Jesusgaray, Home Buyer in Miami Beach, FL

what are the requierment for out of state buyer is finance avilable?

Asked by Jesusgaray, Miami Beach, FL Fri Jan 28, 2011

Help the community by answering this question:


It’s not clear when you say out of state if you are a foreign national or just from another US state buying an investment property in Florida, or buying to live in Florida. I’ll give you the answer for the different scenarios.

Foreign National – can get a loan with as little as 30% down and minimum $100K loan size. It will most likely be a 1/1, 3/1, 5/1 or 7/1 ARM(adjustable mortgage). Rates vary regularly so call for details.

If you are living in another state and want to buy in Florida, that could be considered an investment or second property depending on what your plans are. With investment properties you would need at least 20% down whereas as second home it may be as low as 10% down. Both would be conventional loans and you would have to qualify with both mortgages unless the investment property is already rented. We may be able to count part of the investment property income if it has been rented for a while.

Lastly, if you are moving to Florida from any other state, you would apply for any mortgage that you would qualify for. The key factor here is that if you are going to occupy it you need to show that you have a job in Florida, in the same industry that you have been for the past two years, and have at least 30 days of paystubs in the Florida job.

Not sure if one of these scenarios is what you asked for. If not please rephrase the question and ask again.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
1 vote Thank Flag Link Fri Jan 28, 2011
This all depends on your credit and surrent assest , plus income. There are are few good lenders I work with directly who have succeded in the miami condo market , even with foreign Investors.

Mr Sepe
0 votes Thank Flag Link Sun Jan 30, 2011
Hello Jesusgary,
Thank you for contacting me. In todays market with many foreclosures and short sales most banks are requiring a minium 25% down. FInancing is avalible the best option is to speak to a mortgaage broker or go into your local bank. Have you done that yet? I can refer you a couple of mortgage brokers if you like. Please feel free to contact me directly (786) 357-0888 Beka.
0 votes Thank Flag Link Sat Jan 29, 2011
It is a great idea to work with a local lender. Ask your trusted real estate professional for a recommendation. They will hold your hand the entire time. You will be taken care of.
0 votes Thank Flag Link Fri Jan 28, 2011
I would just with every profession or large, shop, shop.

Make sure you are dealing with licensed professionals who belong to state and national industry associations. These professionals will have to abide by strict codes of ethics and violators could pay dearly.

I typically suggest you deal with local professionals to where the property is. They often know much more about the way things are done, the local market and other important criteria and can guide you with more focused, localized advise.

National professionals attempting to assist you in a market they've never been are often ill prepared to properly consult you.

If you chose your professional from a referral, I would still check to make sure they meet the basics from above and that they are a compatibility match. Dealing with someone you don't like will not make this difficult process less difficult.

Mark Twain once said: Luck, is when preparation meets opportunity. Prepare and succeed. Don't get analysis paralysis. Make a decision based on calculated and researched criteria but in the end, you must trust yourself and the team of professionals you chose.

All the best
Web Reference: http://BuyMiamiBeach.Info
0 votes Thank Flag Link Fri Jan 28, 2011
Jesus, if you are a US resident you should get about 70% financing for a qualifying property. If you are a foreign national it will be less, maybe 50-60%. Send me an email if you want to get in contact with a knowledgeable mortgage broker.

Andrejko Stephan


1200 Brickell Bay Drive, Suite 100
Miami, FL 33131, USA
Mobile: +1-786-543-1006
0 votes Thank Flag Link Fri Jan 28, 2011
The requirements for an out-of-state buyer is generally the same as a buyer that is a resident of the state. What matters in this situation is what you intend to do with the property. Are you relocating to a new area or are you purchasing investment property or a second home? Lending guidelines are stricter for investment properties and second homes than they are for owner-occupied or primary residences.
0 votes Thank Flag Link Fri Jan 28, 2011
Hi jesusgaray:

Talk to a local lender.

Like any buyer, you need good credit, a paying job, or all cash.

Go to or

Good luck.
0 votes Thank Flag Link Fri Jan 28, 2011
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