Buy a House in Mexico: Financing Your Property

Whether you’re looking to buy a house in Mexico for a vacation home or to retire, naturally you’ll want to be fully informed regarding the options available to you for financing your investment.

In order to buy a house in Mexico, your home purchase loan must meet certain terms, conditions, and requirements – most of which are listed below – but please don’t hesitate to call us anytime if you have any questions at all:
Phone: (624) 14 462 18 to 21 ext 10, 11 & 18
From the U.S.: (011-52) (624) 14 462 18 to 21

Compass Bank & Scotiabank

Loans can be applied thru this Financial Institutions to purchase vacation homes, land lots, or to cash out on another property owned in Mexico.

The minimum loan amount is $100,000 US.

Maximum LTV

• 75% Purchase requires a minimum FICO Score of 680
• 59% Cash Out requires a minimum FICO Score of 72
• 60% Land requires a minimum FICO Score of 700

Terms

• 15, 20, 25 & 30 year for Home Acquisition. Max Loan Amount $5,000,000 US.
• 15, 20, 25 & 30 year for Cash Out. Max Loan Amount $1,000,000 US.
• 15 year term for land lot acquisition. Max Loan Amount $1,000,000 US.

Three Interest Rate Programs*

• Fixed Rate
• Adjustable mortgage 3/1: fixed rate for the first three years, and adjustable rate for the remainder of the term
• Adjustable mortgage 5/1: fixed rate for the first five years, and adjustable rate for the remainder of the term

*ARM Programs, based on one year libor [?] plus margin, have an annual increase of 2% maximum per year and a total increase of 6% base on the original rate.

*Pre-payment penalty: 2% during the first year, 1% during the second year, and 0% thereafter.

Requirements

• Applicants must be at least 18 years of age
• Hazard insurance
• Annual maintenance trust fees and hazard insurance premium are to be included in the monthly payment through an Escrow Account.
• Formalized through a Trust
• Documentation requirements to prove applicant income may vary depending upon the loan amount requested

For further assistance please do not hesitate to contact us.

Phone: (624) 14 462 18 to 21 ext 10, 11 & 18

From the U.S.: (011-52) (624) 14 462 18 to 21