Financing

NON-RESIDENT VACATION HOME PROGRAM

• Financing up to 70% of the lower value between appraisal and purchase price.
• Up to 25 years amortization.
• Excellent Interest Rate 8.25% Fixed for 1 year, 8.75%, Fixed for 3 years and  9.00%. Fixed for 5 years. After the fixed rate period, rates are market driven.
• Loan amount must be in USD currency only.
• Only acquisition of completed homes, to be transferred to personal name of customer.

Process:

Step 1 –

• Prequalification. Determines if the client apply for a mortgage, based on indebtedness (Debt Ratio), credit score and positive Net Worth.

Step 2 –

• Final Approval: You should have already selected the property and provided an appraisal and promise or contract of sale.
• Update the prequalification documents and provide others documents required.
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Other informations:

• The cost of the appraisal will be assumed by the buyer, regardless of whether the case is approved or not.
• Closing costs are approximately 5% of the sale price, includes: 3% tax for transferring the property to the name of the buyer, 0.15% Tax by check issuance, legal and administrative expenses, and property insurance for 1 year. This amount must be available before the signatures day.

Documents Requirement:

• List of the requirements for Canadians
• List of the requirements for Americans
• Key Characteristics of our program
• List of the requirements for Dominicans/ Lista de requisitos para Dominicanos.
• List of the requirements for Prequalification.
• Authorization to issue your credit report.