How to Buy a Home in Florida as a Colombian National

Why Florida Is the Top Choice for Colombian Buyers in the US

Florida is not just another American state for Colombians — it is the most popular real estate investment destination in the United States for Colombian nationals. South Florida, especially Miami, Fort Lauderdale, and the cities of Broward County, is home to tens of thousands of residents of Colombian origin. That established community means you will find banks familiar with your profile, agents who speak your language, and neighborhoods where you will feel at home from day one.

Beyond the cultural aspect, the financial reasons are equally compelling. Florida's real estate market has demonstrated historical resilience, with consistent appreciation over recent decades. There is no state income tax in Florida, making rental yields especially attractive for international investors. Cities like Weston, Doral, and Pembroke Pines have high concentrations of Latin American buyers who have built significant wealth through real estate.

At Home Financial Group LLC, headquartered in Oakland Park, Florida, we work exclusively with international buyers like you. Our team, led by Medardo F. Cevallos (NMLS# 305965), has deep expertise in the financing process for Colombian citizens and can guide you from pre-qualification to closing. To get started, visit us at global.homefg.com or call us at (954) 663-3619.

For specific information about programs available for Colombia, visit our Colombia — Florida Mortgages page.

Do I Need a US Visa to Buy a Home in Florida?

This is the most common question we receive from Colombian buyers, and the answer is clear: you do not need a US visa to own property in Florida. Foreign nationals have full legal rights to buy, own, and sell real estate in the United States regardless of their immigration status.

To visit the property, attend the closing, or inspect the home in person, Colombian citizens typically apply for a B1/B2 tourist visa. This is a routine process that does not imply immigration intent and is obtained relatively easily by demonstrating strong ties to Colombia (stable employment, property ownership, family). However, many of our Colombian clients complete the purchase remotely, with no need to travel to Florida at any point in the process.

What lenders verify is not your immigration status, but your financial capability. For more details on how this program works, read our guide on the no-visa mortgage program.

Down Payment Requirements: 30% for Colombian Buyers

The down payment requirement for Colombian citizens is typically 30% of the purchase price. This percentage reflects the standard risk profile that lenders assign to Latin American countries that are not members of the ESTA (Electronic System for Travel Authorization) program, which Colombia does not currently belong to.

Down payment breakdown by property type:

• Single-family home or townhouse: 30% of purchase price
• Condominium (warrantable): 35% of purchase price
• Multi-family property (2–4 units): 40% of purchase price

Additionally, the lender will require you to demonstrate cash reserves equivalent to 12 months of full mortgage payments (principal, interest, insurance, and taxes) after closing. These reserves must be in a verifiable bank account and cannot come from loans.

Practical example: If you purchase a home at $400,000 USD, you will need approximately $120,000 for the down payment, plus $15,000–$20,000 in closing costs, plus 12-month reserves. Visit our calculator at global.homefg.com or call (954) 663-3619 for a personalized estimate.

Required Documents for Colombian Buyers

One of the great advantages of the foreign national mortgage program is that your Colombian documents are fully accepted. You do not need US credit history or a social security number. Below are the documents you will need to prepare:

Personal Identification

• Colombian national ID (cédula de ciudadanía) — current and in good condition
• Valid Colombian passport — with at least 6 months of validity beyond the expected closing date

Income Documents

• Tax returns (declaración de renta, DIAN) for the last 2 years — signed and stamped
• Income and withholding certificate (certificado de ingresos y retenciones) for the last 2 years (for employees)
• Employment letter on official letterhead indicating position, salary, and tenure with the company
• For self-employed or business owners: company financial statements, Chamber of Commerce certificate, RUT, and corporate tax returns for the last 2 years

Bank Statements

• Bank statements for the last 3–6 months from all accounts (checking, savings, CDs)
• Statements must clearly show the account holder's name, account number, and balances
• If your down payment funds are spread across multiple accounts or investments, you must provide statements for each

