Puerto Rico

Mortgage brokers who are looking for doing business in Puerto Rico and thinking of getting licensed may have a hard time finding wholesale residential mortgage lenders who are able to originate and fund loans in Puerto Rico. If you are a mortgage broker looking for a five-star wholesale mortgage investor who is licensed to do government and conventional loans in Puerto Rico, contact Christian Sorenson of Equity Prime Mortgage, commonly known as EPM Mortgage. EPM is the wholesale lender of choice at Gustan Cho Associates. Over 80% of our borrowers are folks who could not qualify at other lenders and the first choice we take our borrowers to is to Equity Prime Mortgage. Christian Sorenson is our top account executive not just at EPM Mortgage but the best wholesale account executive who the team at GCA Mortgage Group worked with. He is always available, is knowledgeable, and always goes above and beyond than any other wholesale account representative anyone at Team GCA Mortgage ever worked with. Give Christian Sorenson a shout. You will not be disappointed.

Here is a link to a comprehensive guide about buying a house in Puerto Rico published on FHA Bad Credit Lenders, a subsidiary of GCA Mortgage Group and Gustan Cho Associates:

https://fhabadcreditlenders.com/buying-a-house-in-puerto-rico/

fhabadcreditlenders.com

Guide To Buying a House in Puerto Rico

Compared to many other U.S. states, home prices and property taxes in Puerto Rico is low making buying a house in Puerto Rico more affordable.

How is living in Puerto Rico 🇵🇷?

My friend Bill Burger-King Whopper is in Puerto Rico 🇵🇷. Bill, how’s life in Puerto Rico?

Most people don’t know that El Yunque Rainforest is just beside Old San Juan, so the heat is broken up with beautiful (and cooling!) flash showers.

We have banana and plantain trees in the backyard of our home in Cabo Rojo, our favorite local beach is just down the road, and there is Puerto Rican pride with the flag painted on one of the buildings in the town center in Aguada!

How To Get a Mortgage Buying a Home in Puerto Rico

• This discussion was modified 1 year, 6 months ago by  Gustan Cho. Reason: update

gustancho.com

How To Get a Mortgage in Puerto Rico

The best advice how to get a mortgage in Puerto Rico is to consult with a lender with no overlays with access to multiple wholesale lenders

Meghan Bahm has written a nice detailed blog on Why Americans Move To Puerto Rico on the blog section of this forum. Please check it out.

https://gcaforums.com/buying-a-house-in-puerto-rico/

Puerto Rico 🇵🇷 has no federal taxes.

Gustan Cho Associates is now licensed in Puerto Rico and the U.S. Virgin Islands. Even though we are licensed in Puerto Rico, our list of wholesale lenders is limited. Christian Sorenson of Equity Prime Mortgage is one of our top lenders in Puerto Rico. Dianne Burnett is getting a list of hard money and commercial lenders for Lending Network, LLC, for Puerto Rico on commercial loans:

Here is a blog about getting a mortgage loan with a U.S. lender for a home purchase in Puerto Rico  https://gustancho.com/how-to-get-a-mortgage-in-puerto-rico/

Here is an article about buying oceanfront property in Puerto Rico and getting financed with a lender base in the United States https://gustancho.com/oceanfront-homes-in-puerto-rico/

• This discussion was modified 1 year, 7 months ago by  Gustan Cho. Reason: Want to get notified

Can the Dengue Fever be the next coronavirus outbreak? Is the Dengue Fever the next bioweapon that is going to derail the 2024 elections? This Fever is beginning to break out in Puerto Rico 🇵🇷 and there is no cure.

https://www.msn.com/en-us/health/other/puerto-rico-declares-dengue-fever-epidemic-amid-spike-in-cases/ar-BB1kDJx5

Kudos to Bill Burger-King. Buying a house in Puerto Rico is similar in many ways to buying a house in the mainland United States, but there are some unique aspects and considerations to keep in mind due to Puerto Rico’s status as a U.S. territory. Here are some steps and considerations for buying a house in Puerto Rico:

1. Determine Your Budget: Before you start looking for a house, it’s essential to determine your budget. Consider your financial situation, including how much you can afford for a down payment, monthly mortgage payments, and other associated costs like property taxes and homeowner’s insurance.

2. Get Pre-Approved for a Mortgage: If you plan to finance your home purchase, it’s a good idea to get pre-approved for a mortgage from a local bank or financial institution. This can help you understand how much you can borrow and make you a more attractive buyer to sellers.

3. Find a Real Estate Agent: Working with a local real estate agent who understands the Puerto Rican market can be very helpful. They can assist you in finding suitable properties, negotiating offers, and navigating the local real estate process.

4. Research the Market: Research the different neighborhoods and areas in Puerto Rico to find the one that suits your needs and preferences. Consider factors like proximity to schools, amenities, and the cost of living in the area.

5. Property Search: Start your property search based on your criteria and budget. You can use real estate websites, work with your agent, and attend open houses to find potential homes.

6. Make an Offer: Once you find a property you like, work with your real estate agent to make an offer. Negotiations may take place, and once both parties agree on the terms, you’ll sign a purchase agreement.

7. Home Inspection: It’s advisable to have a professional home inspection to assess the condition of the property and identify any potential issues.

8. Secure Financing: If you haven’t already, finalize your mortgage application and secure financing for the property.

9. Closing Process: The closing process in Puerto Rico typically involves various legal and administrative steps. You’ll need a notary public to oversee the closing, and you’ll sign the necessary documents. You’ll also need to pay closing costs, which can include taxes, title insurance, and other fees.

10. Ownership Transfer: After closing, the property’s ownership will be transferred to your name, and you’ll receive the keys to your new home.

11. Post-Purchase Responsibilities: Don’t forget to take care of utilities, property taxes, and homeowner’s insurance. Puerto Rico has property tax incentives for certain types of property owners, so it’s essential to understand your obligations and potential tax benefits.

It’s crucial to be aware of the legal and tax implications of buying property in Puerto Rico, as they may differ from those in the mainland United States. Consulting with a local attorney and tax advisor is recommended to ensure a smooth and informed property purchase process.

Additionally, keep in mind that Puerto Rico’s real estate market can vary depending on the region, so research thoroughly and consider working with professionals who are familiar with the local market conditions.

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