BUYING A HOUSE IN MEXICO
December 2014
-
Buying a house
in Mexico
ORIENTATION AND ADVICE ON HOW TO BUY A HOUSE IN MEXICO
CONSULATE GENERAL OF MEXICO IN NY
Buy a House
The purchase of a home is the biggest
investment made by most people in their life.
It shall be planned in detail, since it is a very
promising investment.
The process for purchasing a house may be
complicated, but if you take things step by
step you will soon have the keys of your own
house.
Advice for buying a house
Calculate the amount you may be able to
invest for a house. The money you may be
able to invest depends on your income,
credit history, current monthly expenses,
initial fee and interest rate.
Search for the best mortgage. Save money,
talk to several lenders, compare costs and
interest rates, and negotiate to get the best
offer. Consider getting prior credit approval.
Get to know the homeownership programs.
There are some lending/credit programs in
Mexico and in the US that may offer lower
initial rates and are a great option for first
time homeowners.
Search for a house. Decide where you want
to acquire a house. Talk to real estate agents
as well as real estate institutions in order to
know the existent offer.
Make an Offer. Discuss about the process
with your real estate agent. If the seller
counter offers you, you will have to negotiate
until both parties agree on the terms.
Inspect the house. Present your offer, subject
to an inspection condition. An inspection will
indicate the condition of the house and it
may help you avoid getting a house that
requires major maintenance.
Search for homeowner’s insurance. The credit
institutions require you to have mortgage
insurance. Make sure you look for the best
offer.
Sign paperwork. If you are almost ready to
sign, make sure you read everything before
signing!
In the United States
With the assistance of the Federal Housing
Administration (FHA), you may be the owner
of your own home. The FHA offers you:
Low cash
payments
Easy credit rating
Qualification for
credit history
when credit is not that good
Loans at reasonable costs
Money for credit repair.
More information in:
http://portal.hud.gov/hudportal/HUD/espanol
Did you know that?
You may purchase a house anywhere in Mexico and pay
it with credit form the United States. You may be
eligible to do all the process from here.
Powers of Attorney
You may request a power of attorney at the Consulate
so that a person in Mexico represents you and may be
able to carry out all the process for acquiring your house.
Get more information in the third floor of the Consulate
and make an appointment at MEXITEL: 1-877-639-8354
BUYING A HOUSE IN MEXICO | Octubre 2014
2
It is a program
established so that
Mexicans residing in the
US acquire a home in
Mexico by paying
credits through
transfers made to the
correspondent credit
institutions.
Characteristics
All the process is carried out in the
United States
The immigration status of the credit
solicitor is not taken into consideration.
The value of the house to be acquired
shall be of a minimum amount of
$180,000 pesos.
The credits granted are in pesos and
have fixed rates and fixed payments
with installments of up to 20 years.
Payments may be made in the United
States or in Mexico depending in what
the accredited decides.
Includes life or incapacity insurance, as
well as property and casualties
insurance regarding the property.
Requirements
To be Mexican and have the legal age
Proof of certain income amount and work
stability.
To have at least one relative in Mexico for the
signing of the credit and other legal
documents (Powers of attorney).
Official ID, proof of domicile, among others.
Once complying with all requirements, a
down payment shall be considered; such
down payment may vary from a 10% value of
the property and up. Each financial
institution asks for different specific
requirements, therefore, it is recommended
to directly contact the mortgage institutions
to ask about such information.
The loan is financed in pesos, but the
accredited or buyer that resides abroad may
pay in dollars, which will be transferred to
Mexico at the current banking Exchange
rate. The payment of fixed rates is possible.
It is operated through financial
intermediaries with the support of the SHF
(Federal Housing Administration): BBVA
Bancomer, and Grupo Autofin. The program
is supported by the Mexican Federal
Government, through the SHF, Conavi and
the Institute for Mexicans Abroad
(dependent institution of the SRE).
Important Information
The credit is in pesos, everything is regulated
under Mexican laws and regulations even
when the request, paperwork and payments
are made in the United States.
The fact that the client does not have a credit
history is not important; this may be his first
credit.
The monthly payments are variable; it
depends on the amount and term of the
credit. Nonetheless, a house may be bought
from 180 dollars each month.
The estimated time for processing a credit is
three months.
The interest rate is calculated by each
mortgage house depending on the brokerage
fee provided by the Federal Housing
Administration (SHF).
You may buy your house in any state of the
Mexican Republic.
Further Advice
It is recommended that migrants take into
consideration many aspects before obtaining
a mortgage credit, some aspects being:
The term of the credit
The mortgage monthly payment with respect
to its income (a maximum of 33% is
recommended)
The notary fees are estimated to be 6% of
the value of the property in average
The payments are fixed or variable
Process your credit with:
BBVA Bancomer
Phone from the US: 1 877 220 4215
Phone from Mexico: 01 800 122 6630
Website: www.bancomerhipotecaria.com
Autofin
Phone. from the US without cost: 01 866 322
2902
Phone in the US: (310) 933 0990
Website: www.autofinusa.com
Acquire your home with:
Échale a tu Casa
Échale México D.F.: 01-(55) 5611-5403
From other ports of Mexico: 01-800-0009100
From other countries: 001-305-4844545
Website: www.echale.com.mx
Grupo San Carlos
Phone: from the US: 1 866 684 8007
Phone: from Mexico: 01 333 615 2424
Website: www.gruposancarlos.com
Sadasi
Phone. from US: 1 866 864 4044
Phone. in the US: (312) 698 8842
Phone. from Mexico: (55) 9138 9999 ext. 1131
Website: www.sadasi.com
Casas Ara
Phone. from the US: 1 866 257 0025
Phone. from Mexico: 01 800 800 33 33
Website: www.ara.com.mx
Financial Counsel Window
Come to the Financial Counsel Window for further
informative handouts and individual counseling
regarding the financial system in the United States.
