{"id":8433,"date":"2013-08-27T09:59:53","date_gmt":"2013-08-27T14:59:53","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=8433"},"modified":"2013-08-29T10:04:23","modified_gmt":"2013-08-29T15:04:23","slug":"financing-a-home-purchase-in-panama-for-foriegners","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/financing-a-home-purchase-in-panama-for-foriegners\/","title":{"rendered":"Financing a home purchase in Panama for Foreigners"},"content":{"rendered":"

\"\"<\/a><\/p>\n

A friend of mine sent me an article he wrote on obtaining home mortgage financing here in Panama for foreigners which he does for clients, even here in Boquete.\u00a0 Remember that there is no FDIC insurance to protect banks and customers from failure so banks in Panama intend on making money and loaning to credit worthy borrowers, no NINJA loans here.\u00a0 (NoIncomeNoJobNoAssets = No loan).<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

As the majority of the investors buying in Panama are not residents of the country, the Panamanian banks are easing restrictions on lending to foreigners. As of today non – residents qualify for up to 70% financing of the purchase price for no longer than a 25 year term. There is a age restriction for applicants at 75 years of age. This means in order to qualify for the full 25 year term, you must be 50 years of age or younger. If an applicant is 60 years old for example, the maximum term he or she could obtain is 15 years ( 75 year old restriction – 60 years old = 15 year term). Loans obtained from a Panamanian bank\u00a0DO NOT REPORT<\/span> to your credit report from your home country. Extra debt on your credit report will lower your credit score and make it more difficult to obtain other financing in your home country when counting your monthly debts. The mortgage will only show on your Panamanian credit and will help establish a credit base for any future financing in Panama.<\/span> <\/span><\/p>\n

The following Loan types for purchases and refinances are available today:<\/span> <\/span><\/p>\n