Bank Reference Letters

• Reference letters from 2 to 3 Colombian banks (Bancolombia, Davivienda, BBVA, Banco de Bogotá, etc.) with at least 2 years of relationship
• Letters must be on official bank letterhead, signed by an account executive, and indicate account type, length of relationship, and that the account is in good standing
• Many Colombian banks are familiar with this format due to the high demand from their clients with properties in Florida

Source of Funds Documentation

The lender will verify that your down payment funds come from legitimate sources (AML/Anti-Money Laundering compliance). You must demonstrate:

• History of funds over the last 2–3 months in bank accounts
• If funds come from the sale of a property in Colombia: deed of sale and bank transfer documentation
• If they come from dividends or investment withdrawals: account statements from the investment firm
• Gift funds are not accepted in the foreign national program

All documents in Spanish must be translated to English by a certified translator. At HFG, we can connect you with translators specialized in Colombian financial documents.

The Mortgage Process Step by Step

The purchase process for a Colombian citizen follows these well-defined steps. With proper preparation, everything can be completed in 45 to 60 days.

Step 1 — Initial Consultation and Pre-Qualification (Week 1)

The first step is a conversation with our team. In that call (available in Spanish), we analyze your financial situation, the purchase price you have in mind, and explain exactly what documents you need and in what format. After this consultation, you will know whether you qualify and what your approximate monthly payment would be.

Call us at (954) 663-3619 or complete the form at global.homefg.com.

Step 2 — Document Collection and Submission (Weeks 1–2)

Gather all the documents listed above. We will provide you with a personalized checklist. Documents are submitted securely through our online portal — no travel to Florida is required at this stage.

Step 3 — Mortgage Pre-Approval (Weeks 2–3)

With your documents in hand, we submit your application to the lender. The underwriting process for foreign nationals is more manual than for US citizens, but with complete documentation we typically receive a decision in 7 to 10 business days. Pre-approval gives you real negotiating power with sellers.

Step 4 — Property Search and Offer (Weeks 2–4)

With your pre-approval in hand, work with a trusted Florida real estate agent to identify the property. We can refer you to bilingual agents specialized in Colombian buyers in the main South Florida areas. Once the property is identified, a formal offer is made.

Step 5 — Inspection and Title (Weeks 4–6)

After your offer is accepted, a property inspection and title search are conducted. We always recommend hiring an independent certified inspector. Title insurance is standard in Florida and protects your investment against prior claims on the property.

Step 6 — Closing (Weeks 6–8)

Closing can be done in person in Florida or remotely via a Power of Attorney apostilled in Colombia. Many of our Colombian clients opt for remote closing for greater convenience. At closing, you will transfer the down payment and closing cost funds, and receive the keys to your property.

Closing Costs and Additional Expenses

In addition to the 30% down payment, you should budget for the following closing costs, which typically total between 2% and 4% of the purchase price:

• Title Insurance: 0.5%–1% of purchase price — one-time, permanent protection
• Documentary Stamp Tax (Doc Stamps): approximately 0.35% of the loan amount, plus 0.2% Intangible Tax on the mortgage amount
• Closing/Escrow fees: $1,500–$3,000
• Property inspection: $400–$700 depending on size
• Appraisal: $500–$800
• Document translation and notarization: $300–$600
• Prepaid insurance and tax escrow: 2–3 months upfront

For a $400,000 home, budget approximately $10,000–$16,000 in closing costs on top of the down payment. Our team will provide you with a precise Loan Estimate within 3 days of submitting your formal application.

Ownership Structures: Who Should Hold the Title?

As a Colombian buyer, you have several options for structuring the ownership of your Florida property, each with different implications:

Personal Name (Individual or Spouses)

The simplest approach. You appear directly as the owner on the deed. It is simple, cost-effective, and sufficient for a first property. The downside is that the property remains exposed to any future personal debts.

LLC (Florida Limited Liability Company)

Very popular among Colombian investors with multiple properties. A Florida LLC separates your personal assets from the property, offers some privacy (your name does not appear directly in public records), and can facilitate estate planning. However, mortgages under an LLC for foreign nationals are more complex and may require a personal guarantee. Consult with a Florida real estate attorney before deciding.

