Mortgage Financing

IN THE DOMINICAN REPUBLIC

For those requiring mortgage financing, there are two options:

REFINANCE IN YOUR HOME COUNTRY

Or place a home equity line of credit on an existing property in your home country to pay for the DR purchase:

Often a better option as rates are better
More mortgage products are available to you
It takes less time
In many countries the interest paid is now tax deductible (if DR property is at least a part time rental)

DR MORTGAGE FINANCING

Place a new, US dollar first mortgage on the DR property being purchased.

Interest rates are between 3.75-5.75%
Amortizations up to 25 years
35-40% down payment required
The approval process is similar to that of North America, with lenders requiring similar documentation
You can be self-employed

DR Mortgage Financing. Where Do You Start?

Right here. Contact our team and we can get you started on obtaining financing.

Below are some the steps you can follow and find out if you qualify:

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.

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

02. START THE APPLICATION PROCESS

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

Then, contact Chris Duke to discuss further steps at: Phone: 1-484-352-4092 or WhatsApp: 651-242-1520 Email: chris@dominicanlistings.com Chris will let you know 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)
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: $300-$500 US

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
Financing of raw land or farms

To learn more about living in the Dominican Republic, please read our FAQ section.

Mortgage Financing