July 31, 2026 in Tips for Buyers, Tips for Sellers

Could You Be Eligible for Financing in Costa Rica? Ask Yourself These Questions First

For many years, buying property in Costa Rica meant one thing: bring cash.

While cash purchases are still common, today's market looks very different than it did even a few years ago. New financing solutions have made it possible for many qualified buyers from North America to purchase homes in Costa Rica with financing that feels much more familiar than traditional local lending. Some programs also allow existing homeowners to refinance or access equity in a property they already own.

The biggest surprise for many buyers isn't that financing exists—it's that they may already qualify.

Here are the questions to ask yourself before deciding whether financing could be part of your Costa Rica property strategy.

But first, watch OTP agent, Rebecca Rowntree's take on financing in Costa Rica:

1. Are You a U.S. or Canadian Citizen or Permanent Resident?

Most of the newer financing programs available for Costa Rica real estate are designed specifically for buyers from North America.

At this time, these products generally serve:

U.S. citizens
U.S. permanent residents
Canadian citizens

Many programs are not currently available to buyers from Europe or other regions. Eligibility requirements vary by lender.

2. Could You Afford a Down Payment?

Many buyers assume they'll need 50% down—or even the entire purchase price in cash.

That isn't always the case anymore.

Some specialized international lenders now offer financing with down payments starting around 25% for qualified borrowers, allowing buyers to finance up to approximately 75% of the property's value. Loan terms and loan-to-value limits vary based on the borrower and property.

For many families, this changes the conversation from:

"Can we afford to buy?"

"How do we want to use our capital?"

3. Would You Qualify for a Mortgage in the United States or Canada?

One of the biggest misconceptions is that qualifying for financing in Costa Rica requires an entirely different process.

In reality, many specialized lenders evaluate borrowers using underwriting standards that feel very similar to those used in North America.

That typically means reviewing factors such as:

Income
Employment or retirement income
Tax returns
Credit history
Debt-to-income ratios
Available assets

If you've been pre-approved for a mortgage before—or believe you would qualify for one at home—you may also be a strong candidate for financing a property in Costa Rica. Requirements vary by lender and borrower profile.

4. Would You Rather Keep Some of Your Cash Invested?

Many buyers can pay cash but choose not to.

Instead of tying up all of their capital in a property purchase, they may prefer to:

Maintain investment portfolios
Preserve liquidity for future opportunities
Keep funds available for construction, renovations, or business ventures
Build an emergency reserve

Whether financing or paying cash is the better strategy depends on your financial goals and should be discussed with your financial advisor or tax professional.

5. Are You Planning to Purchase an Existing Home?

Current financing programs generally focus on completed residential properties.

Many lenders finance:

Single-family homes
Condominiums
Vacation homes
Investment properties

Financing for vacant land or construction projects is often more limited, although some lenders may work with buyers once a home has been completed or through specific developer arrangements.

6. Would Getting Pre-Approved Help Your Search?

Just like buying a home in the United States or Canada, many buyers can begin the financing process before choosing a property.

A pre-approval can help you:

Understand your budget
Shop with confidence
Make stronger offers
Move more quickly when you find the right property

Instead of wondering whether a home is affordable, you'll already know the price range that fits your financial profile.

7. Do You Already Own Property in Costa Rica?

Financing isn't only for purchasing.

Some homeowners may also qualify to refinance an existing property or access a portion of the equity they've built.

Depending on the program and property, homeowners may be able to borrow against a significant percentage of the home's appraised value, subject to underwriting and loan-to-value limits. The funds can potentially be used for:

Renovations
Purchasing another property
Business investments
Other major financial goals

Every refinance is different, so eligibility depends on the property, its value, and the borrower's financial profile.

8. Are You Comfortable Working Through a Professional Closing Process?

International financing adds another layer to a real estate transaction, which makes having the right professional team even more important.

Depending on the lender, the process may involve:

Property appraisal
Title review
Underwriting
A closing or title company
Coordination with your Costa Rican attorney

Because these financing products are relatively new to Costa Rica, some local attorneys may have limited experience with these transactions. That isn't necessarily a concern—it simply means clear communication between the lender, attorney, and real estate professionals is important from the beginning.

As with any property purchase in Costa Rica, we strongly recommend working with an experienced Costa Rican real estate attorney and completing thorough legal due diligence before closing. This aligns with the best practices outlined in our Costa Rica Property Buyer's Guide.

Financing Isn't Right for Everyone—and That's Okay

Some buyers will always prefer paying cash.

Others may find that financing allows them to preserve capital, improve flexibility, or purchase sooner than they expected.

The important thing is knowing your options before you decide.

Costa Rica's financing landscape has changed dramatically in recent years, and many buyers are surprised to learn that they may qualify under familiar North American-style lending standards.

If you're considering purchasing property in Costa Rica, we'd be happy to help you understand what financing options may fit your situation and connect you with reputable lending professionals. We don't believe in a one-size-fits-all solution—we believe in helping you make an informed decision that's right for your goals.

Frequently Asked Questions

Can foreigners get financing in Costa Rica?

Yes. Specialized lenders now offer financing programs for many qualified buyers from the United States and Canada, although eligibility requirements vary.

Do I have to be a Costa Rican resident?

Not necessarily. Many programs are designed specifically for international buyers. Requirements differ by lender.

How much down payment is usually required?

Some programs begin at approximately 25% down for qualified borrowers, although the required amount depends on the property and financial profile.

Can I finance land?

Most current programs focus on completed residential properties rather than vacant land or construction projects.

Can I refinance a property I already own?

In many cases, yes. Some lenders offer refinancing and cash-out options for eligible properties, subject to underwriting and appraisal requirements.

Should I get pre-approved before looking at homes?

If you expect to use financing, pre-approval can help you establish a realistic budget and strengthen your position when making an offer.

Is rental income considered when qualifying?

Some lenders may consider projected or existing rental income depending on the property and underwriting guidelines, but policies vary. Contact us to discuss your specific situation.