Home Loan Conditions More Flexible

In El Salvador, clients of the Social Home Fund (FSV) have more buying power as they become exempt from some requirements.

Friday, June 26, 2009

One the requirements that changed was the elimination of the credit authorization agreement for those who can provide a minimum of 30% as a down payment.

German Rivas writes in his article for Laprensagrafica.com: “The credit authorization agreement will also be eliminated for those who can provide a down payment of 20% and have a risk rating of A with the Superintendency of the Financial System, and have at least two credit references from a domestic bank.”

More on this topic

El Salvador Ratifies Regional Mortgages

April 2012

The Legislative has ratified a Treaty for the Establishment and Implementation of Central American Mortgages signed between Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic.

From a press release from the Legislative Assembly of El Salvador:

El Salvador: Authorities Request Congress to Pass Regional Mortgage

April 2010

The National Registry Center requested Congress to pass the Treaty for Creating and Implementing Central American Mortgages.

This type of regional mortgage could make it easier to obtain capital, especially for indirect investments and loans.

“Guatemala, Honduras, Nicaragua, Costa Rica, Panama, the Dominican Republic and El Salvador are included in the treaty, which aims to ease mortgage loans in each of the member nations, by being able to use as collateral real estate located in other member countries”, explained Diariocolatino.com.

Social Housing Fund to issue $68 million in credits up to 2009

June 2008

For the period covering the final year of the current presidential administration, the Social Housing Fund has budgeted nearly 68 million dollars to be invested in financing new housing.

Fund president Enrique Oñate said that, as a result of measures taken to assure financial sustainability and prudent application of strategies since 2004, the fund is issuing money from its own resources to meet the potential demand for the following year.

Guatemala: How to get mortgage financing for foreigners

April 2008

Buying Guatemala real estate has generally always been a cash proposition, as most banks were concerned that they would have no legal recourse available should a foreigner default on their mortgage and leave the country. As more and more foreigners seek financing, brokers have managed to make arrangements with several of Guatemala’s larger banks to provide funding.

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