Are you a non-U.S. buyer eyeing a second home in Palm Beach? You are not alone. Florida ranks among the top U.S. destinations for international buyers, which means you will find lenders and closing teams here who understand your needs. This guide breaks down mortgage options, documents, timelines, costs, and local factors so you can move forward with confidence. Let’s dive in.

Palm Beach at a glance for foreign buyers

Palm Beach County is built to serve international second-home and investment buyers. A few essentials help set expectations from day one.

• Florida has no state personal income tax, which many nonresident owners find appealing. Property taxes still apply, and seasonal buyers typically do not qualify for a homestead exemption. Review details with the Palm Beach County Property Appraiser.
• Coastal risk is part of life here. If a property is in a mapped Special Flood Hazard Area, lenders will require flood insurance. Confirm zones early using the FEMA Flood Map Service Center.
• Wire fraud prevention is nonnegotiable. Always confirm wiring instructions with your title company by phone. See the CFPB’s guidance on mortgage closing scams.
• International demand is strong across Florida coastal markets, including Palm Beach County. For context, review the NAR Profile of International Residential Real Estate Activity.

Mortgage options for foreign nationals

You will find several mortgage paths in Palm Beach, each with different documentation, down payment, and pricing requirements.

Portfolio and private bank loans

Many foreign buyers use portfolio lenders that keep loans on their own books. These lenders accept international credit alternatives and non-U.S. income documentation, usually with larger down payments and a pricing premium. They finance single-family homes, condos, and high-value properties, subject to underwriting.

Jumbo financing for luxury homes

Palm Beach prices often call for jumbo loans. Private and regional banks evaluate overall assets, bank statements, and cash flow. These programs can be a good fit if you have substantial liquid assets and international income.

Bank-statement and asset-based programs

If you do not have U.S. W-2s, lenders may underwrite using 12 to 24 months of bank statements, asset-depletion models, or a combination. This route works for buyers with significant assets and limited U.S. tax filing history.

Investment property and DSCR loans

If you plan to rent the home, some lenders focus on the property’s projected rental income rather than your personal income. These debt service coverage ratio programs are common for non-owner-occupied purchases.

International bank products

Global banks that operate in the U.S. sometimes offer cross-border mortgage options for their clients. Expect U.S. underwriting standards plus familiarity with foreign documentation.

Cash or private financing

Cash is common in coastal luxury markets. It can shorten timelines and simplify underwriting. Some buyers also use private lenders when they need speed or unique terms.

What lenders usually require

Every lender’s checklist is different, but most foreign-national loans involve the following.

• Identity and status: Passport, visa or entry record if applicable. If you have or need one, start your IRS ITIN application early.
• Credit: A U.S. credit report if available, or international credit reports and bank reference letters with certified translations as needed.
• Income: Employer letters, pay stubs, or translated home-country tax returns; for alternative documentation, multi-month bank statements or asset verification.
• Assets and source-of-funds: Bank and brokerage statements showing down payment and reserves, plus a clear paper trail for international transfers.
• Property documentation: Signed purchase agreement, condo or HOA documents, and association financials. Lenders will order title, appraisal, and flood determination.
• Professional translations: Certified translations and apostilles may be required for certain documents.

Down payment and pricing expectations

Foreign-national programs typically call for larger down payments than standard domestic loans. Many conservative lenders require 25 to 50 percent down, depending on the loan size, property type, and your documentation strength. Mortgage insurance is often not available for non-U.S. borrowers, which is another reason higher down payments are common.

Rates for foreign-national loans often carry a premium compared with similarly sized domestic loans. Final pricing depends on property type, occupancy, credit strength or alternatives, and loan-to-value.

Condo and property considerations in Palm Beach

Condominiums are a large part of Palm Beach inventory, from waterfront towers to boutique buildings. Lenders review associations closely.

• Association approval: Lenders want to see strong financials, adequate reserves, and no material litigation. Owner-occupancy levels also matter. Ask for association documents early.
• Building and insurance factors: Wind mitigation features, roof age, and storm protections can affect insurance premiums and lender requirements. Expect a flood determination on every loan and flood insurance if the map requires it.
• Project dynamics: Amenities, special assessments, and pending repairs can influence underwriting. A proactive review helps avoid last-minute delays.

Timeline and costs to plan for

You can move quickly with a complete file and an experienced team. Still, international verification adds steps, so plan your calendar with care.