Trust

Some Colombian buyers use a Florida Land Trust for greater privacy. The trust appears as the owner in public records, not your name. It is a legitimate tool for estate planning and privacy.

Regardless of the structure you choose, we recommend consulting both a Florida real estate attorney and a Colombian accountant experienced with foreign assets.

Tax Implications: FIRPTA and Colombian Obligations

As a Colombian citizen with property in Florida, there are two tax frameworks you must understand:

FIRPTA — Withholding on Sale

The Foreign Investment in Real Property Tax Act (FIRPTA) is a federal American law that imposes a 15% withholding on the sale price when a foreigner sells property in the US. This withholding is a prepayment of capital gains taxes, not an additional tax. If your actual gain is less than 15% of the sale price, you can claim a refund when filing your US tax return (Form 1040-NR). The withholding can be reduced to 0% for properties under $300,000 that the buyer will occupy as a primary residence, but this applies to the buyer, not the seller.

This is a crucial aspect that many Colombian buyers are unaware of. Having a good US accountant specializing in foreign nationals (ITIN returns) is highly recommended from the very beginning.

ITIN — Individual Taxpayer Identification Number

To file taxes in the US as a rental property owner, you will need an ITIN (Individual Taxpayer Identification Number). This number is not a visa or work permit — it is simply a tax number for foreign nationals who have US tax obligations. The process to obtain it is done through the IRS using your passport and property documentation. For more information on using your ITIN for mortgages, read our guide on ITIN mortgage loans.

Colombian Tax Obligations

Colombia requires its citizens to declare foreign assets that exceed certain thresholds. If you own property in Florida, you must include it in your Colombian tax return under the foreign assets regime. Failure to declare them can result in DIAN penalties. Consult with your Colombian accountant about properly reporting your US investment.

Property Taxes in Florida

As a foreign property owner in Florida, you will pay annual property tax. Rates vary by county but generally range between 1.5% and 2.5% of the assessed property value. For example, a property assessed at $400,000 in Broward County may generate an annual property tax of $6,000–$10,000.

Unlike Florida residents, Colombian buyers do not qualify for the Homestead Exemption (which reduces the assessed value by up to $50,000 for primary residences of citizens or permanent residents). However, the Save Our Homes cap does apply if you become a resident, limiting annual increases in assessed value.

Many Colombian investors offset these costs with rental income from short-term rentals (platforms like Airbnb) or long-term leases, which are especially high in South Florida.

Why Choose Home Financial Group LLC?

There are many mortgage lenders in Florida, but few have the specialization and focus on Latin American buyers that HFG has. These are the reasons Colombians choose us:

• Foreign national specialization: We have spent years working exclusively with international buyers. We know the programs, lenders, and specific documentation requirements for Colombians.
• Full Spanish-language process: Our entire process — consultations, documentation, communications — can be handled completely in Spanish. You will not have to deal with a language barrier.
• Access to multiple lenders: We do not depend on a single bank. We have access to a network of lenders specialized in foreign nationals, allowing us to find the best rates and terms for your profile.
• Fully remote process: You do not need to travel to Florida to get your mortgage. We manage the entire process remotely using secure digital tools.
• Complete transparency: We explain every cost, every requirement, and every step before you commit to anything. No surprises at closing.

Start Your Process Today

If you are ready to take the next step toward purchasing your Florida property, the process begins with a conversation. Our team is available to answer your questions and guide you at no cost and with no obligation.

Home Financial Group LLC
NMLS# 305389 | Oakland Park, Florida
Medardo F. Cevallos — NMLS# 305965
Phone: (954) 663-3619
Web: global.homefg.com

You can also explore more resources on our site: the Colombian buyers page, the no-visa program, and the guide on ITIN mortgages.

Taking the first step is simpler than you think. Thousands of Colombians already own property in Florida — you could be next.