Financing Options for International Buyers in Davie

Buying a home in Davie from abroad can feel complex. Different loan rules, extra documentation, and Florida‑specific closing costs add moving parts you may not see in your home country. You want a clear path that respects your time and protects your investment. In this guide, you’ll learn the main financing options for international buyers in Davie, what lenders will ask for, and how to move from offer to closing with confidence. Let’s dive in.

Davie market basics and why financing matters

Davie sits in Broward County, where price points often determine whether you use conforming programs or specialty foreign‑national loans. Condo buildings also face stricter reviews, which can affect loan approval. Understanding these guardrails early helps you choose the right lender path and set realistic timelines.

Your main financing options in Davie

Cash purchases

Cash is common for international buyers. It avoids underwriting hurdles and can shorten closing. You will still budget for Florida documentary stamp taxes, intangible tax if you use a mortgage later, title insurance, and recording fees. Review Florida’s documentary stamp and intangible tax rules so you can estimate costs accurately. Florida Department of Revenue guidance explains the statutory rates.

Conventional mortgages

If you are a U.S. citizen or lawful permanent resident, you may qualify for conventional loans. Some programs for temporary visa holders have changed. FHA removed eligibility for non‑permanent residents for new case numbers assigned on or after May 25, 2025, so confirm your status and options with a lender. See the industry announcement summarizing FHA’s 2025 residency change.

Condo buyers should note that project “warrantability” matters. Lenders review association reserves, inspections, and insurance before approving loans in many buildings. For details on project considerations, see Fannie Mae’s condo project guidance.

Foreign‑national and DSCR loans

Many lenders offer foreign‑national programs that do not rely on U.S. credit or tax returns. Common options include:

• Full‑doc foreign‑national loans using foreign income and bank statements.
• Non‑QM bank‑statement programs.
• DSCR loans for investment properties that qualify based on rental income, not your personal income.

These programs are designed for non‑residents and investors. Down payments are usually larger, and rates can be higher than conforming loans. For program overviews, see foreign‑national and DSCR loan options and typical ranges summarized by industry sources like SuperMoney.

What to expect on terms:

• Typical down payment ranges: about 20 to 30 percent for owner‑occupied if accepted, and 25 to 50 percent for investment properties depending on the lender and property type.
• DSCR loans often allow up to roughly 70 to 75 percent loan‑to‑value if the property cash flow supports the payment.

ITIN mortgages

If you do not have a Social Security number, some lenders accept an Individual Taxpayer Identification Number. Availability and terms vary by lender, and down payments are usually higher. The Consumer Financial Protection Bureau explains how ITIN mortgages work. Compare multiple offers if you go this route.

International banks and private financing

Some international banks, portfolio lenders, and private lenders provide loans to foreign nationals, often with bespoke terms. These options can be helpful if you value speed or privacy, or if your profile does not fit conventional guidelines. Expect higher costs for short‑term private loans and verify repayment and refinance plans up front.

What lenders will ask you to provide

Start gathering documents early. Many lenders accept foreign documents with official translations.

• Government ID and passport, plus visa or residency documents if applicable.
• Proof of income, which can include foreign tax returns, employer letters, or bank statements for non‑QM programs.
• Credit evidence from your home country or U.S. credit if you have it, along with bank reference letters.
• Proof of funds for down payment and reserves, with clear source‑of‑funds documentation.

For a helpful overview of what foreign‑national lenders typically request, review this documentation summary.

Taxes, fees, and ownership realities in Broward

• Closing taxes and fees. Florida charges documentary stamp tax on deeds and a separate intangible tax on new mortgages, plus doc stamps on notes. Review the Florida Department of Revenue’s rate guide as you budget.
• Property tax homestead exemption. Broward’s homestead tax reduction is limited to Florida permanent residents who qualify. Non‑permanent residents typically cannot claim it, which affects your annual carrying costs. See Broward County Property Appraiser guidance.
• Future sale and FIRPTA. If you sell U.S. real property as a foreign person, federal FIRPTA withholding rules may apply. Plan ahead with a cross‑border CPA. Learn more from the IRS FIRPTA overview.

Condo and insurance checkpoints in South Florida

Condo financing in Broward often hinges on the association’s financials, reserves, engineering reports, litigation, and insurance coverage. If a building is considered non‑warrantable, many conventional programs will not approve loans there, and foreign‑national loans may require larger down payments. Review Fannie Mae’s condo project considerations and ask for association documents early in your process.

A simple step‑by‑step plan

1. Clarify your status and goals. Confirm your residency or visa status and whether you will occupy the property or hold it as an investment. If you considered FHA, note the 2025 FHA residency change.
2. Choose your financing path. Decide between cash, conventional, foreign‑national, DSCR, ITIN, or private financing based on timeline, documentation, and down payment comfort.
3. Select your lender team. Interview lenders who regularly finance foreign nationals and DSCR loans. Ask for a program matrix, rate ranges, reserve needs, and condo requirements.
4. Gather documents. Prepare passports, visa/residency proof, translated bank statements, credit letters, and proof of funds. Keep funds accessible for transfer to a U.S. account ahead of closing.
5. Get pre‑approved and vet the property. Order pre‑approval and ask your agent to secure condo documents early if you are considering a unit. Align appraisal and title timelines with your contract.
6. Protect your closing. Use verified wire instructions from your title company, confirm by phone using a known number, and avoid last‑minute changes by email.

Ready to buy with confidence

If you are purchasing in Davie, the right strategy can save weeks and reduce risk. A seasoned local advisor can help you match your financing path to the property, navigate condo requirements, and coordinate a secure closing. For discreet, high‑touch guidance tailored to international buyers, connect with The Simpkin Team.

FAQs

Can international buyers in Davie use FHA loans?

• FHA removed eligibility for non‑permanent residents for new case numbers assigned on or after May 25, 2025. If you are a citizen or lawful permanent resident, other programs may apply.

What down payment do foreign‑national loans usually require in Davie?

• Many programs expect about 20 to 30 percent for owner use and 25 to 50 percent for investment properties. DSCR loans often allow up to roughly 70 to 75 percent LTV if the rent covers the payment.

Are Davie condos harder to finance for non‑residents?

• Often yes. Lenders scrutinize association reserves, inspections, insurance, and litigation. If a project is non‑warrantable, conventional loans may not work and specialty loans may require more down.

Can I get a mortgage with an ITIN instead of an SSN?

• Some lenders offer ITIN programs, but availability and terms vary. Expect higher down payments and stricter documentation than standard conventional loans.

What Florida closing costs should I expect as an international buyer?

• Budget for documentary stamp tax on the deed, intangible tax on the mortgage, doc stamps on the note, title insurance, recording, and prepaid items like insurance and taxes.