Some sellers offer owner financing to buyers, generally with a 50% down payment and repayment within 1-5 years.
Developer Financing
There are a few projects in the area that offer developer financing. Terms of the financing and the down payment will vary by developer.
Equity Financing
You can refinance your home or take out a home-equity line of credit in your own country. The benefits are shorter approval times, lower interest rates and a wider variety of financing options.
Bank Financing
Scotiabank and Banco Popular offer a special mortgage program for residents of Canada, the US and the UK who are buying a second home in the Dominican Republic.
The approval process is similar to North America but more stringent and generally takes longer. Applicant must own a home in North America, or the UK and have assets totalling at least the value of the DR mortgage.
General Mortgage Information:
Loan amounts up to 65% of appraised property value
20-25 year amortizations available
Interest Rates of 3.75% - 8% annually
Loan applicant must own a first home in Canada, US or UK
Credit rating of at least 680 for Canadian and 640 for US applicants
Minimum age to apply is 21 years of age
Documents required to apply:
Copy of passport
Copy of Driver’s License
Copy of Social Security (US) or Social Insurance Card (CDN)
Last 2 Years of Income Tax Statements (US Applicants)
Last 2 Years of Notice of Assessments (Canadian Applicants)
Authorization to access Credit Report from TransUnion US or Equifax Canada
W-2 Forms (US Applicants)
T-4 Forms (Canadian Applicants)
Letter of Reference of your 2 primary banks at your country of residence (address to Scotiabank)
Evidence of assets in your country of residence (must be in US, Canada or UK)
Evidence of Savings (Investments, Retirements Plan, Stocks)
