Buying a Fort Lauderdale condo when you are self-employed or purchasing from abroad can feel complex. You might be hearing about extra paperwork, larger down payments, and condo rules you have never seen before. The good news is there are proven paths that work for international and bank-statement borrowers in Broward County. This guide breaks down the main loan types, what lenders expect, condo-specific issues, and a practical game plan so you can move forward with confidence. Let’s dive in.
Loan options that work
Bank-statement loans
Bank-statement loans verify income using deposits instead of tax returns. Lenders typically review 12 to 24 months of personal or business bank statements and analyze average deposits, owner draws, and deposit stability. You can expect requests to explain large or irregular deposits and to show liquid reserves.
Loan-to-value is often more conservative than conventional financing. Foreign nationals usually see maximum LTVs around 60 to 70 percent, which means a common requirement of about 30 percent down or more. Pricing is higher than standard QM loans, but these programs are flexible for entrepreneurs and business owners.
Foreign national portfolio loans
Foreign national loans are built for buyers without U.S. credit history or U.S. tax returns. Portfolio lenders set their own guidelines and often hold these loans on their balance sheets. Documents usually include a passport, visa if applicable, 12 to 24 months of foreign bank statements, proof and source of funds, and sometimes a U.S. tax ID.
Typical LTV caps land near 60 to 70 percent for primary or second homes, with lower LTVs for investor properties. Expect a detailed source-of-funds and anti-money-laundering review.
ITIN and DSCR at a glance
If you file U.S. taxes with an Individual Taxpayer Identification Number, some lenders offer ITIN mortgages. Availability is niche and may require a larger down payment.
For investor purchases, DSCR loans underwrite to rental income instead of your personal income. Lenders look for a DSCR that meets their minimum, often about 1.00 to 1.25. For foreign investors, LTVs are commonly 60 percent or lower.
What makes Fort Lauderdale condos different
Association documents lenders need
Florida condominium law requires detailed association governance and disclosures, and lenders rely on them. Expect requests for a completed condo questionnaire, bylaws and declaration, current budgets, reserve details, insurance certificates, meeting minutes related to assessments, and financial statements. Lenders also look at owner-occupancy ratios, single-owner concentration, and any litigation.
Building safety and recertifications
After the Surfside tragedy, Florida and Broward County increased building safety and disclosure measures. Lenders are more cautious with older buildings that lack recent structural or engineering inspections or adequate reserves. Some will not lend in projects under major required recertification work until the work is complete or sufficient escrows are in place.
Insurance and coastal exposure
Waterfront and high-rise buildings require wind and hurricane coverage and, if located in a Special Flood Hazard Area, flood insurance. Large association deductibles can affect underwriting and may lead to additional reserve requirements for you as the borrower.
Unit-level and appraisal issues
Short-term rental restrictions, unresolved litigation, and significant deferred maintenance can block financing or add conditions. Luxury towers with limited comparable sales can present appraisal challenges. Many lenders want a condo-experienced appraiser familiar with the local submarket.
What lenders expect from you
Income and assets verification
- 12 to 24 months of bank statements, foreign or domestic, depending on the program
- Business formation documents or license if you use business statements
- Proof and source of funds for down payment and closing
- Government-issued ID and any immigration documents
- Translations or apostilles if required
Down payments, LTV, and reserves
- Foreign nationals: often a minimum of 30 percent down, and sometimes 35 to 40 percent for investor purchases
- Bank-statement loans: similar LTV caps for foreign nationals, with stronger terms possible for U.S. borrowers with established credit
- Reserves: many programs require 6 to 12 months of mortgage payments verified as liquid assets
Timelines and closing logistics
With complete documentation and an experienced non-QM lender, plan for about 30 to 45 days to close. International verifications, translations, condo questionnaires, association approvals, and supplemental building reports can extend timelines. Build in time for appraisal scheduling and any engineering reports if your target building is older or undergoing recertification.
