Foreign National Mortgage Guide for Brickell Condos

Buying a Brickell condo from abroad can feel complicated. You may be hearing different rules about down payments, building approvals, insurance, and what lenders will accept. You want a clear path to financing so you can focus on the right property and close with confidence.

In this guide, you’ll learn how foreign national mortgages work for Brickell high‑rise condos. You’ll see typical down payments, documentation, reserve requirements, rate expectations, and how condo project rules impact your loan options. You’ll also get a step‑by‑step plan and a look at in‑house and developer lending choices. Let’s dive in.

Brickell lending landscape

Brickell is a high‑rise, high‑density condo market with many units priced in jumbo territory. Lenders see more international buyers and investors here compared to other areas, which affects how they underwrite risk. Many buildings are waterfront or near the bay, so lenders closely review wind and flood exposure.

Since major condo incidents in South Florida and increased national scrutiny after 2021, lenders and insurers have tightened project reviews. This means your condo association’s financials, reserves, insurance, and building condition can directly shape your financing options and terms.

Mortgage options for foreign nationals

Several lender types commonly serve international buyers in Brickell:

• Major and regional banks with international desks
• International banks with U.S. operations
• Portfolio lenders and private banks
• Mortgage brokers who place loans with specialty or non‑QM lenders
• Developer preferred or in‑house lenders for new construction

Program types you might consider include foreign‑national loans, portfolio or non‑QM options with flexible documentation, and jumbo loans. Underwriting will also differ if the unit is a primary use, second home, or investment.

Down payments and LTV

Down payment expectations vary by program and risk profile, but here are common ranges for condos purchased by foreign nationals:

• Primary‑use scenarios can start around 20–30% down with some lenders.
• Non‑resident or investor purchases often require 30% or more.
• For higher‑risk cases or non‑warrantable buildings, some lenders may ask for 35–50% down.

Because many Brickell purchases exceed conforming limits, jumbo loans are common and can come with lower maximum loan‑to‑value ratios.

Documentation you will need

Lenders verify identity, income, assets, and the source of funds. Requirements vary by program, but most foreign national files include:

• Government ID and passport; visa or immigration status if applicable.
• Proof of income such as employment letters, pay stubs, foreign tax returns, or business financials. Certified translations are often required.
• Bank statements, commonly 12–24 months, to verify income, reserves, and down payment.
• Documented source of funds. Savings, sale of assets, or gifts must be clearly traceable due to anti‑money‑laundering rules.
• Credit history. If you do not have U.S. credit, some lenders accept alternative credit like rental or utility histories or non‑U.S. credit bureau reports.
• U.S. tax ID. Some lenders require or prefer an ITIN for processing and tax reporting.

Having a complete, well‑organized package will speed up underwriting and reduce back‑and‑forth requests.

Reserves, credit, and ratios

Reserve requirements are common and can be significant. Expect anywhere from 6 to 24 months of total monthly housing payments in reserves, depending on your residency, credit profile, loan program, and the project’s risk. Stronger reserves can help offset limited U.S. credit history.

Some lenders allow asset‑depletion underwriting, where liquid assets are converted into an imputed income stream to help you qualify. Debt‑to‑income thresholds vary, and portfolio or non‑QM lenders may allow higher ratios if supported by larger down payments and robust reserves.

Condo project approval matters

Your unit must be financeable, and that comes down to the building’s status. Lenders assess the association’s litigation exposure, owner‑occupancy ratios, reserve health, budget, commercial space, and any single‑entity ownership concerns. Projects that meet standard agency rules are often called warrantable. If a building is non‑warrantable, you may need a portfolio or non‑QM lender, or more cash.

Post‑2021, lenders may request building reserve studies and inspection or engineering reports. Special assessments and pending repairs can make loans harder to approve. Insurance is also key. Many Brickell condos sit in areas where flood and robust wind coverage are required, so lenders will carefully review the building’s master policy.

The practical takeaway is simple: verify if the condo is lender‑friendly early in your search. Ask for HOA financials, budgets, minutes, reserve studies, and insurance certificates as soon as you are serious about a building.

Rates, fees, and timelines

Foreign national loans usually carry a rate premium compared to standard conforming loans. Depending on your down payment, program, and risk profile, the rate difference is often a few tenths of a percent up to around 1% or more. Fees can also be higher due to loan‑level adjustments, translation costs, and international wire requirements. Compare the APR and fee sheets across quotes, not just the rate.

