There are a variety of Residential loans available in Mexico and there are some great mortgage brokers available that can help you choose the best option for you. Here are just a few of the options currently offered for foreign residents in Mexico.
US Dollar Loan Program
This program is for all nationalities purchasing vacation homes in Mexico. It can also be used for Cash out Refinancing if you already own your home and would like to become more liquid by accessing your equity. This program offers fast approvals and faster closings.
Peso Loans through Mexican banks
Mortgages are available for US and Canadian citizens and residents. The loans are issued by a Mexican bank that accepts foreigner borrowers. Borrowers will be using their income documentation and credit report from their home country to qualify. Borrowers do not need to have Mexican residency status, or banking or credit history in Mexico. All the documents to qualify will be from the your home country. If you follow the exchange rate history, having a mortgage in pesos can be very beneficial if the USD gains value compared to the peso over time. All the mortgage products for non-Mexicans were developed by CBI and are only available through CBI. by Josh Rappaport
NOTE: We recommend confirming with your CPA, but the interest rate can be tax deductible.
Loans for Mexican nationals living abroad
If you are living in the USA or Canada and would like to buy a property here in Mexico, there is a great mortgage for you. For the first time, you can get a loan for your purchase in Mexico using your income and credit from the US or Canada. This is perfect for Dual National Clients: Mexican/USA or Mexican/Canadian and Mexican clients living and working abroad.
Please contact your Timothy Real Estate Group agent to find the right mortgage program for you.