Is it possible to apply for a mortgage loan for foreigners in Mexico?
Sat, 20. Feb 21
When?
Date: Saturday, 20. February 2021
Time: 12 o'clock
Where?
Location: Verdel
Street: 4962 Crummit Lane
Zip and city: Verdel
Info
In Mexico there are various options to finance the purchase of a property, but what options do foreigners have to use these financing? Find out if a foreigner can have access to mortgage loans such as FOVISSSTE or Infonavit.
Have you ever wondered if it is possible to apply for a mortgage loan for foreigners in Mexico? If you are a person not born in Mexico this article is for you or if you know a person not born in our country who is looking for a mortgage credit option, share this article, so that you can discover if there are financing options such as FOVISSSTE or Infonavit for foreigners in Mexico
What a foreigner should know before applying for a mortgage loan
Requirements for foreigners who will buy a house in Mexico
Mortgage loans granted by banks or financial institutions
Taxes for foreigners applying for a mortgage loan in Mexico
Restrictions for foreigners looking to buy a house in Mexico
Requirements for foreigners who will buy a house in Mexico
To buy a property in Mexico, the foreign person must apply for a permit to acquire real estate in our country. This permission will be requested from the General Directorate of Legal Affairs in Mexico belonging to the Ministry of Foreign Relations. This procedure will be carried out through an application that includes the applicant's immigration information and personal data, as well as detailed information on the property to be acquired. The procedure may be carried out by a legal representative with a special power of attorney with which he can carry out the agreement.
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Mortgage loans granted by banks or financial institutions
There are different options on the part of banks and financial institutions that grant credits to foreigners in our country. These credits offer fixed rates from 8% and 9%, in addition to a minimum amount of 500 thousand pesos. Some of the requirements for the approval of this credit is that the beneficiary has a valid passport, permanent or temporary residence document (previously known as FM3 and FM2), in addition to requesting a credit report from their country, in order to to check your credit history. If the foreign person interested in acquiring a home is quoting for FOVISSSTE or Infonavit, they will have the possibility of co-financing the loan for their home.
Taxes for foreigners applying for a mortgage loan in Mexico
A foreign person who acquires a home through a mortgage loan in Mexico will only have to cover the taxes that are regularly paid when buying a property, such as the Property Acquisition Tax , fees for the notary , etc.
Restrictions for foreigners looking to buy a house in Mexico
Before applying for a loan to acquire a property in Mexico, the foreign person interested in acquiring a property or land, should consider that there are some restrictions, the most important is that they must acquire a property outside the so-called "Restricted Zone" which is a strip of 50 kilometers from the beaches and 100 kilometers along the land borders. If the property is within said band, it will be necessary to constitute a trust that will be carried out in a public deed.
Are you ready to apply for a mortgage loan for foreigners in Mexico? Find the ideal property in our real estate portal where you can find a wide range of houses, land and apartments throughout Mexico.
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Written by jamesflick.
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