• Preapproval: 1 to 7 days with basic documentation. It can take longer if international credit or translations are needed.
• Contract to close: 30 to 60 days with financing is typical for foreign-national loans. Allow extra time if you need an ITIN, if international banks must verify assets, or if the condo review is complex.
• Cash closings: 7 to 21 days are common when everything is in order.

Costs to expect include standard closing fees, appraisal, lender fees, title insurance, and recording. Add international wire and currency exchange fees, potential reserve requirements, and professional advisory costs for tax or legal counsel. The CFPB’s mortgage process tools can help you understand U.S. consumer disclosures and timelines.

Taxes and ownership basics

If you plan to rent the home, rental income is subject to U.S. tax for nonresident owners. Review the IRS’s guidance on residential rental property in Publication 527, and filing for nonresidents using Form 1040-NR. You may need an ITIN to file.

When you eventually sell, U.S. law may require FIRPTA withholding at closing if the seller is a foreign person. Buyers and closing agents follow specific rules and timelines. Learn the basics from the IRS page on FIRPTA withholding.

Estate planning is another key topic. U.S. estate tax can apply to U.S.-situs real estate owned by nonresident aliens. Many international buyers consult cross-border tax and estate counsel early to choose an ownership structure.

Step-by-step path to financing in Palm Beach

Follow this roadmap to keep your purchase on track.

1. Define your use and budget. Decide whether the property will be a second home or an investment with rental income. This affects loan type and underwriting.
2. Engage your core team. Work with a local Realtor experienced with international clients, your chosen lender, a title company familiar with foreign funds, and a U.S. tax advisor if you plan to rent.
3. Prepare documentation. Gather passports, entry documents, bank statements, international credit references, and translations. Start your ITIN process if needed.
4. Secure preapproval. Request written terms, including estimated down payment, reserves, and rate. Share the condo association name early if you are considering a condominium.
5. Make offers with realistic timelines. Build in time for appraisal, condo review, and international verifications.
6. Complete appraisal and risk checks. The lender will order a Florida-licensed appraisal and flood determination through FEMA mappings. If flood insurance is required, obtain quotes promptly via your insurance broker.
7. Final approval and closing. Review your Closing Disclosure, confirm cash-to-close, and verify wiring instructions by phone using trusted title company contacts. Use the CFPB’s closing scam tips to protect yourself.

Common pitfalls to avoid

• Waiting to apply for an ITIN. Start early to avoid delays in underwriting or tax setup.
• Overlooking condo approvals. Request association financials and questionnaires as soon as you are serious about a building.
• Underestimating insurance. Wind and flood coverage can affect cash flow and lender conditions.
• Ignoring currency timing. Plan conversions and wires to meet contract deadlines.
• Not verifying wiring. Always confirm instructions directly with the title company by phone.
• Assuming government loans will fit. FHA and VA programs generally do not apply to most nonresident foreign nationals.

Your Palm Beach partner

Financing as a foreign national is very achievable in Palm Beach when you prepare thoughtfully and work with the right team. From portfolio and jumbo loans to asset-based programs, you have options that match luxury condos, waterfront estates, and seasonal living.

If you are ready to explore properties and align your timeline with the right financing strategy, connect with a local advisor who understands international buyers and the Palm Beach market. For concierge-level guidance from search to closing, reach out to Kourtney Pulitzer.

FAQs

Can non-U.S. citizens get a mortgage in Palm Beach?

• Yes. Many lenders offer foreign-national and portfolio programs, with terms based on documentation, down payment, and property type.

How long does a foreign-national purchase take to close?

• Plan for 30 to 60 days with financing, and 7 to 21 days for cash, depending on documents, condo review, and international verifications.

Do I need an ITIN to buy or rent out a property?

• Many lenders accept ITINs, and you will need an ITIN or SSN to file U.S. taxes if you earn rental income.

What down payment is typical for foreign-national loans?

• Requirements vary, but many lenders ask for 25 to 50 percent down based on loan size, property type, and your documentation.

Will lenders finance Palm Beach condos for foreign buyers?

• Often yes, if the condominium association meets lender standards for financials, reserves, owner-occupancy, and litigation.

What insurance will my lender require near the coast?

• Standard hazard coverage, and flood insurance if the property lies in a FEMA Special Flood Hazard Area.

Are there special tax rules if I rent or later sell?

• Rental income is taxable for nonresidents, and future sales may trigger FIRPTA withholding. Review IRS resources and consult a U.S. tax advisor.