Costa Rica — Property: Mortgage Availability

Why this matters

The much larger down payment (30-40% vs 10-20%) and higher interest rates (7-10%) for foreign buyers are a real budgeting factor — many buyers instead pay cash or use developer/seller financing rather than a local bank mortgage.

Key facts

• Foreign buyers commonly face down payment requirements of 30-40% of the purchase price, versus roughly 10-20% for well-qualified Costa Rican residents.
• USD-denominated mortgage interest rates from conventional local banks have commonly run 7-10% (as of 2025-2026), with non-residents often at the higher end of that range.
• BAC Credomatic, Banco BCT, and Banco Lafise are frequently cited as the main banks with dedicated programs for foreign/non-resident buyers; BAC has a specific 'Non-Resident Mortgage' product.
• Lenders generally prefer applicants with legal residency status or substantial verifiable local income, though non-resident lending programs do exist at some banks.
• Many foreign buyers instead use cash purchases, developer financing, or private/hard-money lenders rather than a conventional local bank mortgage, given the stricter terms.

Steps

1. Compare bank vs. alternative financing — Get quotes from banks known for non-resident lending (e.g., BAC Credomatic, Banco BCT, Banco Lafise) and compare against developer financing or cash-purchase discounts, since bank terms are notably stricter for foreigners.
2. Confirm residency and income documentation requirements — Ask the lender directly which residency status and income documentation they require, since this varies by bank and can significantly affect eligibility and rate.
3. Budget for the larger down payment — Plan for a 30-40% down payment as the realistic range for foreign buyers rather than the 10-20% often quoted for locals.

Costs

• Typical down payment (foreign buyers): 30-40% of purchase price
• USD mortgage interest rate: Roughly 7-10% (2025-2026), often toward the higher end for non-residents

Timelines

• Mortgage application/approval: Varies by bank; not consistently published — confirm current timelines directly with the lender

Required documents

• Passport
• Proof of income/financial resources
• Residency documentation (where applicable)
• Property appraisal
• Bank-specific application forms

Common mistakes

• Assuming foreign buyers get the same 10-20% down payment terms as qualified local residents
• Not shopping across BAC, Banco BCT, and Banco Lafise, whose non-resident programs and terms differ
• Overlooking cash purchase or developer financing as realistic alternatives given the stricter local bank terms