Costa Rica banks have always been very conservative when lending money, in fact it’s one of the main reasons why you don’t see the Costa Rica real estate market saturated with foreclosures.

Traditionally, if foreigners were able to secure financing with a Costa Rica bank it was often difficult, extremely time consuming and expensive, and at this time while rates are lower, it’s still nearly impossible for foreigners to be approved for loans.

U.S. lenders aren’t quite forming a line to lend money for Costa Rica real estate either.

So how do foreigners purchase property in Costa Rica when they don’t have cash? This is a question that many people just starting to explore Costa Rica real estate are asking.

And as the amount of cash buyers seems to be dwindling, in a new and evolving trend in Costa Rica real estate, the market is making adjustments to handle these requests.

What was once a strictly cash market is now changing as we see more and more home sellers in Costa Rica open to offer some sort of seller financing.

More developers are also offering some sort of financing. Rates are not low, figure on somewhere between 7-9% over 30 years and plan on some sort of balloon payment in 3-5 years, but for now that is addressing the need for many Costa Rica real estate buyers.

While each case is different, typically most people looking to purchase have to come up with 20-50% to put down.

Seller financing is often ideal for those needing some sort of bridge loan till they receive some future funds or maybe sell a property back home that is on the market.

The bottom line is that sellers and developers are now much more flexible and negociable with offering some sort of financing.

So don’t be discouraged if you aren’t a cash buyer, but just be aware you will need a solid amount down and just might need to be a bit creative in structuring the sale.

For more information about condos, homes and land for sale in the beach town of Jaco and surrounding areas please contact our Recommended Realtors in Jaco Shawn Fletcher and his wife Hannah Fletcher
using the simple form below:

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.