Basic documentation needed to process your loan application

For residents with local ID a.k.a cedula
Copy of your Cedula
Work letter/ or local income tax returns of the last two fiscal years
latest stub of social security
Proforma or copy of the purchase sale agreement
Bank statements of last six months to one year
Two bank recommendation letters/ two personal recommendation letters.

For nonresidents
Your personal CV
Work letter/ or a brief summary of your business if you are currently an entrepreneur
Copy of your passport
Tax returns of the last two fiscal years from your country of origin.
A letter from your accountant with your income to date for the Current year. (For salaried employees in the US- your W2)
Tow bank recommendation letters.
Two personal or commercial recommendation letters.
Copy of your sale purchase agreement
Bank statements of last six months to one year

Classification of clients according to banks for terms offered on loans

RESIDENTS WITH LOCAL ID/ CEDULA
Are those who have their IDs/ cedula and can provide ample evidence of generating local income in the past two years.

NON RESIDENTS
Are those who donot account for local ID or local income. If you have a cedula but donot generate income locally, you will be classified by banks as a non resident for the qualification of your loan application.

Some tips to take into account for Non residents

Non-Residents

Financing is available up to a maximum of 60% of your purchase price.
Interest rate is entirely at the discretion of the bank and may oscillate between 6% and 7% depending on the bank that will pre-qualify you.
Maximum loan term for investment or Second home properties- 20 years.
Maximum debt level permitted – your monthly mortgage payment should not exceed 30% of your monthly income.

Residents with cedula and local income

Financing available up to 90% of the purchase value of the property.
Interest rates oscillate between 5.00%-5.50 % depending on the bank that prequalifies your loan application.
Maximum loan term- 30 years or up to the 75th birthday of the debtor.
Maximum debt level permitted – Upto 50% of your income (should include all fixed monthly payments including the new one)