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
These loans are available for all foreigners buying a home in Mexico, provided they obtain a migratory visa and establish banking and a credit history in Mexico.
NOTE: While the interest rates are higher than many are used to paying, the interest rate can be tax deductible.
At this point, for a Mexican Bank Peso Mortgage, Buyers must either have a, or begun the process to, obtain a Resident Visa, before an application can be submitted for a loan.
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.