Financing Real Estate in Costa Rica
The simple way to finance properties in Costa Rica would be directly with the owner; however most property owners would only be willing to give the buyer a short amount of time to close the deal. Approved loans on condominium projects that have been pre approved by the builder through a National Bank is an option and one that makes it easy for a buyer to get in on ground floor prices during pre sales.
It is possible to finance real estate in Costa Rica through banks and private lenders; however Costa Rican banks are just now getting into this business. Interest rates tend to be a little higher when financing real estate in Costa Rica compared to North American lenders, but with the usually higher value through appreciation rates of properties in Costa Rica, financing your real estate can still bring positive cash value to your investments.
We work with Banco National Costa Rica for real estate financing in Costa Rica and highly recommend their advanced real estate financing products. They have tailored real estate loan programs to meet the needs of non residents and investors alike. Application requirements are similar to those in the United States. Time for loan approval when financing your real estate in Costa Rica is about four months, so plan ahead.
Banco Nacional Costa Rica Real Estate Loan Information
(Click to download pdf document)
We are also a member of the Mortgage Alliance Program in conjunction with Stewart Title of Costa Rica. The Mortgage Alliance program offers many benefits as they act as a brokering service and have an agreement with all the major public and private financial institutions. The program provides such benefits as low rates and good terms, efficient service, fast pre-approval, and will design custom mortgage plans to meet the needs of our cients. Contact us to learn more.
Mortgage Alliance Program Loan Information
(Click to download pdf document)
Banco National Loan Application
CHECK LIST REQUIREMENTS
These requirements apply only to US and Puerto Rico citizens and residents. Citizens of other countries may apply for real estate financing in Costa Rica, but the requirements may be different.
This check list is provided to help gathering information to be included with loan application. The basic requirements needed are listed below. The Fideicommissary Bank may ask for additional documentation necessary to determine risk and approval of credit proposal.
( ) Form of Authorization
( ) Sale Purchase Agreement - Earnest money Contract executed by Buyer and Seller
( ) Passport’s photocopies (borrower and co-borrower)
( ) Uniform Residential Loan Application, completed and signed by all parties
( ) W-2 forms for previous 2 years
( ) Personal tax returns for prior 2 years (signed and dated)
( ) Original bank statements and/or brokerage account statements form, prior 3 months.
( ) Know your Customer form
( ) Corporate/Partnership tax returns with all financial statements attached for prior 2 years (signed and dated)
( ) Profit and Loss Statement for year to date (signed and dated)
( ) Year to date Balance Sheet (signed and dated)
( ) Cadastral Plot Photocopy (Survey Plan)
( ) ACH Form (Automated Clearing House)