Monday, February 6, 2012

I would like to purchase a home in puerto rico and i would like to know what types of help the government offers for families of little income. Thanks.|||Well i don't know so much about it, but im from PR, but if you go to the bank and ask for a mortgage they can somehow help you, but besides that i don't know, is like any other state i guess.|||It'll be a double edged sword down there right now. I'm actually in the process of moving down there myself.

1. The FDIC recently closed about 25% of the banks on the island. This has a double edged benefit. They're going to be selling a LOT of the properties that they held. The problem is that with fewer banks there may not be as much money that they'll be willing to lend which makes lower income mortgages an issue.

2. It depends on what part of the island you want to buy. Houses are pretty high in San Juan but will be lesser so in outlying areas and other parts of the island.

3. If you're not moving there, but attempting to buy an investment property or a vacation home consider working with your stateside (that is if you're in the US) bank and financing it as a vacation home.

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