Buying Real Estate in Puerto Rico

[Zach Adams]

OK, so it's not international but I may be moving there for work and would be interested in purchasing a SFH or MFH to house-hack. May furnish part of it and Air BnB. Can I get conventional financing in PR? FHA? Any input would be helpful -

Thanks!

Zach

[Ariel G.]

Hi Zach,

I just came from PR a couple of months ago. I went there to check on a few properties to use as a vacation rental as well. Although I didn't close a deal this time, I checked with a few lenders in the US and none of them do loans for PR.  You are better off working with a local bank there, but the goods news is that you can take advantage of your income in the US and the interest rates are almost the same. I got pre- qualified from one called Fembi Mortgage, I went to their offices and they seemed legit, but there is also Oriental Bank and Banco Popular. It's good time to buy there, just watch out cause they are about to default on the creditors pretty soon and that may leave their economy tumbling for a while. But as some say; "where there is crises there is opportunity".  Where in PR are you thinking about buying?

Best,

Ariel