Residential Financing in Panama

Panama is expanding by leaps and bounds with residential construction. Many Americans and Europeans are investing in Vacation Homes, Primary Residences and Investment Properties in Panama because the value you receive for the money can't be beat.

Homes or Condominiums can be purchased with views of the Pacific Ocean for a fraction of what a comparable property in the US would cost. Another huge benefit is the stable government of Panama.

Because of a treaty between the United States & Panama which guaratees Panama's safety, it has become a very stable country.

We are now excited to be able to offer financing for US Citizens from a US based FDIC insured lender on properties in Panama. The financing requirements are what Americans are use to.

Here is the basic guidelines to qualify / process a mortgage for a Panamanian property:

• These are 30 Year Amortization Loans
• Fixed Terms up to 7 years
• 75% LTV Maximum up to loan amounts of $500k
• 70% LTV Maximum on loans over $500k
• No Life Insurance Required
• No Maximum Age Limit Requirements
• Purchase or Refinance
• Pre-Payment Penalty for 3 years (3/2/1 schedule)
• Minimum Loan Amount is $150k
• Generally Takes 45 days to Close
• Application Fee of $250.00
• Applicable to US Citizens and Permanent Resident Aliens
• Minimum of 660 Credit Score
• Maximum Debt to Income 35% / 45%
• Liquid Assets must be at least 50% of the Loan Amount
  ( Checking / Savings / IRA / 401K / Stocks / Bonds / etc )
• Must have two years in same line of work
• Country Eligible = Costa Rica & Panama only
• Eligible Properties: Single Family Residence, Condo, CondoHotel,
  TownHouses, 2-4 Family Property

• Complete Sales Contract Signed by All Parties
• Income Documents
  Salaried Borrowers:
              * Copy of Two Most Recent Paystubs
              * Copy of Last Two Years Tax Returns
  Self-Employed Borrowers:
              * Copy of Personal Tax Returns for the Last Two Years
              * Copy of Business Tax Returns for the Last Two Years
              * Copy of Current Year Profit & Loss Statement
              * Letter from CPA verifying length of time borrower has been Self Employed
• Verification of Liquid Assets (last 90 days)
• Copy of Valid US Driver's License
• Copy of US Passport or Resident Alien Card
• Escrow Letter to Verify funds have cleared the bank & copy of canceled checks
• Signed and dated IRS form 4506
• Complete Loan Application (#1003)

Sincerely,
Sean Allen
Lic. Mortgage Broker
International Financing Solutions
with The Mortgage Professionals
Skype: sean.allen5
http://www.internationalfinancingsolutions.com/

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