It is common for people to think that they cannot buy a house because they do not have a social loan, such as the one granted by the Institute of the National Housing Fund for Workers (Infonavit) and the Housing Fund of the Institute of Social Security and Services for State Workers (Fovissste). Both are government agencies that facilitate access to very advantageous credits for the popular classes.
How to buy a house without Infonavit or Fovissste credit?
However, there are other options for buying a home. To find out how you can buy a house without listing on Infonavit or Fovissste, the personal finance portal My Pocket published a text with the following options:
1. Real estate financing
This option has several benefits for those who acquire a house, among them is that with this financing they can buy, build or also remodel the home.
In addition, so many requirements are not necessary, it is only required to be of legal age, have official identification and verify address. But it is important that the appraisal of the property and the amount that can be allocated monthly is known.
Currently, many companies are an alternative for people who are not beneficiaries, who offer their support to acquire a home without having a bank or government loan.
2. Federal Mortgage Society
This is an institution that belongs to the Mexican banking system, and grants financing for the following people who are not affiliated with Infonavit or Fovissste:
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Wage earners.
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Formal
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Informal.
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Professionals.
The Federal Mortgage Society It has different schemes to buy a property and different payment terms, which are usually from 5 to 25 years. Among the requirements that must be met are the following:
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Give a down payment of at least 20% considering the value of the property
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Check income.
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Not having a bad credit history.
3. Banking institutions
Another alternative is to process a mortgage loan at the bank. Different commercial banking systems offer mortgage credit. It is an option that represents a competition for loans granted by the government, because they offer low interest rates.
It should be considered that at the time the credit is authorized, the person agrees to pay it, according to the conditions and guidelines stipulated in the contract. Therefore, it is advisable to read the agreement carefully before accepting it.
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) has on its website with a credit simulator mortgage where you can find out which bank charges less interest, what is the cheapest monthly payment, what is the cheapest initial payment, among other information.
To access a mortgage loan you must meet the following requirements:
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Have a good credit profile.
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Check minimum income of 15 to 20 thousand pesos per month.
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Have an initial capital.
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Length of current job.
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A downline.
– With information from My Pocket
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