, have your ITIN ready: without it, you can’t apply the withholding as a credit on your return. If you report your rental income every year, you’ll already have one. Second, plan the withholding certificate with your CPA before you list the property.
There are limited exceptions when the buyer will live in the property and the price is below certain limits. We explain it in what is FIRPTA.
30. What happens with US estate tax if I die owning US property?
This is the risk Latin American investors most often overlook. If you die owning US real estate directly, that property can be subject to federal estate tax. For a nonresident non-citizen, an estate tax return (Form 706-NA) is required when US assets exceed $60,000, and rates reach 40%.
The gap with a citizen is huge: in 2026, a US citizen or resident has a $15 million exclusion. And no Latin American country has an estate tax treaty with the US.
There are ways to plan, but they should be set up before you buy or when you restructure:
- A single-member US LLC, on its own, usually doesn’t solve the problem.
- Structures using foreign companies, trusts or life insurance exist, but they carry costs and must be designed with an attorney and a CPA.
- Mortgage debt can reduce the taxable base in some cases, depending on how it’s structured.
If the property is in your personal name, your heirs would also face a probate proceeding in Florida. More in estate tax for foreign owners.
Have a specific deal?
Tell us about the property you have in mind, its price or value, and how you plan to buy or refinance. We review your case, tell you which programs fit and, once we have your documents, present options from several lenders with every cost in writing.
Submit your deal here or message us on WhatsApp at +1 786-608-7005. We reply within 24 hours.