Refinancing in your home country

Consider refinancing your home or obtaining a home equity line of credit in your home country to finance a property purchase in the Dominican Republic.

This can be a more favorable option as interest rates may be lower and more mortgage options are available.

Additionally, the process may be quicker and in some countries, the interest paid may be tax deductible if the DR property is used for rental income.

Financing via DR-based lenders

A new first mortgage for the property can be financed via lenders based in the Dominican Republic. Interest rates for this option typically range from 3.75-5.75% and amortization periods can go up to 25 years.

A down payment of 35-40% is typically required and the approval process is similar to that in North America, with lenders requiring similar documentation. Self-employed individuals can also apply for this option.

Financing through Dominican Republic lenders. Here's the quick overview.

1. Eligibility Assessment

To determine your eligibility for DR financing, we only require two pieces of information: your credit report and your income.
To obtain your credit report, follow these steps:

 

  • In the United States, visit TransUnion US.
  • Your credit (FICO) score must be greater than 640 in order to qualify.
  • In Canada, your credit (Beacon) score must be greater than 680.
  • In the UK, your credit score must be greater than 640.
 

If your credit score meets the minimum requirements, proceed to gathering your income information:

  • In the United States and UK, provide two years of tax returns.
  • In Canada, provide two years of Notice of Assessments.
 

 

2. Document Submissions

Send in your tax info and credit report, as well as a filled out out of the copy mortgage application, which you can download via the following link:

Click here to download the Mortgage Application Form

Please get send the above-specified documents and accomplished form to the following email:

jessica@realhomesdr.com

You can also get in touch with us via a phone call or WhatsApp through the following number: 

✆+1 (809) 459-6224

3. Expect us to call you

Some general considerations related to Dominican Republic property acquisition/purchase.

 

  • Obtaining a mortgage in the Dominican Republic may be challenging due to limitations.
  • Only citizens from the United States, Canada, and the United Kingdom are eligible for financing.
  • The lender must approve any projects or developments before a mortgage can be granted.
  • Mortgages are given in United States dollars.
  • Amortization periods of 20-25 years are available.
  • Interest rates range from 3.75% to 5.75%.
  • A 35% down payment is required for houses under $1,500,000.
  • A 40% down payment is required for houses between $1,500,000 and $2,500,000.
 

Full List of Documentary Requirements

  1. Submit a mortgage application
  2. Provide consent to release tax data to the bank
  3. Fill out Form W9_E if you are a US citizen
  4. Authorize the bank to obtain your credit report
  5. Provide copies of your passport and driver’s license
  6. Share your Social Security or Social Insurance Number
  7. Obtain a letter of employment from your employer that is not more than 30 days old (it is recommended to get pre-approval first)
  8. Submit the last six months of paystubs if you are a salaried applicant
  9. Provide W-2 forms for the last two years if you are a US applicant, or T-4 slips for the last two years if you are a Canadian applicant
  10. UK residents should provide a Form P60 tax summary
  11. Obtain a letter of reference from your two primary banks in your home country
  12. Submit the last six months of bank statements
  13. Provide proof of ownership for any assets listed on your mortgage application, such as title, tax assessment, mortgage assessment, insurance, registration of vehicles, and investment statements
  14. Submit the last three months of credit card statements
  15. Provide proof of the source of your down payment for money laundering purposes.