mexican mortgages for us citizens

Green Card holders receive almost the same privileges as US citizens when it comes to getting a mortgage. Fannie Mae and Freddie Mac are government. But buying property in Mexico comes with certain restrictions. The United States are the largest buyer of export goods with 76%. Non-resident foreigners (Type A): Non-U.S. citizens with permanent Canada (8% of foreign buyers, $4.2 B); Mexico (7% of foreign buyers, $2.9 B).

: Mexican mortgages for us citizens

Mexican mortgages for us citizens
Mexican mortgages for us citizens
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Caravan migrants accept Mexico visa deal bosch wfb 2005 user manual to housing and mortgages for Hispanics

Purpose of this Guide

This guide will help Hispanic homebuyers to better understand the home buying process. 
After evaluating this guide, readers will have a better understanding of:

  • The general home buying process.
  • Common misconceptions that the real estate industry has about Hispanic homebuyers.
  • How to find a real estate professional who understands a Hispanic hombuyer’s needs.
  • How to find out about available grants and programs.

Introduction: How is the Hispanic homebuyer different?

When it comes to Hispanics and real estate, it's important not to generalize and stereotype. After all, the term "Hispanic," is an umbrella term that almost unrealistically groups together an enormous and diverse population of people that includes Ecuadorans, Puerto Ricans, Dominicans, Hondurans, Mexicans, Argentineans, and people from many, many other countries.

It is high yield savings account near me important to stress that while this guide might be aimed at the Hispanic community, most of the suggestions and guidelines represented in this piece can be allied to many other diverse and varied socio-economic classes of society.

When it comes to real estate, one unifying trait all Hispanics is the fact most of them don’t have a full understanding of the US real estate purchasing process.

"That's the difference, not understanding the process," says Carmen Mercado, President of the National Association of Hispanic Real Estate Professionals® and a Long Island, New York-based Education & Diversity Manager with NRT's Coldwell Banker Residential Brokerage.

"I'll speak for my mom in Puerto Rico. She has owned a home and things over there are done so differently. There's not really a realtor in on the process. It was a farmer’s home/property and she dealt directly with the farmer for her mortgage and got a physical deed. Having a physical deed in her hands was really powerful for her because of a real fear of the transaction not being recorded because the system there is not as organized as it is here.”

There are actually many differences between the way that real estate is purchased in the US and in other countries. As previously mentioned, the whole idea of holding a physical deed is key in some countries. Here, once the transaction is recorded, it’s done and official whether or not you have the actual deed in hand. The financing options that are available here may also be different. In other countries, you may even be buying from an owner who is financing directly to you.

Of course, there are many second and third generation children who are fully versed in the US real estate purchase process. If that describes you, this guide may not be as helpful for you. However, if you are a first time Hispanic homebuyer-or even if you’ve bought homes before—this guide should give you a good introduction to some of the information that you need before starting the home buying process.

We’ve done our best to make this guide as comprehensive as possible, but you should always do your own research and talk to a trusted financial advisor beach conditions corolla nc real estate professional who you are comfortable with and who understands your specific situation. A mortgage is one of the biggest financial commitments you will make in your life. A trusted advisor can help you to make the best decision for you and your family before making any binding commitments.

Also, while this guide covers many aspects of the home buying process, it does not cover every aspect of that process. Save yourself some cash and some headaches by looking online to give yourself a more in-depth education on the process before going ahead with a purchase.

Part 1: Examples of typical issues for Hispanic Home Buyers

Situation: Alberto and Violeta moved to the United States from Mexican mortgages for us citizens a few years ago. They both have good jobs, but haven’t been able to save up for a 20% down payment on a home. They would like to start building equity by purchasing a home as soon as possible, but are afraid that they are just wasting their money on rent and will never have enough for a down payment. 
Solution: First, Alberto and Violeta go onto the website and find some local housing agencies to get advice on their options. They find out that they could take out anFHA loan, which only requires a 3.5% down payment, which is more manageable for them. They also find out that they are eligible for enough grant money to cover a sizeable portion of their down payment, which will in turn make their mortgage payments much lower. 

Situation: Miguel and Andrea would like to purchase a home, but they don’t have perfect credit. They paid a few bills late in the last year and have had a few outstanding medical bills. 
Solution: Miguel and Andrea start off by talking to a local housing agency and find out that they don’t need perfect credit to purchase a home. This is a sigh of relief and they follow up by getting a credit report so that they’ll know exactly what issues they can anticipate with a lender. They plan let the lender know ahead of time what the issues are and look for ways to fix them. Though they are inundated by advertisements for companies that offer to fix their credit, a little bit of online research shows Miguel and Andrea that they can actually do the same credit fixing on their own for free. 

