Financing options to live in Tijuana if you are a foreigner

You don’t need to win the lottery or sell everything you own to buy the house of your dreams. You don’t need to pay cash either.

There are financing options that will help you to decide for what you love and not for the house or department that you think you can pay with your savings.

For this, you should know what are the credits that most real estate companies accept and choose the one that best suits your needs.

Below we will explain the most popular, according to different real estate companies that offer housing in Tijuana and that were consulted for this article.

Direct financing: is that which is agreed with the real estate company. Some offer it in products such as urbanized lots.

To know if this option is available, the suggestion is to contact the company of your preference and state that you are interested in accessing that option because you are a foreigner.

Banking institutions:
For the benefit of foreigners, many developers accept credits from
American economy.

For example; Bancomer, which offers a remote mortgage loan, through the BBVA Compass offices in the United States, which has the following requirements:

○ Be between 18 and 85 years old
○ Demonstrate at least 1 year in the same work activity
○ Carry at least 6 months living in the same address within the United States or Canada
○ Have a representative in Mexico
○ Show a healthy credit history
○ Demonstrate ability to pay for credit and that your source of income comes from a lawful activity

This bank also manages the program "Tu Opción en México" (TOM), although it is a credit for Mexicans who are part of the US economy, and which is widely used by people with dual nationality whose income is reported in dollars.

The recommendation, in case of opting for a bank, is to review and compare. Take in consideration the maximum amount that each one can provide, and what conveniences they provide in terms of terms, monthly payments, commissions, interest rates, penalties, and the Annual Total Cost of the debt.

Most banks request the following requirements:

Demonstrate and maintain a healthy credit history
Check minimum income from 10 thousand to 15 thousand Mexican pesos per month
Have savings equivalent to a range of between six and 24 monthly payments
Register a guarantee with property
Report a work seniority of at least three years
Be between 25 and 65 years old
Verify that the desired property is in order and free of embargoes.

No intermediary: finally, another possibility for foreigners is to liquidate without needing a credit.

It is also important to note that the options grow if you are a foreigner and your partner is Mexican or if you work in this country.

In Mexico there are certain benefits for beneficiaries of public institutions, to which only Mexican or nationalized people with formal employment and who have this benefit have access. For example:

Infonavit: this is a benefit for workers who are listed in the Mexican Institute of Social Security (IMSS). For this type of credit, these are the requirements:
● Have a valid employment relationship
● An employer that pays contributions of 5% of your salary
● A score above 116
● Take the "Saber para decidir" (Know to Decide) course
● Present documents
● Sign the credit application

Sociedad Hipotecaria Federal: If you do not have an Infonavit credit, the Sociedad Hipotecaria Federal (Federal Mortgage Society) is an option to get housing because it is a development bank, which doesn’t attend directly but through intermediaries.

Among them, the intermediaries that operate in Tijuana and/or Baja California, are Casa Mexicana, LI Financiera, Patrimonio Hipotecaria, Santander, Metrofinanciera, and ING Hipotecaria.

An advantage of the SHF, is that it offers financing to salaried people, regardless of their employment situation with the Tax Administration System (SAT), that is, you can have a formal or informal job and you will still be a candidate to apply for this loan.
The detail is that you request a minimum down payment of 10% on the value of the home, and that the amount of the credit will be defined according to your ability to pay. The deadlines to settle this debt vary but can go up to a maximum of 25 years.

Remember that investing in a home is more than a luxury. When buying a house or apartment you are acquiring the tranquility of a roof to sleep in and a heritage that you can take advantage of in many ways: giving it a holiday use or even offering it for rent. Although, the idea is that you enjoy it. So, what house would you like to buy?


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