How to Secure a Spanish Mortgage as a US Citizen
Dreaming of owning a home in Alicante or the stunning Costa del Sol? For many US citizens, these Mediterranean gems offer the perfect lifestyle blend—sunshine, seaside living, cultural charm, and excellent property investment potential. But if you’re planning to buy with financing, securing a Spanish mortgage as a US citizen is a key part of the process.
In this article, we explain how US buyers can obtain a mortgage in Spain, what the typical terms look like, the documents you’ll need, and how a specialist broker can simplify the journey—particularly if you’re focused on popular regions like Alicante or the Costa del Sol.
Why Alicante and the Costa del Sol Are So Popular with American Buyers in 2025
In 2025, Spain remains a leading destination for American property buyers. Demand from US citizens has quadrupled over the past five years, with Americans now making up around 2% of all foreign transactions.
Alicante, with its lively expat communities, golden beaches, and excellent transport links, remains a favourite for those seeking a mix of local charm and convenience. Meanwhile, the Costa del Sol—including hotspots like Marbella, Estepona, and Málaga—offers luxury living, golf resorts, and international schools, making it especially appealing for families and retirees alike.
Key drivers behind this US interest include:
- A strong US dollar against the euro
- Lower cost of living and healthcare in Spain
- The region’s warm, Mediterranean climate
- Spain’s perceived safety and quality of life compared to parts of the US
And even with the end of the Spanish Golden Visa programme in April 2025, Americans continue to invest heavily in both coastal and inland areas of Spain.
Mortgage Terms for US Buyers in Spain
As a US citizen purchasing property in Alicante or the Costa del Sol as a non-resident, typical Spanish mortgage terms include:
- Loan-to-Value (LTV): Up to 70% (some lenders cap at 60% depending on risk)
- Interest Rates: Around 3.1% fixed for 20 years, with potential reductions to approximately 2.35% if you bundle products such as insurance or banking services
What You’ll Need to Qualify
To secure a mortgage in Spain, most US buyers will need to provide a 30–40% deposit. In addition, Spanish lenders will review your financial background thoroughly. You’ll typically need to submit:
- 2–3 years of US tax returns
- Recent payslips or proof of income
- Bank statements for the last 6 months
- A US credit report showing consistent repayment history
Lenders will also consider your debt-to-income ratio, ideally keeping this below 35–40% of your net monthly income.
Currency Considerations and Spanish Law
Under Spanish law (LCCI 05/2019), borrowers can request to convert their mortgage if their income currency drops significantly against the euro. While this protects borrowers, some Spanish banks see US dollar income as a higher risk and may be more conservative or reluctant to lend to US buyers for this reason.
Legal and Administrative Requirements
Before completing a property purchase in Spain, you must obtain an NIE (Número de Identificación de Extranjero)—your tax identification number as a foreign buyer. Other key administrative steps include:
- Certified translations of financial documents (into Spanish)
- Apostille certification where applicable
- FATCA compliance for US citizens
- Understanding non-resident property tax and any local fees in Alicante or the Costa del Sol
How EMAC Can Help You Secure a Spanish Mortgage
Working with a specialist broker like EMAC can make all the difference, particularly for US buyers navigating Spanish bureaucracy from abroad.
Here’s how EMAC supports clients:
- Tailored mortgage products for US citizens, including fixed-rate options between 2.0%–2.4%, LTV up to 70%, and terms of up to 25 years or age 80
- Multilingual advisors to support you through every stage—from pre-qualification to closing
- Cross-border services such as currency exchange, valuations, legal and tax advice
- Strong relationships with Spanish banks that may otherwise be difficult for non-residents to approach
Step-by-Step Mortgage Roadmap
If you’re ready to explore buying a home in Alicante or along the Costa del Sol, here’s a quick look at what your mortgage journey will involve:
- Get pre-qualified by speaking with EMAC or a trusted mortgage broker
- Apply for your NIE early in the process
- Prepare all required documentation and translations
- Choose a property and make an offer
- Submit your mortgage application through EMAC
- Review the mortgage offer—including interest rate, fees, term, and conditions
- Finalise your purchase and complete closing with a notary
- Ensure post-purchase compliance with taxes and legal registrations
Ready to Buy in Alicante or the Costa del Sol?
If you’re considering buying a property in Alicante or the Costa del Sol and need a Spanish mortgage as a US citizen, EMAC can support you from start to finish—bringing clarity, efficiency, and peace of mind.
Start your journey today. Contact EMAC to learn more or begin your mortgage pre-qualification process.
