Forty-two percent of Miami's condo sales last quarter went to foreign buyers, and South Florida absorbed $4.4 billion of international residential capital last year — yet walk that demand into a US retail bank and the answer is a shrug: no US credit file, no loan.
The bank isn't wrong about its own products; it's just not describing the actual market. Foreign-national DSCR lending is a mature, competitive industry, and Florida is its capital.
I've closed these files for buyers from Bogotá to Berlin since before they had a product name. Here's how the loan actually works: what replaces the US credit file, the real terms, the structure that closes smoothly from seven time zones away, and the two tax items to plan at purchase instead of discovering at sale.
How Qualification Works Without a US File
DSCR's core logic — the property qualifies, not the borrower's paperwork — is precisely why it travels. The rent covers the payment (standard ratio math, unchanged), and the borrower file swaps US documents for international equivalents:
- Identity: passport, plus visa or visa-waiver entry documentation — tourist status is fine; residency is not required, and no SSN is needed (ITIN optional)
- Credit: no US score required; some lenders add depth via international credit reports where they exist, or one to two banker's reference letters from your home institution
- Assets: statements from foreign accounts are accepted with translation/conversion; down payment and reserves documented and seasoned, with US-account placement ahead of closing strongly preferred
- No income documentation — no US or foreign tax returns, no employment verification; the 1007 rent schedule is the income document, exactly as for domestic borrowers
The Terms: What Changes vs. Domestic DSCR
| Factor | Domestic DSCR | Foreign National DSCR |
|---|---|---|
| Down payment | 20–25% | 25–35% (30% typical) |
| Rate | Baseline tiers | +~0.5–1% |
| Credit file | US score sets tier | None required |
| Reserves | 3–6 months | 6–12 months, US account preferred |
| Structures | 30-yr fixed, IO, prepay menu | Same menu |
| Vesting | LLC standard | LLC strongly standard |
The premium is the price of lending without a credit history to underwrite — offset structurally by the larger equity cushion. Everything else in the DSCR world (prepay step-downs and the below-conventional pricing logic behind them, IO structures, tier mechanics) applies unchanged.
The Standard Structure: Florida LLC + US Bank Account
The file that closes smoothly is assembled in this order, most of it doable in a week from abroad: form the Florida LLC (~$125 via Sunbiz, days to process — most lenders prefer entity vesting for foreign borrowers, and it cleanly handles liability and multi-owner families; the full mechanics); obtain the EIN (IRS, free — foreign members without SSNs use the fax/mail route, so start early); open the US bank account in the LLC's name (passport + LLC papers + EIN; this is where payments will ACH from, and where lenders prefer reserves to sit); and move the funds early — international wires plus source-of-funds documentation are the pacing item on nearly every foreign file, so 30–60 days of US seasoning before closing converts the hardest condition into a non-event. Contract, appraisal, and underwriting then run exactly like any DSCR purchase.
Closing From Abroad
No travel required. Florida permits remote online notarization, and foreign-national closings execute routinely with the buyer overseas — RON signing sessions, or documents executed at a US consulate with apostille where a lender requires wet signatures. Title insurance issues to the LLC; the deed records; final funds wire to the closing agent.
Practical notes from a few hundred of these: schedule signing sessions across time zones with a day of slack; confirm your home bank's outbound wire limits and documentation requirements before closing week; and have your US point of contact — broker, attorney, or manager — do the final walkthrough.
The standard 2–3 week timeline holds if the funds logistics were front-loaded.
The Worked File: Bogotá Buyer, Fort Lauderdale Condo
- Buyer: Colombian national, no US credit, tourist-visa entry, funds from documented property sale at home
- Property: $385,000 warrantable one-bedroom in a compliant Intracoastal building (the building file passed the milestone/reserve screen first — the non-negotiable in this market)
- Structure: Florida LLC, 30% down ($269,500 loan) at 8.0% (foreign-national tier), 12 months reserves in the new US account
- The ratio: $2,650 market rent vs. $2,472 PITIA (P&I $1,978 + taxes $330 + HO-6 $88 + dues $76 allocated) → DSCR 1.07 — approved on the property's math, closed via RON with the buyer in Bogotá, 24 days contract to keys
- The plan on file: seasonal-premium operation per the Broward playbook, and a refinance review at the prepay step-down if US credit is established by then
The Two Tax Items to Plan at Purchase (Not at Exit)
Not tax advice — but the two items every foreign buyer should put in front of a cross-border CPA the same week they go under contract. Rental income is US-taxable: the right elections (taxing net rather than gross rental income) and an ITIN application belong in year one, not at the first filing deadline. FIRPTA applies at sale: US law requires withholding on dispositions by foreign sellers — a cash-flow event at exit that's routinely managed (withholding certificates, proper entity planning) when anticipated, and an unpleasant surprise when not.
Buyers weighing larger structures (multiple properties, estate considerations across borders) should have the entity conversation with counsel before titling — restructuring later costs Florida transfer taxes, per the transfer-trap math.
The Bottom Line
Florida's international buyers don't need US credit — they need the loan built for them: property-qualified, entity-vested, remotely-closed DSCR at 25–35% down.
Assemble the structure early (LLC, EIN, US account, seasoned funds), screen the building before the unit in condo markets, and put the two tax items on a professional's desk at purchase.
Do that, and buying from Bogotá, London, or São Paulo runs as smoothly as buying from Boca.
We close foreign-national files every month, in both hemispheres' time zones. Send your scenario — country, property target, funds situation — and I'll map the structure and quote the real tier. Free, no US credit file needed. Start here or call us at (800) 355-ALEX.
Frequently Asked Questions
Can a foreign national get a mortgage in Florida without US credit?
How much down payment do foreign buyers need?
Do I need an ITIN, visa, or US entity?
Can I close without traveling to the US?
What are the rates and terms for foreign national DSCR loans?
What US accounts and taxes should I plan for?
About the Author — Alex Doce, NMLS #13817
Alex Doce is the Principal Mortgage Broker at The Doce Mortgage Group (NMLS #2638131) in Fort Lauderdale, a nationally ranked top-1% originator with 38+ years in Florida lending, 7,000+ closings, and 1,500+ five-star reviews. He has financed Florida investment property through every market cycle since 1987. More about Alex →