Foreigners are finally able to get mortgages on property they own in the Dominican Republic.
Until recently, January 2009, the options for foreigner's buying a second home in the Dominican Republic were limited to private seller/developer financing or using property owned in their home country as collateral.
Scotiabank is now offering mortgages for residents of the UK, Canada and the US who are buying a second home in the Dominican Republic. This is a new program but I have already had a client who successfully purchased a home using this mortgage program.
Following is some information from Scotiabank concerning their mortgages:
Loan Information:
- Maximum loan amount is 75% of appraised property value.
- Maximum finance term is 25 years.
- Interest Rate is 8% annually.
- Minimum age to apply is 21 years of age
Documents required:
- Copy of passport
- Last 2 income tax statements
- Authorization to issue a Credit Bureau Report from the customer's country of residence
- Income letter, if an employee
- Evidence of assets in your country of residence (must be US, Canada or UK)
- Insurance assignment
- Property Appraisal from an authorized appraiser.
- Copy of Offer of Purchase & Sale
- Proof of down payment.
Fantastic news for all!