Situation: Magdalena would love to purchase a home for her daughter and herself. While she has the money, she is not fluent in English and fears that she will not be able to make it through the whole home buying process. 
Solution: Magdalena contacts the National Association of Hispanic Real Estate Professionals and finds a realtor who speaks Spanish. This realtor then helps her to find lenders and other people important to the home buying process that speak Spanish. Along the way, Magdalena realizes that most of the websites are also in Spanish, which helps her to educate herself on the process as she goes through it. 

Situation: Arturo has just returned from fighting in Afghanistan and would like to move into a house and start a family. He doesn’t have much money saved up, but he’s so tired of living away that settling down is a huge priority for him. 
Solution: Arturo finds out that he is qualified for aVA loanand learns that he can get into a house with a 0% down payment. Of course, he will have to go through the VA’s strict inspection process and pay some fees, but he ultimately decides that having a home is important to him and the trouble is worth it as this is the most realistic mexican mortgages for us citizens to make it happen.

Part 2: A general outline of the home buying process

“Before you even get into it,” says Mercado, “I think that as a consumer, no matter what you are purchasing, whether it be real estate or a large screen TV, you want to do your research and you want to educate yourself on the product and in this case on the process.”

There are many variations to the home buying process. However, the basic timetable and order of events is usually the same. With that in mind, here is a short explanation of the home buying process that should serve as a basic reference: 

Step 1: Assess your finances

The first step is getting a handle on your finances to determine how much you can actually afford to pay on a mortgage every month. This means tracking your expenses and figuring out how much you have left over after figuring out how much you want to contribute to various savings like your 401K, retirement, college funds, etc.

Get your Credit Checked: When applying for a mortgage, your credit will be checked and any dings on your history will affect your rate and overall chances at a mortgage. Sign up for a free credit report and find out ahead of time what your lender will see on your report. While many companies will offer to fix your credit for you, you can do simple online research to figure out how to do it yourself for free. It pays to do this a few months or a year ahead of time as a better credit rating means a better rate on your mortgage, which means a lower monthly mortgage payment.

After you’ve figured out how much you can afford to pay every month, determine how much savings you have that you can contribute to a down payment. Though you don’t necessarily need to contribute 20%, the more that you can put in for a down payment, the better your interest rate will be.

Knowing how much you can pay per month and how much you can put down as a down payment will ultimately tell you how much you can comfortably afford to pay for a home. There are many online mortgage calculators that you can plug these numbers into for an answer.

Step 2: Get preapproved for your mortgage

This is a step that many people skip. It’s a pain, but worth it in the long run to do. There is actually some confusion about getting preapproved or prequalified for your mortgage. The two terms do not mean the same thing.

Prequalification is a process where apply food stamps nyc online application lender will give you a very rough estimate of what you can borrow based on your financials. The prequalification isn’t a commitment on their part to lend you the money, though.

Preapproval is when the lender takes a more in-depth look at your finances and gives you an exact amount that they can lend you. You will have to provide many documents, pay fees, and fill out a lot of paperwork. However, in the end, turbo debit card not working lender makes a real commitment to actually boone county school closings kentucky you the money.

Getting preapproved before you find a home is to your advantage because it gives you 1) a real number on what you can afford—no falling in love with homes outside of your price range, and 2) your financing is all set, so the sale will go through faster when you find your dream home (and you will get priority over other homebuyers if there is competition for a home).

Note: Lenders will always tell you the maximum that you can borrow from them. Many people make the mistake of thinking that this is actually how much they should borrow. It’s almost always a good idea to purchase a house below your means so that you don’t have to sacrifice your savings or homes for sale on colorado river in blythe ca emergency fund.

Step 3: Find a house

Once you know what you can spend on a home, it’s time to start looking. Before you see anything, consider the things that you really need in a home vs. what you really want in a home.

Needs might include:

  • Appropriate number of bedrooms.
  • Proximity to work and schools.
  • Walkable mass transit options.
  • A backyard for pets and small children.

Wants might include:

  • A pool.
  • A large garage.
  • An extra room for an office.
  • New appliances.

Once you know what you are looking for, there are a number of ways to find your home. In the past, your only option was to go with a Real Estate Agent. These days, you bb king lucille instrumental find an agent through friends, family, or approved organizations. Or, you can take things into your own hands by looking online at house listings and going to open houses.

You should obviously look at a number of houses in your price range and in the area that you want to live in to find the best fit.

Once you have found “the” house, you will make a written offer for how much you will pay for the house that includes an expiration date homes for sale in las cruces nm by owner which time the offer is no longer valid.

The seller can accept your offer, reject it, or propose a counter-offer. You can then accept, reject, or propose yet another counter offer. The actual deal is not binding until both parties agree to the terms and sign.

