April 9th, 2008 bfwilson Posted in Real Estate |
Mortgage financing for foreigners
Generally, purchasing a home in Guatemala by a foreigner has always been a cash proposition. As more and more foreigners are inquiring if there is a possibility to finance, we have managed to make an arrangement with one of Guatemala’s larger banks to provide funding.
|
The following requirements will satisfy the lender.
|
-
A copy of the buyers bank account for the previous 6 months showing a reasonable cash flow and balance.
- A certified copy from an employer to verify
employment, and the number of years employed.
- A financial statement showing current assets and
liabilities (short and long term)
- A copy of a current passport.
- A minimum down payment of 30% of the appraised
value of the home. The buyer is responsible to have
the appraisal done.
- A loan approval will take approx. 8 working days to
either approve or reject.
- The appraisal will not be required until the loan
has been approved as to the credit worthiness of the
buyer.
- The interest rate is not fixed, and currently (in
late 2006), the rate is 7.5% in US Dollars. The
interest rate is pegged to the US Dollar at the time
of the loan.
- The lender will, with the written agreement of the
buyer, undertake to obtain a credit bureau report from
the purchaser country of residence.
|
Basically, there is little difference that obtaining a
loan in your home country.
Casa Nova will act as the go between for the purchaser
if required, to expediate the transaction.
Casa Nova will not charge any fees for this service.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Leave a Reply