Foreign-National Mortgages in Florida — A Complete Guide for Turkish Citizens

The single most-asked question on our WhatsApp line: "Can I get a mortgage in the U.S. without American credit?"

Yes. We close foreign-national mortgages for Turkish citizens routinely. The lenders exist, the rates are reasonable, and the process — while paperwork-heavy — is well-traveled. This guide walks through how it actually works.

What is a foreign-national mortgage?

A foreign-national mortgage is a U.S. real estate loan made to a borrower who:

• Is not a U.S. citizen or permanent resident
• Does not have a U.S. credit score (no FICO history)
• Typically does not have a U.S. Social Security Number
• May or may not have a U.S. visa

Specialized lenders offer these programs because they understand the underwriting fundamentals are different. Conventional U.S. mortgages rely on FICO scores, employment income verification, and tax returns. Foreign-national programs rely on assets, bank statements, and proof of income from international sources.

How qualification works

Foreign-national programs are typically asset-based rather than income-based. The lender looks at:

1. Liquid assets — cash and investments in your name across Turkish, European, and U.S. accounts 2. Source of funds — proof of where the money came from (business, inheritance, sale of property, salary over multiple years) 3. Bank statements — usually 12-24 months from your primary banking relationship 4. International credit reference — sometimes accepted from a Turkish bank confirming you're a customer in good standing 5. Property cash flow projection — for investment properties, the rental income projection helps qualify

You will need an ITIN (Individual Taxpayer Identification Number) from the IRS — this is the foreign-national equivalent of a Social Security Number for tax purposes. We coordinate ITIN applications routinely; they take 4-8 weeks to issue.

Down payment and rates

Typical foreign-national mortgage terms in 2026:

• Down payment: 25-30% on most programs; 35-40% on lower-rate programs; 20% available on premium programs for very strong borrowers
• Loan-to-value (LTV): 60-75%
• Interest rate: typically 1-1.5% above conventional U.S. rates. As of early 2026, conventional 30-year fixed sits around 6.5-7%, so foreign-national rates run roughly 7.5-8.25%
• Term: 30-year fixed and 7/1 ARM are most common
• Loan size: $200K minimum to $5M+ on jumbo programs

Real example. A $1.2M condo in Sunny Isles Beach. 30% down ($360K). Foreign-national 30-year fixed at 7.25%. Loan amount $840K. Monthly principal + interest: approximately $5,732. Add HOA, taxes, and insurance and the all-in monthly cost is typically $7,800-$9,200 depending on the building.

For pre-construction, most foreign-national lenders only commit to financing at delivery — not during the construction period. So during construction you pay deposits in cash; at delivery you finance the remaining balance.

Documentation needed

Plan to gather and translate the following into English:

1. Turkish passport — full color scan, current and not within 6 months of expiry 2. Tax returns — last 2-3 years of Turkish tax filings, translated and apostilled 3. Bank statements — 12-24 months from your primary Turkish bank, in original currency with USD conversions 4. Source of funds letter — explaining where the down payment + closing funds originated. If from business sale, include the sale documents. If from salary, include employment confirmation and salary history. If from inheritance, include estate documents. 5. International bank reference — letter from your Turkish bank confirming length of relationship and account standing 6. ITIN application or existing ITIN — required for U.S. tax reporting 7. Property purchase contract — the executed sale contract on the Florida property 8. Insurance binder — lender requires homeowner's insurance commitment before closing 9. Marriage certificate (if applicable) — translated and apostilled, especially if titling jointly with spouse

The translation and apostille requirements vary by lender. Some accept Turkish-language documents with a certified English translation; others require apostille certification from the Turkish Ministry of Foreign Affairs.

The five types of foreign-national lenders

Not all "foreign-national" programs are the same. We work with five categories:

1. National bank programs

Big-name U.S. banks (HSBC, Citibank, JP Morgan Private Bank) offer foreign-national programs to qualifying high-net-worth borrowers. Best for: borrowers with $1M+ assets under management at the bank. Rates are competitive but require asset relationship.

