Loans For Nicaraguan Vacation Houses

Jan 01

Jane MooreCentral America , , , , , , , , , , , , No Comments

You don’t need to be wealthy to buy your Nicaragua vacation house. More and more exciting financing opportunities are coming on the market.

The Central American real estate market for vacation homes has been growing by leaps and bounds over the past decade. The landscape is exceptionally beautiful and the land values are almost too good to be true. Nicaragua boasts great hiking and bird watching. The sport fishing and surfing are unparalleled. It is the land of lakes, rivers, rain forests, volcanoes, artisan markets and coffee farms. Nicaraguan vacation homes have really become popular amongst those seeking a perfect getaway or for those retiring Americans looking for an inexpensive place to live and relax. Historically, the only drawback with Nicaragua real estate was that most deals were completed on a cash only basis.

It is now possible to secure financing from some of the more prominent and reputable Nicaraguan banks such as BDF, Bancentro and BAC. Qualified buyers with the right documentation can access loans of up to 80-95 % of the total purchase price. Although interest rates are becoming more competitive they still float in the range of 9-12% per annum amortized over 10 years. Most mortgages contain an option to extend the amortization by another five 5 years.

Multiple resort developments are offering developer financing. This type of financing can provide the savvy purchaser with a great deal. For example, a brand new beach condominium project within walking distance of the shops and bars and restaurants of San Juan del Sur is offering 15 year financing at 9% interest. This development is upscale and located right on the beach. Other nearby developments are offering 7 year financing on condos, ocean view lots and completed houses at 8% with a 30% down payment. Even if it is not advertised you should ask about developer financing.

Some of the bigger developments even offer another very familiar option. These developers have relationships with American style mortgage brokers. This type of American- style financing offers a longer term. The terms of interest related to these loans tend to be similar to those in the States which are very low right now.

The least common but still available means by which to finance your Nicaragua vacation home is akin to private vendor take back mortgages. These days there are an increasing number of opportunities using this method of financing. Vendors know that the credit market has dried up and this might be the only way they can sell their home.

People who never thought it would be possible are buying Nicaraguan vacation homes. Financial assistance in achieving your dream is now available. New financing options have opened the door to real estate in Nicaragua.

check out nicaraguan realestate to read more about vacation houses in nicaragua.

Buying Real Estate in Nicaragua Includes a Rich Cultural Experience

Dec 12

Doug J SmithCentral America , , , , , , 1 Comment

In my opinion, once of the most important perks that comes with buying real estate in Nicaragua is the opportunity to become exposed to the rich cultural heritage of Nicaragua. All year round there are some wonderful cultural events. Nicaragua has wonderful street play and poetry festivals and also has numerous rodeos, bull riding contests, and horse related festivals.

Nicaragua is a deeply Catholic country and many of the cultural activities draw from the Catholic faith. The months around Christmas and Easter have a number of colourful celebrations and offer a compelling glimpse into this wonderfully rich and warm cultural heritage.

The Christmas time festivities begin on November 28th when the Virgin’s statute is taken from the church so that she may visit the different communities served by the church. La purism is the most widespread of all Nicaraguan celebrations. From November 29th until December 13th, the Virgin is carried into different barrios by groups of neighbors. The joyful procession is accompanied by music, singing, a horn and drum band and a remarkable number of very loud firecrackers. During this period families decorate a portion of their homes or the sidewalk outside of their homes in tribute to various themes related to the Virgin Mary.

During this period of Purisma, a church mass is celebrated early every morning. These masses are the starting point for the days procession to a new neighborhood. A rosary is read at the barrio in early evening after which a traditional drink made from maiz called chichi and sweets are distributed to the neighbors. Later in the evening, the procession of the Virgin returns to the Church.

On each December 7th, a happy, celebratory and often times energetic “crying out” for the Virgin can be heard all over the villages, towns, and cities of Nicaragua. December 7th is the day before Dia de la Virgin Maria and it is on this day that La Griteria is celebrated. People walk the streets of their neighborhoods crying out “What causes so much joy?” People sitting outside of their homes cry out in reply “The Conception of Mary”. Although this special event originated in the colonial city of Leon, the celebration of La Griteria have spread to Masaya, Jinotepe, San Juan del Sur, and Granada and eventually spread to all of the villages and countryside of Nicaragua. Wherever you might decide to retire and purchase real estate in Nicaragua you will be able to become a part of the celebrations of La Purisma and La Griteria.

If you are attracted to sun and sand but also enjoy the enriching experience of exploring new and exciting cultures then a retirement in Nicaragua might appeal to you. There are currently some wonderful opportunities to own real estate in Nicaragua. Nicaragua is really a wonderful place to explore.

Find more information regarding retiring in nicaragua by going to San Juan Del Sur Realestate.