I am from the USA or CND and have residency in Mexico, or I am mexican and I want a PESO mortgage.
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Citizenship or Residency Status
Mexican nationals are required to present a valid official ID. Non-Mexicans must present their Mexican residency status (temporary or permanent).
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Loan to Value ratio
Up to 90% of the property value!
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Term
Up to 20 Years
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Interest Rate
From 9% to 12%.
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Prepayment penalty
Life and property insurance are required. In the US and Canada, property/ hazard insurance would also be required. Premiums depend on the value of the property and the loan amount. Premiums are paid via the monthly mortgage payment.
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Income documentation
Tax returns, paystubs, bank statements. Documentation from Mexico is preferred, but documentation from US or Canada may be accepted.
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Minimum credit score required
650 or no significant late monthly payments.
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Minimum property value
$100,000 USD
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Approval Time - Closing
Only about 2 weeks would be added to the time-frame of a ¨cash¨ closing scenario. (The two weeks is to receive the appraisal).
