Wanted to let you know we have been able to reach an agreement with a AAA Prime Bank in NYC. This is not a local lender. They offer three types of mortgages: purchase, refinance and cash out (sorry no construction loans). Offer is limited to U.S., Canadian & UK citizens. See the below requirements.
- The property must have a clear title. If the title is not available, the buyer can be approved and the file held until the title becomes available.
- Completely filled application (lender application form)
- Signed credit report release form
- 2 years full tax returns
- Most recent four (4) pay statements
- Most recent asset statements (ex. Stocks, 401k, brokerage account, etc.), must include support documentation
- Minimum loan is $150,000.
- LTV is 70% of appraised value, meaning if the property appraised at $250,000, the most they would finance is $175,000.
- The loan will be a 30 year mortgage fixed for 5 years at 7.95% that changes to an ARM (Adjustable Rate Mortgage) for the final 25 years. Prepayment penalty in place for the first 5 years that begins at 5%, and reduces by 1% per year until the end of the 5th year.
- Buyer should know within 72 hours about the loan status once the documents are in the lender’s hands.
- Fee structure – lender charges a 2% origination fee, we are paid by the lender. Based on the above example total mortgage fees would be $3,500.
- Mortgage Insurance is NOT required
- Property Insurance IS required (obtained by the borrower)
- Property should be within a gated community
- Americans and Canadians can write off the loan interest on their income tax.
The lender is interested in moving fast and if the buyer is qualified should have their loan in about 30 days. If you have someone who requires a mortgage please let us know, we can help you make your sale.
Dominican Mortgage Broker C por A
Oficina #203, Calle Alejo Martinez
Sosua, El Batey, Puerto Plata DR
Ph: (809) 571-3161
Internet Ph: (772) 539-9662
Fax: (809) 571-4009