Financing

Non-residents

If you are planning on buying a vacation home that you will only use part of the year, then you don't need to become a legal resident of Costa Rica. Foreigners may own property here and you enjoy the same rights and obligations as Costa Ricans. But if you would like a loan to finance the purchase of your vacation home, then you will probably be looking at getting owner financing or financing from the developer. This can work out well, particularly if the development is a large community with a rental management program. You will be able to offset a portion of the mortgage payment with rental income from the property.
The common way is to purchase the home in Costa Rica with cash. The most common reason people can do this is that they have sold property back home and have the cash available to invest in a new home in Costa Rica. Another reason is that you are downsizing or purchasing inexpensive property, so it is feasible to pay cash.

Scotiabank at this time is the only bank that loans money to foreigners who aren't legal residents, the application approval is based on your credit history in the U.S. and U.S income. They will loan 70% of the appraised value on the home.
The state-owned banks may have better rates and lower administrative costs, but the process tends to entail more red tape and they have stricter or additional requirements when compared to the private banks.
Residents:
The documents you need to present will vary somewhat from bank to bank, but here is a basic list:

Application Form - your personal information, work information, banking references, personal references. Some banks may ask for 6 months of your credit card statements in addition to the number.

Proof of Income - Costa Rican insurance card & employer letter if you work for a company in Costa Rica. If you have your own business or retirement income, then you must get a local CPA to issue a certification. They may charge as much as 2.5% of the monthly income amount they are certifying. In some cases they may charge a flat fee or less than the official rate. You may also need to provide 3 recent bank account statements, which should show activity in line with what the CPA is certifying.

Copy of ID – A photocopy of your passport or residency card. Some banks require 2 different IDs and some may ask for your Social Security number.

Utility Bill – A copy of a recent electric, water, or telephone bill in your name. To verify current address.

City Tax Receipt – Property taxes in Costa Rica are charged by the city government. The current owner can provide you with the most recent receipt, or you can go to the municipal building and get a certification that the taxes are up to date.

Appraisal Fee - The bank will send their appraiser to evaluate the property. Fees vary, but $250 is a good amount to plan for. It may cost more if the property is far from where you are soliciting the loan or very remote.

Title Abstract – The seller will have a copy of the “Plano Catastrado” from the National Property Registry. Or you can get it directly from the registry. This is the plot map that has the abstract information.