One of the most frequent questions we receive at buyDRproperty.com is: ‘Can I get a mortgage as a foreigner?’ The answer is yes, but the process is different than in the US, Canada, or Europe.
Local Bank Financing: Major Dominican banks (like Banco Popular or Banreservas) offer mortgages primarily to citizens of the USA, Canada, and the UK, as well as Dominican nationals. If you are from one of these countries, you can typically finance up to 50% to 70% of the property value. Interest rates in the DR generally range between 8% and 11%.
For Other Nationalities: If you are not from the US, Canada, or the UK, getting a local bank loan is very difficult. However, you can still use Developer Financing, which is often available to all nationalities for new projects in Sosúa and Cabarete.
Developer Financing: Many new developments in Sosúa and Cabarete offer their own financing plans. This is often easier and faster than a bank loan, with fewer requirements for international buyers.
The Requirements: To apply for a local mortgage, you will typically need:
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A valid passport.
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Tax returns from your home country.
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Bank statements (last 6 months).
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A credit report from your home country.
