Miami’s foreign national mortgage market is defined by one core dynamic: substantial wealth exists, but almost none of it is documentable through the conventional US mortgage system. A Colombian family with $4.2M in assets doesn’t have US W-2 income, US tax returns, or US credit history — until they build those things specifically for the mortgage.
The asset utilization program and DSCR program solve this. US-held assets ÷ 84. Property rental income ÷ PITIA. No foreign documentation required on either.
FL #MLD1287. Florida $2M primary overlay. Title company state.
Miami Foreign National Buyer? No US Income Required.
FL #MLD1287 · $2M max primary · US assets ÷ 84 = income
Mbanc NMLS #38232 | FL #MLD1287 | Equal Housing Opportunity Lender
Miami’s Foreign National Buyer Profiles
Brazilian buyers:
The largest single-country foreign national buying community in Miami. Primary motivation: US asset protection, currency diversification from BRL, and lifestyle (Miami’s Brazilian community is large and established). Typical profile: business executives or company owners with $1.5M–$8M in US brokerage accounts at Citibank, HSBC, or Schwab. ITIN common. US credit established through Citibank Brazil → Citibank US secured card relationships.
$2.8M Schwab US account. ITIN. 14-month Citi secured card: 678 FICO. Net eligible (after FL overlay deductions on $1.85M Coral Gables target): $2.278M ÷ 84 = $27,119/month. PITIA: $11,300/month. DTI: 51.7%. FL overlay: within $2M. Approved.
Colombian buyers:
Growing presence in Miami, particularly Brickell and Doral. Dual motivation: US asset safety and Miami’s established Colombian community. Profile: entrepreneurs and executives with $800K–$4M+ in US accounts. Common path: HSBC US or Bank of America relationship + secured card credit establishment.
Venezuelan buyers:
Long-established Miami community from two decades of political and economic emigration. Many have substantial US-held assets accumulated over years — Merrill Lynch accounts, Schwab accounts, US real estate equity from prior purchases. Often have longer US credit history than newer international buyers.
European buyers:
UK, German, Swiss, and Scandinavian nationals purchasing Florida vacation homes. Often arrive with existing US banking relationships (Citibank, HSBC global accounts) and more established US credit history from prior US banking activity. E-2 treaty investor visa common for UK and EU buyers.
The Florida $2M Overlay for Foreign National Buyers
Florida’s $2M primary residence overlay applies equally to foreign nationals and US citizens. For Miami-area foreign national buyers:
Within overlay (most transactions):
Coral Gables SFR: $850K–$2.2M. Transactions at $1.5M–$2M are within the overlay at 80% LTV.
Coconut Grove SFR: $900K–$3M. Most standard purchases within overlay.
Brickell condos: $500K–$2.5M. Most standard condo purchases within overlay.
Doral: $450K–$1.2M. Well within overlay.
Near or above overlay:
Miami Beach: $1.2M–$15M+. Most premium purchases require additional down.
Key Biscayne: $1.5M–$8M+. Premium island market, often above overlay ceiling.
Fisher Island: $2M–$25M+. Exclusively above overlay.
The foreign national overlay planning note: Foreign nationals targeting Miami Beach, Coconut Grove above $2.35M, or Key Biscayne properties should plan for 30%+ down payment to stay within the $2M loan ceiling. For buyers with $4M–$10M+ in US assets, this is a capital allocation decision rather than a constraint.
DSCR for Foreign National Miami Investors
Miami’s DSCR market for investment properties is active but challenged by the same factors as domestic DSCR: coastal insurance, Miami-Dade property taxes (1.4–1.6%), and HOA fees in condo buildings.
The challenge calculation:
Brickell condo investment at $685,000: HOA $850/month + taxes (1.5%) $856/month + insurance (HO-6) $165/month + P&I at 70% LTV ($479,500 at 8.25%) $3,602. Total PITIA: $5,473. Qualifying rent: $3,200. DSCR: 0.58. Below no-ratio floor.
The HOA kills Miami condo DSCR for most Brickell properties.
Better Miami-area DSCR options:
Hialeah / Hialeah Gardens: Lower taxes (Miami-Dade 1.4%), no HOA. $320,000–$430,000 SFRs. $2,200–$2,700/month rent. DSCR 0.85–1.05 at 70–80% LTV.
Homestead: $250,000–$360,000, minimal HOA. $1,800–$2,300/month. DSCR 0.90–1.10.
West Miami-Dade (Kendall): $380,000–$520,000 SFR. $2,400–$3,000/month. DSCR 0.88–1.02.
