I can't seem to find anything with respect to rent-to-own agreements in the DR. I suspect it's because they are not common at all. I've been paying rent on a property for 2 years and the owner is willing to apply every dollar I've paid so far toward the purchase. This amount comes to just over 15% of the purchase price. The whole reason for the rent-to-own is because I don't have any money saved up for a downpayment.
So here's my question. I would need to get a mortgage and haven't a clue how it's going to work here in the DR. Let's say the property is $100,000 and I've paid $15,000 in rent. I see BHD will do mortgages at 9% interest with 15% downpayment. Would the bank accept the $15,000 that we've paid already as the downpayment? I don't see why not but I really don't understand how anything works in this country. The rules just seem to be made up as they go along.
Anyone have any experience with mortgages in the DR?
So here's my question. I would need to get a mortgage and haven't a clue how it's going to work here in the DR. Let's say the property is $100,000 and I've paid $15,000 in rent. I see BHD will do mortgages at 9% interest with 15% downpayment. Would the bank accept the $15,000 that we've paid already as the downpayment? I don't see why not but I really don't understand how anything works in this country. The rules just seem to be made up as they go along.
Anyone have any experience with mortgages in the DR?