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MariChris

Credit score to purchase a house in the PI?

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I tried searching the threads but didn't find anything. 

I also searched the Internet and I think found an answer but I'm still unsure so I wanted to see if anyone on here had any experience with this or know anything about it. 

 

When purchasing a house and lot in the Philippines (I have dual citizenship), how difficult is it to obtain a housing loan. Is the process like the US where they check your credit score. Will they  check your US credit score. Or does your US credit score have any play or affect your ability to get a housing loan? 

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2 hours ago, MariChris said:

how difficult is it to obtain a housing loan.

Many expats buy their houses cash here.  Getting a loan is difficult for us old timers because we do not qualify for the low-income-citizens loan through Pagibig and the banks don't like to lend money to people who are 65 and over.

Take my bank as an example.  They would have given me a mortgage to buy a house IF i was married and putting it in a filipina's name and IF I had 50% down-payment and IF the mortgage was a minimum of 1 million pesos and IF I could prove enough income to pay that mortgage.  I did not get the mortgage and like most others I paid cash.

If you are a middle class filipino with a job here who pays into Pagibig you can get a housing loan through them for a low cost house.  It is an attractive rate and can be paid back over many years.   Some builders have in-house financing if you can pay it over 2 years.

They do not seem to care as much about your credit history as they do about your down payment, value of the property, and ability to pay.  Foreclosures are big business :mocking:

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6 hours ago, MariChris said:

I tried searching the threads but didn't find anything. 

I also searched the Internet and I think found an answer but I'm still unsure so I wanted to see if anyone on here had any experience with this or know anything about it. 

 

When purchasing a house and lot in the Philippines (I have dual citizenship), how difficult is it to obtain a housing loan. Is the process like the US where they check your credit score. Will they  check your US credit score. Or does your US credit score have any play or affect your ability to get a housing loan? 

MariChris--as far as I know, the Philippines does not have any connection to American credit scores, so that would not be a factor.

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