If you are looking to purchase a property in the Cayman Islands, you are likely wondering how much down payment you require to qualify for a mortgage. This is not an easy question to answer as it varies depending on what you plan to use the property for, your residency and your qualifying ability.
Buying When You are a Resident or Caymanian
If you are a first time Caymanian home buyer, you can purchase with as little as 5% down. This is the highest loan to value we are able to offer. There are a number of other perks as well, including the waiving of stamp duty with a purchase of less than $300k.
If you are living in the Cayman Islands on a work permit, you can purchase with as little as 10% down. You will of course need clean credit and a steady income, not to mention enough funds to cover your closing costs including the stamp duty.
Not all banks have these options, which is why working with us is so important to finding the right mortgage at the right rate when buying your dream home in this little piece of Paradise!
Financing a Vacation Property in the Cayman Islands
If you aren’t lucky enough to live in the Cayman Islands, but would like to buy a property there for vacations/investment, we have great options as well. Although generally you require 30% down payment for these, we do have options with as little as 20% down. Buying a property in the Cayman Islands could not be easier when working with Carib Capital!
These are conventional mortgage options, and are the best mortgage rates in the Cayman Islands! There are a number of differences when you purchase a property here versus the US or Canada, talk to us about the process and the additional costs you may not be aware of.
Jumbo Mortgages
If you are lucky enough to be able to afford a $2,000,000+ property in Grand Cayman, we have options for that. Our jumbo mortgage is ideal for affluent clients with complicated income, that may need a bit more dissection than a typical client. These mortgages require a minimum of 50% down payment, but are libor priced which is the very best mortgage rates we offer,
Our jumbo loans are conventional bank mortgages, so they do require the same qualification as a typical mortgage. Good credit and standard debt servicing requirements must be line.
Private and Non Prime Mortgages
Private mortgages are the easiest mortgages to qualify for, with very little income or credit requirements. The only downside to these loans are the higher cost, and the amount of down payment required, which is 50%. Private loans can fund very quickly however, something that bank mortgages cannot do in the Cayman Islands.
Down payment requirements vary significantly in the Cayman Islands depending on situation. Talk to us today about our mortgage options and why working with a Cayman mortgage broker is better!
