Mortgage Financing

in the Dominican Republic

Please note that we are not a mortgage brokerage.  We assist our buying clients with local banks, but buyers must apply on their own.


For buyers requiring mortgage financing, there are two options available:


Or place a home equity line of credit on an existing  property in your home country to pay for the DR purchase:


  • Often a better option as rates are better
  • More mortgage products are available to you
  • It takes less time
  • In many countries the interest paid is now tax deductible (if DR property is at least a part time rental)


 Place a new, US dollar first mortgage on the DR property being purchased.


  • Interest rates are between 7.25-8.00%
  • Amortizations up to 25 years
  • 20-40% down payment required
  • The approval process is similar to that of North America, with lenders requiring similar documentation
  • You can be self-employed

Mortgage Financing in the Dominican Republic

Historically, obtaining financing in the Dominican Republic has very difficult and met with little success. The process has improved over the years with Scotiabank leading the way. This program has been developed for “non-residents”, which is what foreign buyers without a permanent DR residency or citizenship, are considered.

While not perfect, this program is a real possibility for buyers who want to leverage their investments or not impede capital or properties in their home countries. Please know to expect a longer process than you’re used to, with a lot of paperwork and information gathering. At DR Properties, we assist our buying clients with obtaining financing; however, we are not a mortgage brokerage.

Program Highlights

  • All mortgage loans are in US dollars
  • Valid for citizens of Canada, US, UK plus other Latin American countries in which Scotiabank has a presence: Uruguay, Chile, Brazil, Peru, Colombia, Mexico
  • Applicants are approved based on their country of origin financial situation
  • Property values up to USD 2.5M
  • Only for completed homes – no financing for new construction (if a new construction, vendor/developer must provide interim financing)
  • Valid for any resale or pre construction project (project doesn’t need to be pre-approved by Scotiabank in advance)
  • Only one mortgage to be given to each individual or couple by Scotiabank (regardless of other potential loans given by other DR banks)
  • Note: purchase of several properties (i.e. condos) by the same buyer are not permitted. It’s only one property/title for foreigners
  • Property bought in a holding corporation can be accepted. The corporation is to hold only the property being purchased. The mortgage, however, is still in personal names and the requirements are identical as purchasing the property in personal names

Requirements & Qualifications

Who Can Qualify?


  • Individuals or married couples
  • Relatives are accepted (eg. parents/children)
  • Non-related individuals are accepted and assessed individually



  • Bank has list of approved appraisers.
  • Buyer needs to contact, pay and arrange for the appraisal
  • Appraisal company will value property only (excluding furniture)
  • Important: If not specified on the offer, Scotiabank will ask parties to specify (i.e. with a formal letter) the price of furniture and structure separately

Key Requirements


  • USD $5,000 min monthly income,
  • Salaried individuals: Min 1-year employed
  • Self-employed individuals: 2-years
  • Minimum Credit Score (Trans Union):
    • Canadians: 680
    • Americans: 660
  • Debt Ratio:
    • Salaried employees: 40%
    • Self-employed: 35%



  • Source of Down Payment:
    • Need to demonstrate in financial statements where the money is coming from:
  • Bank wants to validate funds are available on client’s statement for at least prior 90-days. Funds can’t be borrowed
  • Gifted” money (i.e. a relative) may be accepted as an exception



  • For condo units, property title needs to specify that at least one parking spot exists
  • Property that have are deemed risky from an environmental point of view are not accepted
  • Closing Costs:
  • Bank requires buyer’s to have 5% of purchase price in advance (an estimate for taxes, legal and administrative expenses)
  • Scotiabank will NOT report loan to any foreign credit bureau (so loan will NOT appear reported to client’s country of origin)

Approval Process: Important!


  • Buyer(s) can be pre-approved (highly recommended before making an offer)
  • Pre-approval does not expire (new – used to be valid only for 90 days)
  • A final approval is always required, when the contract of sale and appraisal is ready
  • Buyer documentation will need to be updated to verify pre-approval conditions haven’t changed


  • Rates:
    • 7.25% Fixed for 1 year
    • 7.95% Fixed for 3 years
    • 8.00% Fixed for 5 years
    • After initial period, rates will change once a year (defined by Scotiabank)
  • Maximum property amount: USD 2.5M
  • LTV (Loan to value):
    • 70% of property valued up to USD 1.5M
    • 65% of property valued up from USD 1.5 to 2.5M
  • Amortization period:
    • Up to 25 years for property valued up to USD 1.5M
    • Up to 20 years for property valued up from USD 1.5 to 2.5M

  • Note: Property value lowest of appraisal and purchase price
  • Foreigners with proven income in the DR may qualify for a larger LTV

Documentation Requirements

Buying in Your Personal Name(s)

  • Mortgage application
  • Client consent to release tax data (bank)
  • FormW9_E (US citizens)
  • Authorization to obtain credit report (from bank)
  • Passports and drivers’ licenses
  • Social Security or Social Insurance Number
  • Letter of Employment from Employer (cannot be greater than 30-days old – obtain pre-approval first)
  • Last six months of paystubs for salaried applicants
  • W-2 for US applicants (last two years)
  • T-4 slips for Canadian applicants (last two years)
  • Form P60 tax summary for UK residents
  • Letter of reference from your two primary banks (home country)
  • Last six months of bank statements
  • Proof of ownership of assets listed on your mortgage applications (eg. Title, tax assessment, mortgage assessment, insurance, registration of vehicles, investment statements)
  • Last three months credit card statements
  • Proof of downpayment (where it is coming from) for money laundering purposes

Documentation Requirements

Buying in a Corporation

For the Company:

  • Articles of Incorporation.
  • Constitutive General Assembly Minutes.
  • List of Share Subscribers and Payment List (Up-to-date).
  • Minutes of the Ordinary General Assembly that appointed the current Board of Directors, stamped and signed.
  • Letter or certification duly dated, stamped, and signed by the president, confirming that all documents provided are faithful copies of the original documents.
  • Commercial Registry (Current).
  • National Taxpayer Registry Card (RNC).
  • Copy of the ID of the company’s representative.
  • Promotional materials for the project (Brochures, Website, Blueprints).
  • Authorization to access your credit history through credit bureaus (Both the company’s and its President’s).

Personal Information Required:

  • Copy of the ID of the company’s representative.
  • Promotional materials for the project (Brochures, Website, etc.).
  • Authorization to access your credit history through credit bureaus.
  • 2 Personal references.
  • Personal information: Phone numbers, address.

Quick Check if You Qualify

Start with checking your credit rating to see if it’s high enough:

  • United States: TransUnion US. Your credit score to qualify must be greater than 660
  • Canada: TransUnion Canada. Your credit score to qualify must be greater than 680

Download the Scotiabank mortgage application:

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