Mortgage Financing

in the Dominican Republic

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

  1. Use the equity you have.  Obtain a home equity line of credit or do a refinance of an existing property in your home country.  Rates are often better and the process easier.
  2. Take out a new mortgage in the Dominican Republic with a local bank.  Here is where to start, and how it works:

DOMINICAN REPUBLIC BANK FINANCING.

Please follow the steps below in order to begin the DR financing process:

  1. Find out if you qualify.  do this first:

We only require two items for determine if you qualify for DR financing:  your credit report and your income.

  1. 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:
  1. Income Information:
  • United States and UK:  Two-years of tax returns
  • Canadians:  Two-years of Notice of Assessments
  1. Start the application process

Send your credit report and tax information along with a completed mortgage application.  Click the link below to download:

DOWNLOAD MORTGAGE APPLICATION

Then, contact our Executive Sales Coordinator, Tony Willies to discuss further steps

Cell/WhatsApp:  829-213-0830

Email: Paul McQuaid

Tony will let you know where to send the application and the next steps to getting your pre-approval and eventual funding.

  1. 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 – Casa Linda is an approved project.
  • 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

Lending Costs:

  • Brokerage fee: 1% of mortgage amount. Minimum fee of $700 US
  • Legal fees to register mortgage
  • Appraisal: $175-$500 US

Full Documentation Requirements after approval:

  • 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

 

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