Thinking about buying a home near Lake Ida while living outside the United States? You are not alone. South Florida draws international buyers who want a vacation home, a rental, or a long-term base in Delray Beach. In this guide, you will learn the main ways to finance a Lake Ida purchase, what lenders will ask for, and the rules that can affect your timeline. Let’s dive in.
Why Lake Ida attracts international buyers
Lake Ida sits close to downtown Delray Beach with a mix of single-family homes and condo options. Florida continues to attract a large share of international purchases, and local teams are used to cross-border closings. Florida continues to attract roughly one fifth of U.S. international home purchases, which means more lenders, title companies, and closing agents here know how to support you.
Your financing paths in Delray Beach
Cash purchases
Cash is common for international buyers since it can simplify underwriting and speed up closing. NAR’s international purchase research has long shown higher all-cash rates among foreign buyers compared with the overall market. Cash can also help in competitive situations.
Foreign-national mortgages
Many Florida lenders offer foreign-national mortgage programs for non-U.S. residents without a Social Security number. Expect down payments in the 20 to 40 percent range, with variations by property type and documentation. Lenders typically ask for a passport, bank statements, proof and source of funds, and may request foreign credit references. Learn more about typical features in this overview of foreign-national mortgage programs.
ITIN loans
If you have an Individual Taxpayer Identification Number, some lenders offer ITIN loans. These programs often require 15 to 25 percent down for certain uses. Availability varies by lender and by whether the property is a primary home, second home, or investment. See how ITIN loans work and what documents lenders may ask for.
DSCR and investor loans
Buying a rental or short-term rental near Lake Ida? Some lenders use the property’s income to qualify the loan. These are DSCR loans that focus on the rent covering the mortgage payment, which can help if you lack U.S. tax returns. Many programs accept international borrowers with alternate documentation; here’s a primer on DSCR loans that qualify based on the property’s cash flow.
Private bank or asset-based lending
If you bank with a private or international institution, you may qualify for a portfolio or asset-backed loan. Terms and loan sizes can be flexible for clients with significant managed assets. See an overview of private bank or asset-based lending.
Seller financing
In some cases, the seller can finance part of the purchase. This is negotiated case by case and is less common in competitive pockets of South Florida. When it is available, it can bridge a short timeline or unique situation.
What lenders will ask for
Down payment and reserves
Plan for a larger down payment than a typical U.S. conforming loan. Many programs ask for 20 to 40 percent down and several months of reserves. Lenders also expect a clear paper trail for where your funds came from.
Identity, credit, and income
Lenders verify identity and run standard checks. Some accept foreign credit reports or credit reference letters when you do not have a U.S. credit file, and many will review translated tax returns or bank statements as part of underwriting. The specific mix varies by lender and program.
Source and seasoning of funds
You will likely need to show that your down payment and closing funds have been in an account for a set period. Many lenders require seasoning of funds for 30 to 60 days, and large transfers must be documented with origin and purpose.
Property and condo checks
If you are considering a condo in Delray Beach, confirm the building’s lender eligibility early. Some lenders restrict financing in buildings without project approval or with certain reserve or insurance issues. Ask your agent and lender to review the building’s status before you make an offer.
Insurance and flood
If you finance the purchase, hazard insurance is required. Properties in designated flood zones also require flood insurance, which can affect your budget. Palm Beach County provides updates on flood maps and risk; check the county’s guidance on flood zone updates for your specific parcel.
Rules and taxes to know
Florida SB 264 restrictions
Florida law limits certain purchases by “foreign principals” from specified countries of concern for agricultural land and properties near military or critical infrastructure. Some buyers may also have registration or affidavit requirements. Review the state-level framework summarized here: Florida SB 264.
FHA residency change
FHA recently updated its policy. For case numbers on or after May 25, 2025, HUD removed non-permanent resident eligibility from FHA-insured programs. If you planned to use FHA, you may need a different loan type. See industry coverage of the change in Mortgagee Letter 2025-09.
FIRPTA and rental tax
If you later sell or rent out your Lake Ida home, you may have U.S. tax obligations. FIRPTA can require withholding at sale when a foreign person disposes of U.S. real property. Rental income generally requires U.S. tax filing. Read the IRS overview of tax rules for nonresident property owners and coordinate with a qualified tax advisor.
How to prepare in Lake Ida
- Decide early whether you will pay cash or finance, and which loan path fits your status and goals.
- Select a lender with foreign-national or ITIN experience and request a document checklist.
- Gather a passport, any visa documents, ITIN or SSN if available, 2 years of tax returns, 3 to 6 months of bank statements, employer or business letters, and certified translations if needed.
- Ask your lender about allowable entities, reserve requirements, and whether they will finance condos in your target buildings.
- Verify flood and insurance requirements for each property you tour.
- If buying a condo, review HOA financials, reserves, assessments, insurance, and rental rules before you submit an offer.
Close smoothly: timeline and tips
- Wire funds safely. Confirm wiring details by phone using a verified number from your title company, not from email.
- Expect added information requests if you use an entity or trust, especially for all-cash deals.
- Build time for international transfers and document translations.
- Keep your proof of funds current and accessible for underwriting and the title company.
Work with a local specialist
Lake Ida offers the South Florida lifestyle with a neighborhood feel, and the right plan can make your cross-border purchase smooth. Our team partners with lenders, title companies, and tax professionals who work with international buyers every day, and we guide you through each step with a clear process. To map your best financing path and start touring with confidence, connect with Thomas Pidgeon.
FAQs
Can a non-U.S. citizen get a mortgage in Delray Beach?
- Yes. Options depend on your status and goals. Foreign-national and ITIN programs exist, and permanent residents typically have access to standard agency loans.
How much down payment do international buyers usually need?
- Many foreign-national programs ask for 20 to 40 percent down. Some ITIN or primary residence programs may allow lower percentages, but requirements vary by lender and property type.
What documents should I prepare before applying?
- Plan for a passport, visa documents if any, bank statements, proof and source of funds, tax returns, and translated records when required. Your lender will provide a full checklist.
Are there any Florida restrictions based on nationality?
- Florida law places limits on certain purchases by foreign principals from specified countries in defined areas. Your title company and attorney can confirm whether a property is affected.
Do I need flood insurance near Lake Ida?
- If the property sits in a mapped flood zone and you use a mortgage, flood insurance is required. Even outside a zone, some buyers choose coverage based on risk and lender guidance.
