Yes, Foreigners Can Get Mortgages in Costa Rica

A practical guide for buyers in Chirripó and beyond

If you’re considering purchasing property in Costa Rica—especially in sought-after areas like Chirripó—you’ve probably asked one of the most common questions: Can I get a mortgage as a foreigner?

The short answer is yes—but it’s not as simple as in North America or Europe. Understanding how financing works here will help you set realistic expectations and structure a successful purchase.

Costa Rica allows foreigners to own property with the same legal rights as citizens. However, while financing is available, access to mortgages is more limited and more selective than many buyers expect.

The Reality: Costa Rica Is Largely a Cash Market

In areas like Pérez Zeledón and Chirripó, many transactions are still cash-based.

This is due to:

• Limited lending options for non-residents

• Stricter approval requirements

• Slower processing times with local banks

• Sellers favoring clean, cash offers

That said, there are several viable financing paths—some more practical than others.

Mortgage Options for Foreign Buyers

1. Local Bank Financing

Costa Rican banks do offer mortgages to foreigners, but with tighter conditions.

Typical terms:

• 30%–50% down payment

• Higher interest rates than North America

• Shorter loan terms (10–20 years)

2. Seller Financing

This is one of the most common and flexible options in Costa Rica.

Typical structure:

• 30%–50% down

• 3–10 year term

• Less rigid qualification

Seller financing is especially relevant in mountain and rural markets, where traditional bank financing is less accessible.

3. Private & International Lenders

This is where the market has evolved significantly in recent years.

One notable option is Volo Loans—a U.S.-based lender working with American (and increasingly Canadian) buyers purchasing property in Costa Rica.

👉 Explore Volo Loans financing options

What makes this option different:

• Uses U.S. credit history—no Costa Rican credit required.

• Loans are funded and serviced in the United States, under familiar regulatory standards.

• Faster closings (as little as ~30 days) compared to local banks.

• Financing available for vacation homes, second homes, and investment properties. 

• Typical requirements include:

Minimum ~680 credit score

Proof of income and reserves

U.S. citizenship or residency ()

Some programs offer up to ~75% loan-to-value, which is significantly higher than many local options.

This type of financing can feel much more familiar to North American buyers, as loans are structured similarly to U.S. mortgages.

4. Financing from Your Home Country

Many buyers still choose to finance outside Costa Rica entirely.

Common strategies:

• Home equity line of credit (HELOC)

• Cash-out refinance

• Portfolio-backed lending

This often provides the lowest rates and simplest approval process.

Key Factors That Affect Your Approval

Residency Status

Residents typically receive better terms. Non-residents can still qualify—but with more restrictions.

Income & Documentation

Expect to provide:

• Tax returns

• Bank statements

• Proof of income

• Source of funds

International lenders like Volo Loans simplify this by relying on U.S.-based documentation.

Final Thoughts

So, can you get a mortgage in Costa Rica as a foreigner?

Yes—but your strategy matters.

Today’s most successful buyers typically fall into one of these categories:

• Cash buyers

• Buyers using financing from abroad

• Buyers leveraging seller financing

• Buyers working with international lenders like Volo Loans

If you go in with clear expectations and the right structure, financing a property in Costa Rica—especially in Chirripó—is not only possible, but increasingly accessible.

Interested in properties in the Chirripó region or want help navigating financing options that actually work here? The Chirripó Properties team can guide you through the process—from land selection to structuring a successful purchase.