Underwriting timelines can be longer because of document verification and translations. If you are buying a new construction unit, a developer’s preferred lender may offer a more streamlined process, but you should still compare pricing, rate lock options, and appraisal timing.

Plan early for currency transfers and foreign exchange costs. Large international transfers shortly before closing will be scrutinized, so keep clear records of the source of funds, including sale of assets or gift letters as needed.

If you plan to rent out your unit, remember that U.S. tax rules apply to rental income and filings. When you sell, FIRPTA withholding rules may apply. A qualified tax advisor can guide you, and some lenders may request an ITIN for tax reporting.

In‑house and developer lending

In‑house or developer preferred lenders can be helpful for new buildings. You might see:

• Pros: more flexibility on documentation or condo project acceptance, faster timelines, and occasional closing incentives.
• Cons: pricing may not be the best in the market, and future refinancing options can be limited depending on how the loan is structured.

Portfolio lenders and private banks offer flexibility as well, including alternative credit and asset‑based underwriting. Expect higher rates and fees compared to agency loans, but they can solve complex scenarios common with international buyers.

Step‑by‑step financing plan

Use this checklist to organize your financing before you write an offer:

1. Define your purchase budget and target buildings. Assume jumbo or portfolio financing for most Brickell condos.
2. Choose a lender path. Compare a bank’s foreign‑national program, a portfolio or private bank option, and a broker who can shop specialty lenders.
3. Gather documents. ID, passport and visa, 12–24 months of bank statements, foreign tax returns or employment letters, and proof of funds.
4. Discuss an ITIN. Follow your lender and tax advisor’s guidance on applying if needed.
5. Pre‑screen buildings. Ask for HOA financials, budget, reserve study, insurance, and any assessments. Share with your lender for a quick project read.
6. Get insurance quotes. Check flood and wind requirements and confirm master policy details early.
7. Structure your offer. Include realistic financing and condo document timelines that reflect international processing.
8. Lock rate and order the appraisal when contingencies are in place and documents are verified.
9. Schedule international wires. Allow time for FX, transfer limits, and bank approvals, and keep a clean paper trail.
10. Prepare reserves and closing items. Confirm final cash‑to‑close and reserve requirements and plan your post‑close cash needs.

How we help you in Brickell

You deserve a single, coordinated team that understands coastal condos and international financing. Properties & Pads pairs local condo expertise with integrated mortgage loan origination and property management. That means you can shop the right buildings, compare lending paths, and hand off to management after closing without juggling multiple providers.

If you want a clear, fast path to a Brickell condo as a foreign national buyer, we’re ready to help you align the property, financing, and timeline.

Ready to explore options and get a tailored plan for your situation? Call or text Sean Greco to start the conversation.

FAQs

What is the typical down payment for a foreign national buying a Brickell condo?

• Expect 20–30% in favorable cases, but 30% or more is common for non‑resident or investor purchases, and some higher‑risk buildings may require 35–50%.

Can I get a Brickell condo mortgage without U.S. credit history?

• Some lenders accept alternative credit like rental or utility histories or non‑U.S. reports, usually with stronger reserves or higher down payment.

Are high‑rise Brickell condos harder to finance?

• Lenders closely review condo associations, building reserves, insurance, and any assessments or litigation, which can affect loan availability and terms.

How much higher are rates for foreign national loans in Brickell?

• Rates typically carry a premium of a few tenths of a percent up to around 1% or more compared to standard conforming loans, depending on your profile.

How long does closing take for an international buyer in Brickell?

• Expect longer timelines due to document verification, translations, and international wires unless you use a specialized lender experienced with foreign national files.

What insurance do lenders require for Brickell condos?

• Many buildings require robust wind coverage and, if in a FEMA Special Flood Hazard Area, flood insurance, along with a strong association master policy.

Do I need an ITIN to get a mortgage as a foreign national?

• Some lenders require or prefer an ITIN for processing and tax reporting, while others do not, but an ITIN can be needed for U.S. tax filings.

Are developer in‑house loans a good option for new Brickell condos?

• They can simplify closing and accept the project more readily, but you should compare rates, fees, and long‑term flexibility with outside options.