Home Inspection: Most offers are contingent on a home inspection. The purpose of the inspection is to find any serious problems with the home or other issues that you might not be able to see on your own. If an inspection turns up anything negative, the buyer often renegotiates or backs out of the deal. To get a mortgage, you usually have to have an inspection anyway.

Step 4: Get a mortgage

Once you have settled with the seller, it’s time to get your mortgage. If you are already pre-qualified, you are ready to go and can immediately purchase your house.

If you are not pre-qualified, you will need to go through the whole mortgage process, which involves gathering financial information and identification documents and getting approvals. It can take a few days or weeks to complete this process and your lender still might reject you. This is why you have an advantage if you get pre-qualified: You know what you can pay and the seller knows that the sale will be quick.

Step 5: Close on your house

After you have your mortgage and before you can move to closing, there are solano county marriage license a few other things than need to be done. These vary from state to state, but they often include a title search, getting homeowner’s insurance, well testing, a termite inspection, and a final walk through.

The actual closing is a meeting where you will complete all of the final paperwork for the sale and receive the deed and keys to the home.

At the closing, mexican mortgages for us citizens will have to pay the closing costs, which can add a few thousand dollars to your final bill. Get a Good Faith Estimate (GFE) from your lender a few days ahead of time to find out what these costs will be and check the actual closing costs to the GFE to ensure that you aren’t being overcharged on your closing costs.

Part 3: Misconceptions about the home buying process

While the Hispanic home buying community includes people from all different countries, there are a few common misconceptions that they have about the home buying process. Here are a few of them:

Misconception #1: The whole home buying process.

As we’ve said before, one of the biggest stumbling blocks is not understanding the US real estate purchasing process. “I still point everybody to,” says Mercado. “There’s just basic information there and there’s actually a Spanish version for those that feel more comfortable reading in Spanish.” The Housing and Urban Development site covers important topics like “how to find and select a real estate agent” and “how to qualify for a mortgage.” There are also different tools on the site to locate local housing agencies by zip code. If you are looking for a reputable housing agency, you can just put in your zip code and it will actually show ten or fifteen nearby Mexican mortgages for us citizens agencies where you can go learn more about the process. Many times, grants and lotteries happen through these agencies that that consumers are sometimes not aware of. 
 “I’m a big believer that if you’re going to get an education on the real estate process,” says Mercado, “go through a not for profit group that’s certified by HUD—you know that the information that they are going to give you is accurate and definitely where you want to start.”

Misconception #2: You need a 20% down payment to purchase a home.

While you’ll usually get the best deal on your mortgage if you can put down 20%, you can get an FHA loan or a VA Loan with much less down. In the case of a VA Loan, you can get away with putting 0% down.

Misconception #3: You need perfect credit.

“You do need credit and you do need good credit, but you don’t necessarily need perfect credit,” says Mercado. “If you were delayed on something last year for whatever reason, you may think that your credit is blemished forever, but that’s not necessarily true.”

Misconception #4: If you have a language barrier, you are going to have problems with buying a home.

“There’s a myth that if you don’t speak English,” says Mercado, “you’re not going to understand what the real estate people are saying. Or maybe you think, “I can read, but I’m not going to really internalize it and comprehend or understand it.”” In reality, there is so much valid material in Spanish and English—that not speaking English well is not a stumbling block that you will have to overcome.

Misconception #5: If you don’t have a social security number, you can’t purchase a house.

“Hispanics with an excellent work history may not have a Social Security number,” says Steven Hale, VP and director of marketing for Brotherhood Bank & Trust of Kansas City, Kansas. “With an Individual Taxpayer Identification Number (ITIN) a borrower is eligible to apply for certain loan products even without an SS number.” If you do not have a social security number, find a lender that is certified to process ITIN applications.

Part 4: Misconceptions about Hispanics from the real estate industry

Part of learning to work within the US real estate system is learning about the misconceptions that many real estate professionals have about Hispanic homebuyers. It helps to know what you are working against ahead of time so that you can prepare yourself in advance. Here are a few of them:

Misconception #1: Hispanics want to live in a predominantly Hispanic neighborhood:

“Before I started selling real estate,” says Mercado, “I was working with a realtor to purchase a personal home. I kept saying that I wanted to see houses in a certain community, but the realtor kept showing me houses in other, more predominantly Hispanic neighborhoods. Just because I speak Spanish doesn’t necessarily mean that I want to live in a predominantly Hispanic neighborhood!”

Misconception #2: Hispanics don’t want to own property

“There’s some myth out there that maybe the Hispanic community doesn’t want to own property,” says Mercado. “I don’t know why that myth exists, but I’ve heard it before. That’s a complete myth: there is absolutely the desire for home ownership.”

Misconception #3: Hispanics are all low to moderate income.

