If you're thinking about buying a home in Miami but wondering, “How do I get a mortgage in the U.S.?”—this guide is just for you.
Recently, many investors from Turkey have turned their attention to Miami. With its sunshine, beaches, safe lifestyle, and investment potential, Miami offers serious opportunities for those looking to buy property in the U.S. And the good news is—you can finance your purchase through a mortgage.
Here are the steps to owning a home in Miami with a mortgage:
The U.S. Mortgage System & Requirements for Foreign Buyers
Mortgage is one of the most commonly used financing methods when buying a home in the U.S. Even if you're not a U.S. citizen, you can still buy property in the U.S. with a mortgage. You don’t need a Green Card or residence permit—just your passport is often enough to become a property owner. However, U.S. banks do impose some additional conditions for foreign investors:
- Minimum 30% Down Payment: Typically, at least 30% of the property price must be paid upfront.
- U.S. Bank Account: You’ll need a U.S. bank account with some funds in it.
- Financial Documents: Reference letters from your bank or accountant in Turkey are important.
- SSN or ITIN: If you don’t have a Social Security Number, you can apply with an ITIN (Individual Taxpayer Identification Number).
The Miami Real Estate Market & Home Prices
Miami, the jewel of Florida, is one of the most popular real estate markets among international buyers. Thanks to its tropical climate, oceanfront location, and cultural appeal, Miami is ideal for both investment and lifestyle purchases. In fact, many well-known Turkish investors already own property in Miami.
Miami home prices vary widely depending on the neighborhood, location, and property type. Generally, downtown and coastal areas are more expensive, while the city’s inner or developing districts offer more affordable options. The table below shows the average property prices in various Miami neighborhoods (unit: price per square meter, USD). Note that 1 ft² ≈ 0.0929 m² (100 ft² ≈ 9.29 m²), and the table values are approximate conversions:
| Neighborhood | Avg. Price (USD/m²) | Avg. Price (USD/ft²) |
|---|---|---|
| Allapattah | $4,080 / m² | $379 / ft² |
| Little Havana | $4,550 / m² | $421 / ft² |
| Golden Pines | $5,760 / m² | $533 / ft² |
| Brickell (Downtown) | $8,480 / m² | $788 / ft² |
| Edgewater | $8,780 / m² | $816 / ft² |
| Coconut Grove | $10,480 / m² | $974 / ft² |
The values above are based on Realtor data as of April 8, 2024, and reflect the average price per square meter. Prices may vary depending on neighborhood popularity, proximity to the sea, and building age.
This table shows the price diversity across Miami neighborhoods. For example, in central Brickell, the average price is around $788/ft², while in more affordable Allapattah, it’s about $379/ft². That means the price per square meter in Brickell is over $8,000, compared to around $4,000 in Allapattah. Of course, every property has its own factors that affect price—view, building amenities, renovation status, etc. When searching for a home in Miami, it’s important to define your goals and budget and study the average prices of the neighborhoods you're considering.
Although home prices in Miami have been on the rise in recent years, there are still opportunities to find good deals. With proper timing, location selection, and guidance from a trusted local agent, it’s possible to buy a home in Miami at a good price. Don’t forget—negotiation and market awareness can give you an edge.
The Home Buying Process in Miami (Step-by-Step)
The process of buying a home in the U.S. (and in Miami) differs in some ways from Turkey but is generally transparent and well-structured. Here’s a step-by-step summary of the Miami home buying process:
- Determine Budget & Get Pre-Approval: Apply to a U.S. bank to get pre-approved for a mortgage.
- Work with a Trusted Realtor: Choose a reliable agent—buyers in the U.S. don’t pay the agent’s commission.
- Make an Offer & Sign the Contract: Submit an offer for the property you like; if accepted, sign a purchase agreement.
- Appraisal & Inspection: The bank will appraise the property; you’ll also conduct a technical inspection.
- Closing & Title Transfer: Once all documents are complete, the title is transferred to your name.
Timeline: The buying process in Miami typically takes 30 to 60 days, depending on the payment method. With a mortgage, it can extend up to 90 days due to loan procedures. For cash buyers, it’s usually faster.
Costs, Taxes, and Tips
When purchasing property in the U.S. and in Miami, there are several additional costs and obligations beyond the property price. Also, here are some useful tips for foreign investors:
- Closing Costs: Typically range between 2% and 5% of the purchase price.
- Property Tax: In Florida, annual property tax usually ranges between 1% and 2%.
- Insurance: Required if buying with a mortgage. In Miami, annual insurance averages $2,000–$3,000.
- Residency: Buying property does not grant a Green Card.
- Rental Income: You can earn rental income but must declare it for tax purposes.
- Money Transfers: Be mindful when transferring funds from Turkey—use platforms like Wise for efficiency.
Is It Hard to Buy with a Mortgage in Miami?
Not really. If you work with the right advisor, the process is quite smooth. Things in the U.S. operate in a systematic and transparent manner. While the mortgage system may seem detailed to buyers from Turkey, with proper planning, everything falls into place.
