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Costa Rica Home Loan
When considering buying property in Costa Rica, one of the first things to understand is that Costa Rican banks generally do not offer mortgages to foreigners. Unlike the United States or other countries where financing is common, traditional bank financing is quite rare in Costa Rica. However, there are still alternative options available, which we will explore in this article.
Sometimes, property sellers themselves offer financing directly to buyers. While this is not very common on the Caribbean coast, expat sellers who are familiar with international practices might propose such options. Typically, either the seller offers financing upfront or does not offer it at all — it often depends on their personal situation and motivation to sell.
Terms usually vary: down payments of 30%-50% are typical, with the balance paid off over one to three years, sometimes longer depending on the agreement.
Another option is to obtain financing through a bank or financial institution in your home country. Some companies specialize in offering international property loans and have representatives in Costa Rica, making the process much easier.
For example, Vololoans offers mortgage solutions to foreigners looking to buy in Costa Rica. They provide a more streamlined service thanks to their local presence, making fund transfers and documentation faster and more efficient.
Always make sure to consult directly with such companies to learn about updated conditions, requirements, and available programs.
Costa Rican credit unions (“cooperativas”) sometimes offer better financing terms than traditional banks, and they can be slightly more flexible. Some credit unions, such as Coopenae or Coopeservidores, occasionally provide loans to foreigners — usually requiring proof of income, residency, and a significant down payment.
However, approval is still challenging unless the buyer has some form of residency or strong financial ties within Costa Rica.
Although financing options for foreigners are more limited in Costa Rica than in other countries, owning a home in paradise is absolutely possible with a bit of creativity and planning. Whether through negotiating with a seller, securing international financing, or exploring local alternatives, many expats have successfully made their dreams come true here.
If Costa Rica is calling you — trust that there is always a way to make it happen!
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