Author: Georgia Shoemake

INFONAVIT Mortgage is a program initiated by the Mexican Government to make housing more accessible for lower-income populations that have been around since 1989. INFONAVIT mortgage provides low-interest mortgages, with affordable and manageable payments, to allow these families access to homes of their own. However, you need to get good consultant to qualify for this mortgage. This guide will help you better understand this Mortgage so that you can decide if it’s right for your family.

Basics of INFONAVIT

INFONAVIT is the Institute of the National Housing Fund for the Mexican Worker. The main objective of INFONAVIT is to provide housing for those who could not access it otherwise. So they created this Mortgage program to help these people purchase their own home- with low-interest rates and affordable monthly payments. All people can use INFONAVIT Mortgage, even if they already have a property. INFONAVIT Mortgage is not only for first-time home-buyers; you can use it to buy your second or third house as well!

How to Apply for an INFONAVIT Mortgage

If you want to be eligible to apply and receive an INFONAVIT Mortgage in Mexico, you must be at least 18 years old. Aside from that, there are no requirements, and anyone can use them. INFONAVIT Mortgage does not require a down payment; however, you must contribute monthly to the Mortgage payments (IPREM). The IPREM is around 15% of your salary- this amount varies depending on how much money you make per year.

You will pay between 0%-20% interest rate depending on how much you make- and the Mortgage will be registered in your name. The application process to receive INFONAVIT Mortgage is relatively straightforward: it can take anywhere from a few days up to three months if all documents required are correctly submitted. Some of these documents include proof of income statement (IMSS) or employment letter; proof of your place of residence; proof of savings (if there are any); and more.

Once you have applied for INFONAVIT Mortgage, the bank will check to make sure all requirements are met- then they will give you a response within 30 days if your application is accepted or not. If it’s approved, banks may offer either one Mortgage term of up to 30 years or two requirements- one for the first half of your loan and another Mortgage after that.

Benefits of Applying for an INFONAVIT Mortgage

So, how exactly does apply for an INFONAVIT Mortgage can benefit us? Well, here are some of the top reasons why you should apply for a Mortgage with INFONAVIT. First off, your monthly payments can be up to 20% lower than what you might pay if you buy a property somewhere else. Also, you can avoid paying Private Mortgage Insurance (PMI) when using an INFONAVIT Mortgage. PMI is usually required when Mortgage payments are less than 20% of your income. INFONAVIT Mortgage also allows you to buy a home without any down payment; this is ideal for people with limited savings but good credit history.

In summary, the INFONAVIT mortgage might be right for you for those who are considering buying a home. This loan is designed to help lower-income individuals or families purchase their first home without having substantial savings on hand, and it’s available in all Mexican states. With all of the information you’ve learned, are you ready to take advantage of the INFONAVIT mortgage? Give it a try! You have nothing to lose and so much to gain.