Hypotheekgarantie Bonaire

Who qualifies for Hypotheekgarantie Bonaire?

You may qualify for Hypotheekgarantie Bonaire if you:

• have a valid identification document (Sédula) and proof that you are permanently established in Bonaire;
• have a permanent employment contract;
• purchase a property with a maximum purchase price and mortgage amount of US$420,000 (including buyer’s costs);
• purchase the property as your primary residence.

Why choose Hypotheekgarantie Bonaire?

Hypotheekgarantie Bonaire provides an additional financial safety net throughout the entire term of your mortgage. You pay a one-time guarantee fee of 0.4%, the mortgage interest rate is 0.1% lower when using Hypotheekgarantie Bonaire, and this guarantee ensures that you are not left on your own if unforeseen circumstances arise. Debt forgiveness may be granted if:

• Your personal circumstances have changed due to reasons beyond your control, such as:
  1. disability or incapacity for work;
  2. the death of your partner;
  3. involuntary unemployment;
  4. the breakdown of your relationship.
• You have made every reasonable effort to limit the remaining mortgage debt as much as possible.

The website of Hypotheekgarantie Bonaire contains several examples of situations in which debt forgiveness may be granted.

What documents are required for your mortgage application?

Whether or not you choose Hypotheekgarantie Bonaire, MCB Bank requires a complete financial overview before assessing your mortgage application. At a minimum, you should provide:

• a valid identification document;
• an employer’s statement and proof of income;
• an overview of your current financial obligations;
• the signed purchase agreement for the property;
• an appraisal report.

The appraisal report is particularly important, as the bank must determine whether the agreed purchase price reflects the property’s market value. The foreclosure value stated in the appraisal report is one of the factors determining the maximum mortgage amount that can be obtained under Hypotheekgarantie Bonaire. For more information about official property appraisals, valuation reports, and the associated costs, please visit our appraisal page.

Where do I apply for Hypotheekgarantie Bonaire?

Maduro & Curiel’s Bank Bonaire (MCB) is currently the only bank offering mortgages under Hypotheekgarantie Bonaire. MCB first assesses your mortgage application, after which Stichting Waarborgfonds Eigen Woningen decides whether the guarantee will be granted. When purchasing a property, it is important that the financing contingency in the purchase agreement explicitly states that Hypotheekgarantie Bonaire is being applied for. Many real estate agents use a standard clause requiring at least two rejected mortgage applications before the buyer may terminate the agreement. Since only MCB Bonaire offers Hypotheekgarantie Bonaire, this clause should be amended accordingly.

Sample financing contingency for the purchase agreement

This purchase agreement is entered into subject to a financing contingency. The Buyer shall have the right to terminate this Agreement if the Buyer has not obtained, or been offered, within ten (10) weeks after the complete execution of this Agreement, a mortgage loan equal to 100% of the purchase price under the conditions of Hypotheekgarantie Bonaire. The Buyer undertakes to make every reasonable effort to obtain the above-mentioned financing.

If the Buyer invokes this financing contingency, notice of termination must be given in writing or by email no later than the final day of the above-mentioned period, together with a written rejection of the mortgage application issued by Maduro & Curiel’s Bank (MCB) Bonaire, demonstrating that the requested mortgage loan equal to 100% of the purchase price under the conditions of Hypotheekgarantie Bonaire has not been granted.
Upon such termination, both parties shall be released from all obligations under this Agreement.

The Bonaire housing market in figures

Since the introduction of Hypotheekgarantie Bonaire in 2021, Statistics Netherlands (CBS) has closely monitored the island’s housing market. More than two-thirds of all homes sold are now above the guarantee limit. Additional statistics can be found in the CBS report on Hypotheekgarantie Bonaire.

Selling your house

Have you encountered financial difficulties and are you considering selling your home? Feel free to contact Harbourtown Real Estate Bonaire for a no-obligation consultation. We can provide a free valuation of your property. In addition, our rental department can assist you in finding suitable rental accommodation.