The application and process of applying for a mortgage as a foreigner can be overwhelming and difficult. There are many banks in Panama ready to approve you for a mortgage, whether it is for a retirement home or a second home. Below are some of the benefits and requirements for those who would like to obtain a mortgage for their real estate purchase.
: Benefits and Requirements
Benefits:
Up to 30% down payment
First 10 years 3% interest, when the price is less than
$ 62,500.00 (new Houses)
Financing up to 30 year
Papers coming from offshore could be in English ( in some banks)
Mortgage Requirements:
• Tax Returns for the last two years (form 1040 and W-2 for US
citizens)
• Bank account statements
• Copy of latest two payroll receipts
• Private Retirement Fund Estimates
• Evidence of Pensions
• Investment portfolio, stocks or bonds ownership
• Credit history report
• Employment letter ( if applies)
• Copies of passport and other valid ID
• Two original bank reference letters (directed to the bank)
• Credit Check Authorization
• Appraisal of Property (if applies)
• Two personal reference letters (lawyer-accountant etc.) included home address,office telephone
• number, and home telephone
number, and attaches copy of ID.
The following documents might be requested for certain banks in order to approve the loan or mortgage:
• Copy of purchase contract
• Last two tax returns
• Last two months bank statements
• Pay stubs for last 30 days
• Most recent credit card(s) statements
• Statements of any outstanding home, auto, school or other
loans
• IRA/Keogn/401(k) statements for past three months
• Title of any cars you own
• Recent profit and loss statements (if self-employed)
• Transcript or diploma (if a student in past two years)
• Relocation agreement (if transferred into area)
• Sales contract of home you currently own (if selling of current home is required to purchase new
• home)
• Divorce or legal separation documents
• Probate paperwork
• Bankruptcy files
• Award letter and copy of most recent check (if on sociall security,
retirement,disability, or if you
• receive money from legal
settlement)
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