2. Private bank programs

Boutique private banks (typically $5M+ minimum AUM relationships) offer premium foreign-national mortgage products with lower rates and higher LTVs in exchange for an asset management relationship.

3. Portfolio lenders

Mid-size U.S. lenders (Inter National Bank, BAC Florida Bank, Plaza Home Mortgage's foreign-national program, etc.) specialize in foreign-national lending and hold the loans on their own books. Best for: borrowers who don't have a private banking relationship. More flexible underwriting.

4. Hard money / bridge lenders

Short-term high-rate financing (10-12% interest, 12-24 month terms) for buyers who need immediate funding while arranging permanent financing. Best for: bridge situations or quick-close scenarios.

5. Developer financing

A few Florida developers offer in-house buyer financing on pre-construction units — typically 20-30% down at closing with a 5-7 year balloon. Available on select buildings, not all. We track which projects offer this.

We coordinate introductions across all five categories based on the borrower's specific situation. Read more on our Visa Opportunities page which covers financing context for E-2 and EB-5 buyers.

Timeline

A foreign-national mortgage closes in 60-75 days typically — about 30 days longer than a conventional U.S. mortgage. The extra time is for document translation, apostille processing, and additional underwriting review.

• Week 1-2: Pre-qualification, document gathering begins
• Week 3-4: Full application submission, ITIN application if needed
• Week 4-6: Underwriting review, conditional approval
• Week 6-8: Property appraisal, title work, insurance binder
• Week 8-10: Clear-to-close, final document preparation
• Week 10-11: Closing (can be in-person, by mail, or via consular notarization for remote borrowers)

What kills a foreign-national loan

Common deal-killers:

• Unexplained large deposits in bank statements within 60 days of application. Even if the source is legitimate, an undocumented $200K deposit triggers AML (anti-money-laundering) review and often kills the loan timing
• Source-of-funds gaps — money showing up without a paper trail
• Mismatched signatures between passport, tax returns, and loan documents (Turkish citizens often have multiple signature variants — pick one and stick to it)
• Property type restrictions — some lenders won't finance condotels, very small units (under 500 sq ft), or buildings with high non-warrantable ratios
• Buying through an offshore entity — most foreign-national programs require titling in personal name or a U.S. LLC, not a BVI/Cayman/Cyprus holding entity
• Recent ownership changes in source company — if your source-of-funds is a Turkish business sale, the buyer-side company structure must be documented

FIRPTA — what to know at sale time

FIRPTA (Foreign Investment in Real Property Tax Act) requires a 15% federal withholding on the gross sale price when a foreign person sells U.S. real estate. The withholding is not the actual tax — it's a deposit against eventual tax liability. You file a U.S. tax return for the year of sale and either receive a refund of the over-withheld amount or pay any additional tax owed.

FIRPTA exemptions: sale price under $300K with buyer using as residence; certain treaty-based reductions; advance withholding certificate from the IRS.

Tax considerations during ownership

Florida has no state income tax, which is meaningful. Federal tax applies on rental income but is offset substantially by:

• Mortgage interest deduction
• Property tax deduction
• Depreciation (a 27.5-year straight-line schedule for residential rental property — typically reduces taxable rental income to near zero in the first 5-10 years)
• Operating expense deductions

Many foreign owners of Florida rental property show paper losses for U.S. tax purposes despite positive cash flow. We coordinate with U.S. CPAs experienced with Turkish-citizen filers.

Where to start

Before you start lender shopping, gather your documents. The number-one delay we see is borrowers starting the loan application before they have their bank statements, tax returns, and source-of-funds documentation organized.

Once your document package is ready, we'll connect you with 2-3 lenders matched to your situation and get parallel pre-qualifications. Compare and choose. WhatsApp us — Turkish or English — and we'll guide you through it.