Just in ! New financing loans for Mexico !!!
( call for updates, not on the web yet )
FULL DOCUMENTATION and STATED INCOME
Best Mortgages for Mexico
MORTGAGES FOR MEXICAN REAL ESTATE
NOW AVAILABLE TO NORTH AMERICANS (US,Canada, Mexico)
We Finance Mexico !
Toll Free 1- 888- 909- 6570 ext 2
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First Mexico Mortgage is proud to be the leader for lending in Mexico to US and Canada citizens. If you've been thinking about purchasing real estate in Mexico, or need assistance with refinancing, we are here to help make your dream a reality . Mortgages in Mexico are our specialty; we can help you with all your Mexico real estate financing needs.
Seven million North Americans travel to Mexico every year. Of that number, statistics indicate that as many as 400,000 Americans and Canadians have bought second homes or vacation properties in Mexico , with the majority investing in resort destinations such as Cancun & Playa del Carmen,the Mayan Riviera , Puerto Vallarta, Cabos san Lucas, Acapulco
Traditionally, Mexico real estate purchases have been limited to investors with sufficient resources to buy real estate without need for financing. Unfortunately, not everyone can afford to pay cash for property in Mexico . So now that you've found your dream home - how are you going to pay for it? Fortunately, there are now several US-based mortgage companies that offer financing to qualified buyers who want to purchase properties in Mexico.
Real estate financing is a relatively new phenomenon in Mexico that extends the possibility of owning a home in Mexico to many who could not otherwise afford it. In the past, North American banks were reluctant to provide mortgage financing on Mexican properties due to the foreign investors' inability to obtain title to real estate within 50 kilometers of Mexico's coastline, which is where most foreign investors choose to buy property in Mexico .
To circumvent this limitation , the Mexican Government implemented a system whereby Mexican banks acquire the property and place it in trust for the sole use and enjoyment of the foreign property owner, or "beneficiary." The trust, called a "Fideicomiso," assures the foreign buyer of all the rights and privileges of Mexico property ownership, including the right to remodel, lease, mortgage, or sell the property at any time.
Terms of the trust usually extend to 50 years, renewable in 50 year increments, which allows the buyer to bequeath the property to an heir. Due to these changes, there are now several American mortgage firms that offer financing for values up to 80% of the property 's appraised value.
Financing residences in Mexico have inherent advantages when weighed against the additional costs associated with mortgages, i.e., origination fees, discount points, bank appraisals and processing fees. All residential transactions in Mexico (regardless of who the purchaser is) require payment of a transfer tax on the declared value of the operation (which should be the purchase price and not what the seller or developer declares to minimize the capital gains tax,) notary fees, and recording costs.
These expenditures are the norm in any Mexican property transfer - and they are not inexpensive by U.S. standards. Foreign buyers must also pay for the permit from the Ministry of Foreign Affairs, a bank appraisal fee and an annual bank trust fee to administer the Fideicomiso. These expenditures are customary and required, but it should be noted that there is a distinct and protective benefit that purchasers receive in financed operations by foreign buyers.
US-based mortgage lenders want a higher standard of assurance that the loans they originate are secure and that the public deeds vesting the bank's lien interest are in fact valid and enforceable. In order to finance Mexican residential properties , there must be a transfer and conveyance to a Mexican bank trust registered by a Notario Publico, which establishes a recorded and renewable 50 year beneficiary interest for the non-Mexican buyer. A simple notation is made on the Mexican trust to protect the lender and provide the lender with sufficient collateral for mortgage financing.
Mortgages For Mexican Real Estate Now Available To NORTH AMERICANS !!
WE CAN MAKE IT HAPPEN!
FREE MEXICO HOME LOAN PRE-APPROVAL
- Competitive pricing
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Guidance on the Mexico closing process
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FREE pre-qualification
Primary Residence & 2nd Homes
- Loans $100,000 to $1,500,000 USD (Higher loan amounts subject to additional approval.)
- 70% Loan-to-Value
- Minimum Middle FICO Credit Score 680
- 40% Debt-to-Income Ratio
- 45 to 60 Day Escrow
- U.S. Escrow Company (First American Title or Stewart Title International)
- GE Money held Trust
30 Year Amortization
- 3 Year ARM Full Doc at 7.99%
First three years are fixed at 7.99% interest rate then adjusts every six months based on the 6 month LIBOR + 4.5%.
3 Year ARM Alt Doc at 8.25%
First five years are fixed at 8.50% interest rate then adjusts every six months based on the 6 month LIBOR + 5.0%.
- 5 Year ARM Alt Doc at 8.75%
First five years are fixed at 8.75% interest rate then adjusts every six months based on the 6 month LIBOR + 5.25%.
- 3 Year ARM Alt Doc at 8.25%
First three years are fixed at 8.25% interest rate then adjusts every six months based on the 6 month LIBOR + 4.75%.
20 Year Amortization
- 4 Year ARM Full Doc at 7.99%
First four years are fixed at 7.99% interest rate then adjusts every six months based on the 6 month LIBOR + 4.5%.
- 4 Year ARM Alt Doc at 8.25%
First four years are fixed at 8.25% interest rate then adjusts every six months based on the 6 month LIBOR + 4.75%.
| New! 20% Down - 80% Mexican Finance Plans! 20 Year Loan at 11.98% for Mexican residents |
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| Cash Out Refinance 8.50% - 10.50% Free and clear property only. |
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| Stated income Loans - 30 years mortgage loans | |
| Developer Financing - 65% Or Lower | |
| 35% down rate 7.5% up to 25 years. retirement and liquid must equal 2 times what s being requested. | |
| New! U.S. Rate for USA Citizens - 7.9% - 25% Down - 10, 15, 20 & 30 YEAR LOANS 25% down with a minimum loan amount of 100k |
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| New! Peso Loan for USA Citizens - 20% Down - 11.99% 10, 15 and 20 YEARS which includes 3 insurances . 20% Peso loan 70k minimum dollar requirement |
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| 35% down construction to perm loans. 7.5% Fixed for 20 YEARS Pre- pay comes off after 3 years. 500k minimum amount required |
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| New! Financing for Canadian Citizens in U. S. dollar loans! | |
| New! Financing for Spaniards in Euro Loans! | |
| Coming Soon! U.S. Rates! 20% down, 8.5% up to 20 years!! | |
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