Thinking about a second home in Sunny Isles but unsure how financing works if you live outside the United States? You are not alone. Many international buyers succeed here with the right loan program, a strong document package, and early condo due diligence. This guide explains your financing paths, what lenders ask for, condo project rules, timelines, costs, and a simple checklist to move forward with confidence. Let’s dive in.
Financing paths for international buyers
Cash purchase
Cash is common in Sunny Isles luxury condos. It is the fastest route and avoids mortgage underwriting and condo approval delays. If you want speed or the building is complex for lenders, a cash purchase can help you close in 1 to 3 weeks.
Foreign‑national mortgage programs
Many U.S. and international banks with a U.S. presence offer loans tailored for non‑resident foreign buyers. These programs adapt to international income and credit documents. Pricing is usually higher than prime domestic loans, but they are widely used in South Florida.
Portfolio and jumbo or private bank lending
Local or regional banks that keep loans in their portfolio can be more flexible on residency, documentation, and condo eligibility. For higher‑price properties, jumbo loans or private bank facilities may pair lending with broader banking services. These options can work well for unique buyer profiles or luxury towers.
Non‑QM and cross‑border programs
Non‑QM or asset‑based loans rely more on your liquid assets and bank statements rather than traditional income verification. Expect higher rates and lower loan‑to‑value ratios. Some large international banks also offer cross‑border mortgages that leverage your relationship in your home country.
Agency loans at a glance
Standard agency loans are built for U.S. citizens or permanent residents using owner‑occupied or second‑home financing. Some foreign buyers with certain visas or U.S. credit histories may qualify, but many international second‑home buyers rely on the programs above.
What lenders expect from you
Documentation basics
Be ready to provide a clear identification and financial picture. Common items include:
- Passport copy and any visa or residency documents.
- Proof of income, such as employer letters or foreign tax returns, translated if needed.
- Recent bank statements, typically 3 to 12 months, showing consistent deposits.
- Proof of assets and source‑of‑funds for your down payment.
- U.S. credit report if you have one, or foreign bank reference letters or credit reports.
- SSN or ITIN if available, plus any U.S. bank account statements you maintain.
Down payment and reserves
For non‑resident foreign buyers, minimum down payments often fall in the 30 to 50 percent range, especially for condos or when you lack U.S. credit history. Lenders commonly require 6 to 12 months of mortgage payments in reserves after closing. Buyers with strong U.S. profiles can sometimes access lower down payments.
Credit and income review
If you have U.S. credit, lenders may use standard debt‑to‑income metrics. If your income is abroad, some lenders assess capacity with bank statements or asset models instead of traditional DTI. Translations and notarizations may be required, so start early.
Condo and building factors in Sunny Isles
Project eligibility essentials
Most Sunny Isles homes are high‑rise condos, and lenders underwrite the building along with you. They review owner‑occupancy levels, HOA financial health, any pending or large special assessments, insurance coverage, litigation, and single‑entity ownership concentrations. Heavy investor concentration or limited insurance can impact eligibility or pricing.
Safety, inspections, and recertification
Following regional safety reforms after the Surfside collapse, lenders and buyers pay close attention to structural reports, recertification status, and planned repairs. Ask for recent inspection documents and reserve studies. Known repairs or deferred maintenance can affect loan approval, reserves, or even eligibility.
Association review timeline
Expect condo review to add 2 to 4 weeks to your process, depending on association responsiveness. Budget, bylaws, meeting minutes, insurance certificates, reserve studies, and estoppel certificates are typical requests. Getting these documents early keeps underwriting on track.
Timelines, costs, taxes, and wires
How long closing takes
- Cash purchase: typically 1 to 3 weeks, depending on title, inspections, and escrow.
- Financed purchase: with an experienced lender and complete documents, 4 to 8 weeks is common. Condo review, translations, or foreign verifications can extend timelines.
- Add time if you need to obtain an ITIN or set up a U.S. bank account.
