Loans For Nicaraguan Vacation Houses
You don’t need to be wealthy to buy your Nicaragua vacation house. More and more exciting financing opportunities are coming on the market.
The real estate in Nicaragua has exploded over the past decade. Retiring baby boomer have realized that Nicaragua real estate offers the same as can be found in Costa Rica but for half of the cost. Nicaraguan vacation homes have become a hot ticket. Up until recently, most real estate sales in this country have been completed as cash only transactions. However, this scenario has changed as the investment market matures and various financing options have emerged.
It is now possible for non-Nicaraguan nationals to secure bank financing in Nicaragua. Financing is offered by the well known names in Nicaraguan banking such as Bancentro, BDF and BAC. Buyers can now apply for financial assistance of up to 90% of the total purchase price! Interest rates float in the range of 9-12% per annum amortized over 10 to 15 years with an option to extend.
Multiple resort developments are offering developer financing. This type of financing can provide the savvy purchaser with a great deal. For example, a brand new beach condominium project within walking distance of the shops and bars and restaurants of San Juan del Sur is offering 15 year financing at 9% interest. This development is upscale and located right on the beach. Other nearby developments are offering 7 year financing on condos, ocean view lots and completed houses at 8% with a 30% down payment. Even if it is not advertised you should ask about developer financing.
Some of the bigger developments have specific arrangements with American style mortgage brokers. You actually apply for financial assistance from an American bank. This type of financing option offers longer term financing deals on very competitive terms and at very generous interest rates. With this type of financing you feel as though you are buying in the US or Canada.
The least common means by which to finance your Nicaragua vacation home is a private vendor take back mortgage. Although less common, it can be worth asking about. These days there are an increasing number of real estate deals to be had using this method of financing. Vendors know that the North American credit market has become very tight and this might be the fastest way to sell their Nicaragua real estate.
Financial assistance in buying your Nicaragua vacation home is now available. These financing options have made Nicaragua real estate more attractive than ever. These options coupled with Nicaragua’s low cost of living make investing in Nicaragua Real Estate more interesting than ever before. Financing your Nicaragua vacation is now a real possibility.
To discover more on retirement in nicaragua please visit http://nicaraguarealty.ca.