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:
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.
- 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
START THE APPLICATION PROCESS
Send your credit report and tax information along with a completed mortgage application. Click the link below to download:
For additional information, please email firstname.lastname@example.org. We can tell you where to send the application and the next steps to getting your pre-approval and eventual funding.
- 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.
- 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