2023-11-11 01:48:32
In Mexico there are different types of mortgage and to choose one, it is recommended to identify the type of loan, which must adapt to the needs of the interested party, in addition to meeting the requirements to obtain the credit, analysts from the real estate platform said. regiomontana Doorvel.
They indicated that the types of mortgage loans in the country are varied, one of the main ones is the one granted by the Institute of the National Housing Fund for Workers (Infonavit).
“This fund is intended for salaried workers and offers the possibility of accessing credit for various purposes, including the purchase of a used or new home; acquire and restore a used home; build housing on your own land; expand, repair or make improvements to the property and buy a home with the Infonavit liability,” they explained.
They pointed out that another type of mortgage loan is that of the Housing Fund of the Institute of Security and Social Services for State Workers (Fovissste), which provides options to access different credits for state workers such as the traditional one which is granted through an annual draw for basic, trusted and temporary workers.
“Another is with a subsidy and the financing is made up of three contributions, that of the worker, Conavi and Fovissste. Meanwhile, there is the conjugal one, which is designed for married beneficiaries who are looking to request a loan for the purchase of a home,” they noted.
There is also Aliados Plus which is granted to public servants, allowing them to know how much they will pay without future increases.
And” there is the support 2, which are credits that are granted by capacity and directly, without the need to participate in a draw, and the pension 2, which is a scheme created for the benefit of ISSSTE pensioners due to retirement, age and years of service. This type of financing can only be requested individually (never jointly) by beneficiaries no older than 74 years and 11 months.
“Another type of mortgage loan, they indicated, is the National Popular Housing Fund Trust (FONHAPO) which operates through the Tu Casa Housing Subsidy and the Rural Housing Program, aimed at low-income households. These subsidies are intended to improve housing, but they are not granted for the purchase of land or real estate,” they detailed.
They commented that commercial banks offer loans mainly for the purchase of housing, generally offering financing that ranges between 5 and 30 years and requesting a down payment or initial payment for the property at the time of granting the mortgage loan.
In the case of the Limited Purpose Financial Company (Sofol), the loans are granted by public limited companies specialized in granting loans for certain sectors (mortgage, consumer, automotive, agro-industrial, etc.). They serve market niches that traditional banking does not contemplate.
“Meanwhile, Multiple Purpose Financial Companies (Sofomes) are empowered to raise public resources through instruments of the National Registry of Securities and Intermediaries. They provide financing to those who are not candidates for commercial banking credit and charge commissions for opening the credit, credit amount, interest, and approval expenses.
“As you can read, in each institution or society, the requirements to obtain a mortgage loan may be different, however, a general answer to the question of how to obtain a mortgage loan would involve covering aspects such as being a beneficiary; be in the indicated age range; verify employment status and stable income; check and maintain an impeccable credit history and have initial capital for the purchase of a house,” they explained.
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