Mortgage Financingin 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:
REFINANCE IN YOUR HOME COUNTRY
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)
DR MORTGAGE FINANCING
Place a new, US dollar first mortgage on the DR property being purchased.
- Interest rates are between 3.75-5.75%
- Amortizations up to 25 years
- 35-40% down payment required
- The approval process is similar to that of North America, with lenders requiring similar documentation
- You can be self-employed
DR Mortgage Financing. Where Do You Start?
Below are some the steps you can follow and find out if you qualify:
Will You Qualify? Start here.
We only require two items for determine if you qualify for DR financing: your credit report and your income.
- To obtain your credit report click below:
- United States: TransUnion US
- Your credit (FICO) score to qualify must be greater than 640
- Canada: Equifax Canada
- Your credit (Beacon) score to qualify must be greater than 680
- UK: Equifax UK
- Your credit score to qualify must be greater than 640
- If your credit score is above minimums, proceed to obtaining:
- Income Information:
- United States and UK: Two-years of tax returns
- Canadians: Two-years of Notice of Assessments
Get the Ball Rolling!
- Send your credit report and tax information along with a completed mortgage application. Click the link below to download:
Contact Bernie Tietz in our office to discuss further steps
Bernie will let you know where to send the application and the next steps to getting your pre-approval and eventual funding.
Some General Guidelines…
- Mortgage financing here in the Dominican Republic is limited and can be time consuming.
- Financing is only available to citizens from the United States, Canada and the United Kingdom
- Projects or developments must also be approved by the lender
- Mortgages are done in United States dollars (US)
- 20-25 year amortizations available
- Interest rates from 3.75 – 5.75 %
- Downpayment of 35% on houses under $1,500,000 US
- Downpayment of 40% on houses between $1,500,000 to $2,500,000 US
- Brokerage fee: 1% of mortgage amount. Minimum fee of $700 US
- Legal fees to register mortgage
- Appraisal: $300-$500 US
What is not possible:
- No subprime financing
- No mortgages in non-approved projects
- Mortgages are not available on purchases of over $2,500,000
- Mortgages to corporations
- Financing of raw land or farms
Full Documentation Requirements:
- Mortgage application
- Client consent to release tax data (bank)
- Form W9_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
Properties to Love
Click below to view properties by type
Private, lush tropical paradises
Villas offer space, private pools, gated communities and specialty services for expats. Morning coffee overlooking your sparkling pool, tropical nights on your back terrace…heaven.
So many choices
Maybe you want to be see the ocean first thing in the morning? Or walk the beach, be close to restaurants and shopping? Condos offer lots of lifestyle choices
The best villas & condo developments
These developments offer gated security, rental options, management services and lock-up-and leave options. Buyer favourites.
Begin Your Dominican Republic Journey Today
Talk to us about villas, condos, real life and everything else DR.
We are here to help. No pressure.
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