Or: Out-of-state DSCR for better economics. Most Miami-based foreign national investors who are serious about DSCR cash flow target Tennessee (Rutherford County 0.76%), North Carolina (Cabarrus 0.92%), or Jacksonville FL (Duval County 1.2–1.4%). Better DSCR math, lower insurance, no HOA.
Three Complete Miami Foreign National Transactions
Transaction 1 — Brazilian executive, Coral Gables (asset utilization):
$2.8M Schwab US account. ITIN. 678 FICO (14 months Citi secured card). FL overlay. Net eligible: $2.278M ÷ 84 = $27,119/month. Target: $1.85M Coral Gables. 80% LTV ($1.48M). PITIA: $11,300/month. DTI: 51.7%. Approved (exception — $2.28M residual assets). Close: 31 days.
Transaction 2 — Colombian family, Brickell second home (asset utilization):
$3.1M Merrill Lynch US. B-1/B-2. ITIN. 694 FICO. Net: $2.78M ÷ 84 = $33,095/month. FL $2M overlay. Target: $1.65M Brickell Tower condo (second home). 80% LTV ($1.32M). PITIA (with HOA $1,200): $11,400/month. DTI: 44.3%. Approved.
Transaction 3 — UAE investor, Homestead DSCR portfolio:
No personal income submitted to any DSCR file. E-2 visa, ITIN, 692 FICO (JP Morgan relationship card). Three Homestead SFRs at $295K–$340K each. DSCRs: 1.04, 1.07, 1.02. All standard at 80% LTV. Closed in 29 days (FL title company) per file.
The Miami Foreign National Credit Establishment Community
Miami has a concentrated ecosystem of services specifically for foreign nationals establishing US financial presence:
ITIN assistance: Multiple Certified Acceptance Agents operating in Miami with multilingual staff (Spanish, Portuguese) familiar with Latin American documentation.
Secured card relationships: Citibank Miami branches and HSBC US Miami private banking serve the Latin American community specifically, with established programs for foreign nationals.
Nova Credit: Particularly useful for Mexican, Brazilian, and Colombian nationals — countries supported by Nova Credit’s international credit reporting service.
Foreign nationals in Miami often have shorter credit establishment timelines than in other cities because of the existing local infrastructure and bank relationships designed specifically for this community.
Frequently Asked Questions
Can a Colombian or Brazilian national get a mortgage in Miami without US income?
Yes. Asset utilization uses US-held assets (Schwab, Fidelity, Merrill, Citibank US) as qualifying income. No Colombian or Brazilian income documentation required.
Does the Florida $2M overlay apply to foreign nationals?
Yes — same as US citizens. Investment property DSCR follows national parameters with no cap.
How long does the Miami foreign national mortgage process take?
Typically 27–31 days for a complete file. FL title company state. Additional documentation review for foreign national identification adds 2–5 days over standard.
Not a commitment to lend. FL #MLD1287 | Mbanc NMLS #38232 | Equal Housing Opportunity Lender
Miami Foreign National Credit Establishment: The Local Advantage
Miami has a denser ecosystem of foreign national financial services infrastructure than any other US city:
Citibank Miami: Full-service private and retail banking programs specifically designed for Latin American clients. Multiple branches with Spanish and Portuguese-speaking staff. Secured card programs for foreign passport holders with existing US Citi accounts.
HSBC US Miami: Global banking relationships. HSBC Brazil, HSBC Mexico, and HSBC Colombia clients can leverage the global relationship to establish US accounts faster than starting fresh.
Itaú US / BTG Pactual US: Brazilian-affiliated banks operating in Miami that serve Brazilian HNW clients transitioning assets to US accounts. Familiar with ITIN application process.
Banco Santander Private Banking: Spanish and Latin American clients. Miami-specific private banking programs.
For Latin American foreign nationals, Miami offers a home-market feel for US financial establishment. The same bank relationship managers who handled their Latin American accounts often have US counterparts who can accelerate the US account opening and credit card issuance process.
Not a commitment to lend. Mbanc NMLS #38232 | Equal Housing Opportunity Lender | Asset utilization: US-held eligible assets ÷ 84 = monthly qualifying income | DSCR: qualifying rent ÷ PITIA | Minimum 640 US credit score | Valid US visa required | ITIN accepted | Programs and rates subject to change | FL #MLD1287 | CA DBO #60DBO45280 | TX SML | NC #L-183446 | IL #MB.6761396 | GA #48090 | TN #178934