Mortgage Financing

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

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.
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:

01

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:

  2. Income Information:
    ■ United States and UK: Two-years of tax returns
    ■ Canadians: Two-years of Notice of Assessments

02

START THE APPLICATION PROCESS

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

 DONWLOAD MORTAGE APLICATION

For additional information, please email info@twohabitatsinc.com.  We can tell you where to send the application and the next steps to getting your pre-approval and eventual funding.

03

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)
    Please look at the application process and if you meet the requirements, contact our office for more details on financing.

Lending Costs:

  • 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
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