Typical closing costs
For financed purchases in Florida, plan for lender fees, appraisal, title insurance, recording and escrow fees, and prepaid taxes and insurance. International buyers should also budget for translations, notarization, courier or wire fees, and insurance that reflects coastal wind or flood risk.
Taxes to plan for
If you plan to rent your unit, U.S. tax applies to rental income sourced in the U.S., and nonresident owners may face withholding or filing requirements. At sale, FIRPTA rules can trigger withholding for foreign sellers. A U.S. tax advisor can guide planning for ownership, rental, and eventual resale.
Moving money safely
Title companies and lenders will verify the source of funds and require traceable wires. Use secure channels and always confirm wiring instructions by phone with your known title or escrow contact. Never rely only on email for transfer details.
Lender checklist and next steps
Your document checklist
- Valid passport and any visa or residency documents.
- Bank statements for the last 3 to 12 months.
- Brokerage or investment account statements.
- Employer letters or foreign tax returns for the last 2 years, if available.
- Proof of funds and source documentation for the down payment.
- Credit report from your home country or bank reference letters.
- ITIN or SSN if you have one, plus any U.S. bank account details.
- Power of Attorney if you will not attend closing in person.
Condo documents to request early
- Current HOA budget and financials.
- Reserve study and recent meeting minutes.
- Master insurance certificates and coverages.
- Estoppel certificate and any litigation or assessment disclosures.
Practical timeline
- Engage a local agent experienced with Sunny Isles condos and international lending.
- Speak with multiple lenders who offer foreign‑national or portfolio programs and share your document package for faster review.
- Vet building eligibility early by requesting HOA documents and confirming management responsiveness.
- Arrange currency movement and a U.S. bank account if possible. Prepare source‑of‑funds paperwork.
- Consult a U.S. tax advisor on rental rules and FIRPTA planning.
- Obtain pre‑approval, then write offers with appraisal, inspection, and condo review timelines that match your lender.
- Lock insurance quotes for wind and flood. Confirm any lender insurance requirements.
- Coordinate closing logistics, including wiring protocols and notary or POA if you are abroad.
Example timelines in Sunny Isles
- Cash buyer, responsive HOA, clean title: inspection and title clear in a week, close in 1 to 3 weeks.
- Foreign‑national mortgage, prepared documents, standard condo review: appraisal plus HOA package review and underwriting in 4 to 8 weeks.
Work with a local advisor
Buying a second home in Sunny Isles is a lifestyle decision and a financial one. With the right lender match and early condo due diligence, you can navigate documentation, timelines, and building rules with confidence. If you want help comparing condo projects, coordinating lender options, or planning a smooth international closing, connect with Jorge Hidalgo for a confidential consultation.
FAQs
What financing options exist for international buyers in Sunny Isles?
- Common paths include cash, foreign‑national mortgages, portfolio or jumbo lending, non‑QM or asset‑based loans, and cross‑border programs from international banks.
How much down payment do foreign buyers typically need?
- Many lenders ask for 30 to 50 percent down for non‑resident buyers, especially for condos or when there is limited U.S. credit history.
How long does a financed Sunny Isles purchase take for a foreign buyer?
- With an experienced lender and complete documents, 4 to 8 weeks is typical, plus extra time if condo association responses or translations are slow.
Why does the condo building matter to my mortgage?
- Lenders review the building’s financials, insurance, owner‑occupancy, assessments, and any litigation or safety issues. If a project fails eligibility checks, pricing or approval can be affected.
What closing costs should I plan for as a foreign buyer?
- Expect lender fees, appraisal, title insurance, recording and escrow charges, and prepaids for taxes and insurance, plus translation, notarization, and wire costs.
Do foreign owners pay U.S. taxes on rental income and at sale?
- U.S. tax applies to U.S. source rental income, and FIRPTA withholding may apply when you sell. Consult a U.S. tax advisor for planning and filings.