AML, KYC, and tax notes
Expect detailed Know-Your-Customer and anti-money-laundering reviews, especially for large or cross-border transfers. If you plan to rent the property, you will have U.S. tax reporting obligations. Nonresident owners may need an ITIN. When it is time to sell, foreign sellers are generally subject to FIRPTA withholding. Coordinate with a qualified U.S. tax advisor early.
A simple game plan
Step-by-step approach
- Define purpose and timeline. Decide if this is a second home or an investment, and when you want to close.
- Engage an experienced lender early. Ask for a written prequalification with the documentation list, expected LTV range, and estimated pricing.
- Prepare statements and IDs. Gather 12 to 24 months of bank statements and any company documents, plus passport and proof of address.
- Document source of funds. Collect wire confirmations, sale proceeds, or gift letters with donor documentation as required.
- Pre-screen buildings. Before you make offers, verify the association’s financial health, insurance, and any recertification or special assessments.
- Plan wires and clearing time. Confirm title and escrow requirements for international wires and any waiting period before closing.
- Schedule appraisal and inspections. Allow time for a condo-experienced appraiser and any engineering reports needed for older buildings.
- Arrange closing logistics. If you will not be present, set up a limited power of attorney and confirm notarization or apostille requirements.
When to consider alternatives
Private or bridge financing
If timelines are tight or documentation is not ready, private or hard-money lenders can close fast with flexible underwriting. Rates are higher and terms are shorter, so many buyers refinance into a permanent loan later.
DSCR for investor units
If your focus is rental income, a DSCR loan can work when personal income documentation is challenging. Expect conservative LTVs, often near 60 percent for foreign investors, and be prepared to evidence realistic market rents.
Buyer checklist
- 12 to 24 months of bank statements ready and translated if needed
- Passport and any visa or residency documents
- Source-of-funds documentation for the down payment and closing costs
- Proof of reserves for 6 to 12 months of payments
- Shortlist of lender-approved condo buildings
- Title company confirmed for foreign wire procedures and timelines
- Limited power of attorney arranged if closing remotely
How The RS Team helps
You want clarity, speed, and confidence. Our senior-led team focuses on high-rise waterfront and downtown condos across Broward and Miami-Dade, with a strong record guiding cross-border and self-employed clients. We help you pre-screen buildings for lender fit, coordinate with experienced non-QM lenders, and manage the details that keep your purchase on track.
We provide bilingual service in English and Spanish, align your condo search with realistic financing options, and ensure the right documents reach the right parties at the right time. From first conversation to keys in hand, you get boutique, high-touch support backed by a global luxury network.
Ready to explore foreign national or bank-statement financing for a Fort Lauderdale condo? Connect with The RS Team to align your financing plan with the right building and the right offer.
FAQs
What is a bank-statement mortgage for Fort Lauderdale condos?
- It is a non-QM program that uses 12 to 24 months of personal or business bank deposits to verify income instead of tax returns. Expect conservative LTVs and a focus on cash flow and reserves.
How much down payment do foreign nationals need in Broward County?
- Many lenders cap LTV at about 60 to 70 percent for primary or second homes, which often means at least 30 percent down, and more for investor purchases.
What condo documents will my lender review in Fort Lauderdale?
- Lenders commonly request a completed condo questionnaire, governing documents, budgets and reserves, insurance certificates, financials, and any assessment or litigation disclosures.
How long does a foreign national or bank-statement loan take to close?
- With complete documentation and an experienced lender, plan for about 30 to 45 days, allowing extra time for international verifications, condo questionnaires, and appraisals.
Are DSCR loans available for investors buying Fort Lauderdale condos?
- Yes. DSCR loans underwrite to rental income and typically require a minimum DSCR near 1.00 to 1.25, with LTVs often around 60 percent or lower for foreign investors.
What insurance issues affect condo financing near the beach?
- Lenders check for adequate wind and hurricane coverage and flood insurance where required, and they consider association deductibles, which can affect reserve requirements and approval.
