Real Estate Financing Options in Costa Rica Offered by Vistamarina
SO WHAT IF YOU DON'T HAVE THE MONEY?
Need financing options. Not a problem. Vistamarina can offer at least two.
SOLUTION #1: 100% FINANCING BY DEVELOPER
Most developers went into debt during the real estate boom, and now cannot afford to finance their buyers. And often, neither can the banks. However, this is the time to buy. What can be done? Vistamarina is among the few developers in a position to offer generous financing to qualified buyers. For more information, just call at (506) 7070-0007.
SOLUTION #2: FINANCING BY BANCO NACIONAL
Banco Nacional, a government-owned bank which is Costa Rica's largest, has a program called “BN-Second Home Financing Program” that has been specifically designed to satisfy the North American citizens' demand for residences in Costa Rica. Resident as well as non residents may apply.
Look at the lending conditions by Banco Nacional to your right. If you need more information about this financing options, please call at (506) 7070-0007or fill in our contact form.
|Banco Nacional Lending Conditions
||House, condominium or lot
|Maximum loan term
||House or condominium =Up to 20 years
Land = Up to 10 years
|Maximum Debt to Income Ratio (DTI)
|Maximum credit amount
||Based on credit report
||Minimum 680 points (good or very good)
|Maximum Loan over Earnest Money Contract
||Over US$800,000, 50%
US$400,000 to US$800,000, 60%
Up to US$400,000, 70%
|Loan to value ratio over appraisal
||Resident = 70%
Non resident = 65%
|Annual Rate Review and rate adjustment monthly
||7.40% = Libor + 2.00 = 1 to 12 months
7.60% = Libor + 2.25 = 13 to 36 months
7.85% = Libor + 2.50 = 37 to 60 months
8.10% = Libor + 2.75 = 61 to 96 months
8.60% = Libor + 3.50 = 97 to 240 months