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GETTING A MORTGAGE PUERTO RICO
Posted by Gustan on July 22, 2023 at 9:35 pmHow To Get a Mortgage Buying a Home in Puerto Rico
- This discussion was modified 1 year, 4 months ago by Gustan. Reason: update
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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
Angela replied 3 weeks, 6 days ago 2 Members · 2 Replies -
2 Replies
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Here is another blog about Puerto Rico
https://www.gcamortgage.com/buying-a-house-in-puerto-rico/
gcamortgage.com
Buying a House in Puerto Rico With a U.S. Mortgage Lender
Buying a house in Puerto Rico with mortgage lenders based in the United States is possible. Very few lenders in the U.S. are licensed in Puerto Rico
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Getting a mortgage to buy a home in Puerto Rico involves several steps. Here’s a general guide to help you through the process:
Steps to Get a Mortgage in Puerto Rico
Get PreQualified: Before you start house hunting, getting pre-qualified is important. This will give you an idea of how much you can borrow and your mortgage rates.
Find a Real Estate Agent: Work with a real estate agent who knows the Puerto Rico market well. They can help you find properties that fit your budget and needs.
Make an Offer: Once you find a property you like, make an offer through your agent.
Get Pre-Approved: After accepting your offer, get pre-approved for a mortgage. This involves providing financial documents to a lender for a more thorough review.
Home Inspection: Schedule a home inspection to check for any potential issues with the property.
Closing: Once everything is in order, you’ll go through the closing process, sign the final paperwork, and take ownership of the home.
Mortgage Options
Local Lenders: Look for local licensed lenders in Puerto Rico who offer mortgages to non-residents. Some options include Banco Popular de Puerto Rico, Oriental Bank, GCA Mortgage Group, GCA FORUMS Mortgage Group, Non-QM Mortgage Lenders, and Gustan Cho Associates.
Government-Backed Loans: If eligible, consider VA and USDA loans, which can provide 100% financing without a down payment.
U.S.-Based Lenders: You can also work with U.S.-based mortgage lenders who finance properties in Puerto Rico.
Documentation Needed
Proof of Income: Recent pay stubs, tax returns, and W-2 forms.
Credit Report: Lenders will check your credit score and history.
Employment Verification: Confirmation of your employment status.
Asset Documentation: Bank statements, investment accounts, and other assets.
Identification: Government-issued ID and Social Security number.
Tips
Research: Familiarize yourself with the requirements and processes specific to Puerto Rico.
Consult Professionals: Work with a real estate agent, attorney, and lender to navigate the process smoothly.
Be Patient: The process can take time, so be prepared for delays.
Does this help clarify the steps to getting a mortgage in Puerto Rico?