To begin your application click the ‘start application’ button below.
You can borrow:
Maximum 70% if you pay taxes outside of the U.S.
Maximum 80% for U.S. taxpayers (70% on second homes)
The value of the loan will be based on the property valuation or the property price, whichever is lower.
• Copies of your Passport / Tax ID (for all parties that will be on the mortgage)
• Your most recent tax declaration or W-2
• Your last three payslips
• Details of other properties you own including any potential rental income
• A bank statement of the last 6 months
• An Experian credit report
Anybody can apply for a loan in Miami over the age of 18, regardless of where you earn your income, pay taxes, or live.
The amount you can borrow depends on your income minus debts. Most lenders will not lend money if your combined outgoings (mortgages & loans) exceed 40% of your total net (after-tax) income.
We have an in-house risk assessment team that can help you understand what you can borrow. Get in touch here.
Banks in Miami will only accept income that can either be shown on a tax return or comes from earnings from a property with rental agreements in place.
Bonuses can be included however proof needs to be shown to confirm that income is consistent.
You will need to show at least 2 years of income.
Debt: Credit cards, any loans & mortgages. You also need to include your future Miami mortgage payments for the mortgage on the Miami property (use the Miami mortgage calculator to get this figure).
Payments on groceries and other household income are not part of your debts.
Once you have submitted your application, the Horizon Properties risk team will create a lender report for the banks in Miami.
Assuming we have all the necessary paperwork, you can expect to receive an offer in around 7–10 working days. It is possible to receive an offer sooner, but it depends on how busy the lenders are and how complex your application is.
If the lender requires further paperwork, any delay in submitting it will affect how long it takes to get an offer.
We are dealing with 3rd-party banking institutions and have no control over their procedures, but our team will do everything possible to ensure a timely application.
If you’re residing outside of the U.S., you are typically eligible to finance up to 70% of your property’s value in Miami.
To streamline your application process, please prepare the following documents:
Identification: A copy of your Passport or Tax ID.
Tax Documents: Your most recent tax return (e.g., W-2, 1040).
Proof of Income: Your last three payslips.
Bank Statements: A statement showing your financial activities for the past six months.
Property Portfolio: Details of any properties you own, including potential rental incomes.
Credit Report: For U.S. residents, a credit report from Experian or equivalent is required.
These documents will help us assess your financial background and tailor the best mortgage solutions for your needs.
If you are a U.S. resident, you typically qualify to finance up to 80% of your property’s value in Miami, with some banks potentially offering higher, depending on your financial situation.
To apply for a mortgage, please ensure you have the following documents ready:
Identification: A copy of your Passport or Tax ID.
Tax Return: Your most recent federal or state tax return.
Proof of Income: Your last three payslips.
Bank Statements: A six-month record of your banking transactions.
Property Portfolio: Details of any other properties you own, including any potential rental income.
These documents are essential for us to accurately assess your financial standing and provide the most suitable mortgage options for you as a resident.
Contact our agents to help you determine your borrowing limit and evaluate your credit score in Miami.
Various mortgage calculators to calculate payments, costs, and other relevant fees associated with a Miami mortgage.
100% Paperless applications with a secure online login for all Miami applicants.
We can instantly calculate your borrowing limit and credit rating
The scoring criteria used by banks varies across countries. In the U.S., banks consider your taxable income and debt management. If the debt you handle surpasses 40% of your income, qualifying for a mortgage in Miami can be challenging.
Monthly Income: Your income each month after tax. If you are buying with another person, you can add their income to this figure.
Monthly Debt: Mortgage payments, car loans, credit card bills. Add up how much you pay each month to maintain these debts.
Loan Amount: The maximum LTV (loan to value) you can borrow is 70% if you are a non-U.S. tax resident. So the loan figure assumes this total value. If you require less than 70% then this will improve your score.
Purchase Costs: The assumed amount is 10% but this is an estimate and will change depending on where you are buying, the type of property, and other factors such as the lawyer you use for the purchase.
Mortgage Term: The normal term of a loan in the U.S. is between 10–35 years. Regardless, your mortgage term must complete before you are 75 years of age. If you are over 65, it is very unlikely you will qualify for a mortgage in Miami.
FAQs for Non-Residents Buying Property in Miami
Yes, deposits are generally refundable in Miami if:
Financing Issues: Mortgage complications prevent the purchase.
Valuation Discrepancies: The appraisal is lower than the asking price, allowing for refunds or negotiation.
Legal Problems: Unresolved legal matters such as debts or invalid licenses.
When buying property in Miami as a non-resident, the following legal verifications are typically required:
Title Search: Ensure the property has a clear title with no liens or disputes.
Property Taxes: Verify all property taxes are paid and up to date.
Zoning and Permits: Confirm the property complies with local zoning laws and building permits.
HOA Rules: If applicable, review homeowners association rules and fees.
Contract Review: Have a real estate attorney review the purchase agreement and contingencies to protect your interests.
In Miami, the property valuation process typically takes between 3 to 7 business days after the initial property inspection. This timeline may vary depending on factors such as the property’s location, complexity, and the appraiser’s schedule. It’s advisable to coordinate with your lender to ensure the valuation aligns with your mortgage application timeline.
The earnest money agreement in Miami protects both buyer and seller, showing intent to purchase and outlining conditions for refunding the deposit in case of issues like financing, inspections, or legal problems.
During the final property purchase in Miami, the buyer and seller sign the closing documents, funds are transferred, and the property title is officially recorded. The buyer receives the keys, and any agreed-upon contingencies, such as inspections or repairs, are completed. This step finalizes ownership and ensures all legal and financial obligations are met.
Non-residents can seek assistance from licensed real estate agents, mortgage brokers, and real estate attorneys in Miami. These professionals guide buyers through the process, handle legal and financial matters, and ensure a smooth property purchase.
Non-residents should consider:
Maximum Loan-to-Value (typically up to 70%)
Proof of income and credit history
Debt-to-income ratio (usually below 40%)
Mortgage rates and terms
Required documentation and legal approvals
Potential additional costs like insurance, taxes, and fees
