However, unlike the so-called "conforming loans" available for U.S. residents, which rely heavily on the borrower's credit score and other automated underwriting criteria, foreign nationals fall into the non-conforming loan category and are often afforded more personalized attention.

"Lenders want to be sure the loan makes sense. If the borrower makes $500,000 a month but only has $3,000 in the bank, something is wrong."

Lenders generally provide financing based on 65 to 80 percent loan-to-value. In other words, the borrower is required to make a down payment of 20 to 35 percent of the purchase price. As a rule, the down payment for a single-family residence is lower than for a condominium.

Foreign nationals can also expect to pay slightly higher interest rates -- roughly 1 percent higher than U.S. residents, according to a loan officer with Miami-based mortgage banker Hayhurst and Associates. "The more information we can verify on the borrower, the lower the rate will be." It is best that the borrowers disclose as much information as possible.

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