Foreign Nationals have become the predominant purchasers of Miami real estate in recent years. Realtors are reporting that an estimated 60% of all residential real estate sales in Miami and Miami Beach are from individuals who are not US citizens - commonly referred to as Foreign Nationals. Although many are cash buyers, an increasingly large segment are seeking mortgages due to the low interest rates offered in the US compared to rates in their own countries.
Typical terms require the Foreign National buyer to have a down payment of 30% to 40% but interest rates are usually below 5% which is much more attractive than what is available in most other countries.
One of the most popular Foreign National mortgage lenders in Miami is Continental Mortgage based in Miami Beach, Florida. They cater to Foreign National buyers seeking mortgages throughout Florida. Click here to see their documentation requirements for Foreign Nationals. Getting approved is easy and relatively fast....usually less than a month. Foreign Nationals are also taking advantage of the new lower real estate prices in Ft Lauderdale, Palm Beach, Orlando and Naples.
