Why don't conventional loans work for non-residents?
Start with the conventional market. Fannie Mae's Selling Guide accepts non-citizen borrowers who are lawful permanent or non-permanent residents "legally present" in the country, on the same terms as citizens. Selling Guide B2-2-02 does not address the foreign national who lives abroad with no US residency.
That pushes overseas buyers into non-QM lending: private lenders with their own guidelines. No government agency defines a "foreign national loan" or a "DSCR loan." They are product names, and terms vary by lender and change from month to month.
Sources: Fannie Mae Selling Guide B2-2-02 (published November 4, 2026)
What is a DSCR loan, in plain terms?
DSCR stands for debt service coverage ratio. A&D Mortgage's foreign national underwriting guide (effective August 14, 2026) defines it as gross rental income divided by the proposed payment of principal, interest, taxes, insurance and association dues (PITIA), and states that borrower income is not required.
A DSCR of 1.0 means projected rent covers the payment exactly. Forward Lending's matrix (effective February 10, 2026) sets a 1.0 ratio for foreign national DSCR. In short, the lender is underwriting the house, not your paycheck back home.
Sources: A&D Mortgage, Foreign National Underwriting Requirements (8/14/2026) · Forward Lending, DSCR Matrix (2/10/2026)
How does the Regulation Z 14-day rule affect a vacation home loan?
Regulation Z, which implements US consumer credit law, treats credit for a rental property that is not owner-occupied as business-purpose credit, outside the consumer credit rules.
The official commentary draws the line at 14 days: if the owner expects to occupy the property for more than 14 days in the coming year, it is no longer treated as non-owner-occupied. The CFPB's own example is a beach house used for a month and rented the rest of the year. For a family that plans to spend vacations in its rental home, that changes how the loan is classified. Which protections apply in your case is a question for an attorney.
How much down payment do foreign national lenders require?
There is no official number, only market practice from individual lenders, published in broker-facing material that changes without notice. The examples below are dated and meant to show the range, not to quote terms.
| Lender and scenario | Max financing | Minimum down |
|---|---|---|
| A&D, foreign national DSCR, loans up to $1 million | 75% | 25% |
| A&D, new home in a Florida PUD | 75% (CLTV) | 25% |
| A&D, short-term rental | 70% (CLTV) | 30% |
| Forward Lending, foreign national, 720+ FICO | 75% | 25% |
| Forward Lending, 700+ FICO | 70% | 30% |
| Forward Lending, 680+ or no FICO | 65% | 35% |
The catch for vacation homes: Forward Lending lists foreign nationals as ineligible for short-term rentals, while A&D accepts them with a larger down payment. The same buyer can get different answers depending on the lender and the intended use. I do not quote interest rates because there is no published source I can cite reliably.
Sources: A&D Mortgage, Foreign National Underwriting Requirements (8/14/2026) · Forward Lending, DSCR Matrix (2/10/2026)
What documents do foreign national lenders ask for?
The two guides I reviewed ask for, among other items:
- One bank reference letter (A&D).
- Sourced assets seasoned for at least 30 days, including funds held overseas (A&D).
- Reserves equal to 12 months of payments (A&D).
- An accepted visa such as B-1/B-2, or ESTA (A&D).
- Current or past homeownership within 36 months for A&D's DSCR program, so true first-time buyers may not qualify.
- Without a US FICO score, a 12-month credit reference from an internationally known institution in the home country plus a US tri-merge report (Forward Lending), which lists South America, excluding Venezuela, among eligible regions.
An ITIN is not required for every product, though Forward Lending accepts ITIN borrowers in its Core DSCR program at up to 75% financing. You will also need a tax number to report rental income, as covered in buying an Orlando home from abroad. If you plan to buy through a company, read buying Florida property with an LLC first. Consult an attorney and a tax advisor before choosing a loan, and compare offers in writing against the lender's own guidelines.
Sources: A&D Mortgage, Foreign National Underwriting Requirements (8/14/2026) · Forward Lending, DSCR Matrix (2/10/2026)
Aquamara
Where Aquamara fits
Aquamara is a Pulte vacation-home resort in Davenport built around short-term rental use. That matters for financing: rental use and the number of days your family spends in the home both feed into the lender's decision. Pricing, floor plans and any Pulte-affiliated lender have not been announced.
I'm Daniel Dourado, a Florida-licensed agent (license no. 3501330) at Premier Sotheby's International Realty with 15 years in real estate. My guide to US mortgages for foreign buyers and my notes on US banks that lend to foreigners show how I compare offers.
To run the numbers once pricing is out, join the Aquamara VIP list or contact me in English, Portuguese or Spanish.
Frequently asked questions
Do I need US income to qualify for a foreign national loan?
Not for a DSCR loan, according to A&D's guide, which underwrites the property's rent instead. Lenders still ask for reserves, sourced funds and a bank reference.
Can I stay in the home if it is financed as an investment?
You can, but it has consequences. Under Regulation Z, occupying it more than 14 days a year means it is no longer treated as non-owner-occupied. Discuss your planned use with the lender and an attorney.
Will every lender finance a short-term rental for a foreign buyer?
No. Forward Lending's February 2026 matrix makes foreign nationals ineligible for short-term rentals, while A&D allows them at up to 70% financing.
What interest rate should a foreign national expect?
I do not publish rates: they move constantly, vary by profile, and there is no official source to cite. Get written quotes from more than one lender on the same day.
Published . Updated . For information only; not legal, accounting or tax advice.