Nicaragua: Mortgage Fund for Homes

The union of builders is proposing creating an insured mortgage fund, to provide financing for those who can not meet the requirements demanded by banks.

Wednesday, March 7, 2018

The Chamber of Developers of Nicaragua (Cadur) announced that the fund could start with an initial seed capital of $5 million. The objective of the fund is to finance the purchase of new homes, and to facilitate access to financing for workers in the informal sector or clients that receive remittances from abroad. 

See "Construction: $350 million in residential projects"

Speaking on the topic, the president of Cadur, Hector Lacayo, told Elnuevodiario.com that " ...People would be able to access an insured mortgage after a study of their economic situation and payment of an insurance policy for which they would disburse 1% per month, and this would validate the loan with the financial system or with the bank it is requested from'."

See also: "Investment of $415 million in residential projects"

Lacayo added that " ... they hope that through a law, it can be incorporated using seed capital of 5 million dollars to start with", and that " ... entrepreneurs and banking entities interested in creating the fund will help shape the bill in the last weeks of March."

More on this topic

$10 million In Deals at Real Estate Fair

February 2018

In the construction and housing fair that is taking place in Managua, developers plan to sell 250 homes, mainly of the multifamily type.

For this fair, the country's various banking institutions have $180 million available for  mortgage loans. 

Nicaragua: Optimism in Housing Market

January 2018

The construction trade union intends to sell around 6,000 homes in 2018, a figure which is 20% higher than the amount of units sold in 2017.

For the construction sector, the year starts with the Expo-Casa fair that will be held in February, 60 urban projects will be included in the event and it is expected that 250 houses will be sold. Representatives from the Chamber of Developers of Nicaragua (Cadur) estimate that during Expo-House around $10 million worth of mortgages will be sold, and for the sales projections of 2018 the amount of the credit could reach $170 million.  

Nicaragua: $11 million in Deals at Real Estate Fair

February 2017

300 homes were reserved at the fair and mortgages worth $11.5 million signed for construction and purchase of middle class and social interest housing.

Although the goal of 500 homes set by the Chamber of Builders of Nicaragua (Cadur) in the housing fair Expocasa, was not achieved, 300 homes were sold or reserved, and an estimated $10.5 million signed in mortgage loans with banks present at the fair.

The Bank of Costa Rica and the New Housing Act

July 2013

The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.

The application of the new law for middle class housing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.

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