Financing in the Dominican is very similar to financing in the US and Canada, there is an assortment of documents that you will need to provide to bank officials in order for them to qualify you.
Photo of passport
Secondary ID
2 Bank Reference Letters
Paystubs or W2s to show proof of work - Work Letter or Work Contract
If Independent you need to show your Business Certificate
Bank Statements of the lat 3 Months if employed - 12 months if self employed
Property Valuation - this is done once the property is found or 95% built if buying new construction
Property Title (this will be provided by your seller)
Authorization form to check your credit (form provided by the bank)
Terms of Financing
Possibility to lend up to 70% of property value (on valuation report) or purchase contract, which ever is lower
Banco Popular can lend up to 70% on valuation report
25 Year Loan
Credit Score of 680
Possibility to get a loan in dollars
Interests Rates Vary by bank - 5.75% fixed for 3 years or 6.50% fixed for 5 years
Other requirements may apply depending on your nationality. These information we have learned with time and from assisting our clients with mortgages in the DR, this information may change depending on the market.