“Another myth that I hear a lot is, “they’re not going to have money for a down payment,” or,” they’re all low to moderate income,”” says Mercado. “That’s a total myth. The Hispanic community is not all low-income. There are very highly successful, educated, wealthy, affluent communities out there that are Hispanic that are second and third generation.”

Misconception #4: All Hispanics want to work with Spanish speaking real estate professionals.

“Just because you are Hispanic, it doesn’t mean that that you have to be served by somebody who speaks Spanish,” says Mercado.

Misconception #5:  Hispanics do not have bank accounts.

“The real estate industry mistakenly assumes most Hispanic home buyers are unbanked,” says Steven Hale. The concern is that the lender will not be able to document the required funds for closing in a manner acceptable to an underwriter. “We’ve found,” continues Halle, “that the vast majority of Hispanic home buyers already have bank accounts established at the time of loan application.  Although many do not take advantage of having their paycheck direct deposited into a bank account, they do keep their paycheck stubs.  As a result, verifying funds for Hispanic home buyers is consistent with typical borrowers.”
If an underwriter notices a cash deposit on a bank statement, the paycheck stub can be used to source that deposit. In addition, the date of the paycheck stub would closely match the date of the cash deposit as people deposit their check within a day or two of receiving it.

Part fast food in my area Finding a real estate professional who understands your needs

What are the key things to look for in a realtor? “I’m a firm believer in asking questions,” says Carmen Mercado. “As a consumer, there are a few things that I would look for.”

Here are a few questions that you might ask a prospective realtor:

  • What kind of experience do you have, especially with first time homebuyers?
  • Do you have knowledge of local not-for-profits and grants that might be available?
  • Are you aware of any grants for first-time homebuyers?

Carmen also recommends that you look for a full-time agent. When you are working with a full-time agent, this is somebody who is really going to be a resource to you. If you are a consumer and you are looking for a house, you want an agent is accessible to you. You want someone who is fully committed to the career, because the more committed they are to the career, the more knowledge they will have.

Part 6: Grants and other available programs

Any smart homebuyer, especially a first time homebuyer, should look into what programs are available to them to help to make theirhome purchasemore affordable.

FHA and VA Loans

“For most first-time homebuyers and especially Hispanic homebuyers,” says Mercado, “FHA is the name of the game right now. With 3%-3.5% down payments, that’s one of the lowest down payment mortgage programs that they’ll be able to qualify for.”

Another helpful resource is VA Loans. “I also like to bring up this point because a lot of Hispanic families have a large number of their young or young adults who are in the military,” says Mercado. “They sometimes come back after serving and want to buy a home. If they qualify, they can access the VA Loans and get 100% financing.”
What this essentially means is that a person who qualifies for a VA Loan mexican mortgages for us citizens get a home with a 0% down payment. Of course, there are some fees that they will need to pay, but overall, this is the cheapest way to get into a home.


With the HUD websites, you’ll be able to look for local housing agencies and once you get onto the websites for the local housing agencies, you’ll be able to find a list of educational seminars and orientations for grants or lotteries.

“There are some really great grants out there,” says Mercado. “I remember helping a single mother who was looking for a coop a couple of years ago. She ended up with $35,000 worth of grant money for a down payment and that made a huge difference for her.

Part 7: Conclusion

Purchasing a home is one of the biggest financial commitments you will ever make. Taking the time to do your research is one of the smartest things that you can do for yourself.

“Just in terms of the resources for consumers,” says Mercado,”I would definitely emphasize education. Use sites. I always say, “just because you Google something and the company has a website, it doesn’t mean that they are legit. This is why I always point to Anybody can put up a legit looking website! It’s hard for a consumer to know what is real. By going through a .gov website at least you know what’s real.”

Another good thing to remember is that we are currently in a market where sellers are mexican mortgages for us citizens motivated to sell their homes. “In this market, when purchasing separate from FHA or VA Loans, some sellers may look at a buyer and offer some assistance with closing costs just to help them with the buying process,” says Mercado. “So there are a lot of reasons to work with a full-time real estate professional who can help you with the amazon kindle kindle books. Sometimes, the seller will help out a little bit as well!”

An educated consumer is the best consumer that any real estate professional could have. That tells the real estate professional that they aren’t dealing with someone who is shy or timid. They know that they are dealing with someone who is confident and will know when they’ve found the right property and can pull the trigger to purchase it when they are ready.

Part 8: Additional Resources

Carmen Mercado, President of the National Association of Hispanic Real Estate Professionals® and a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage.
Steven Hale, VP and director of marketing for Brotherhood Bank & Trust of Kansas City, Kansas. Brotherhood bank has an innovative Food downtown la Outreach Program which provides financial services to low- and moderate-income consumers. The program includes a uniquely underwritten mortgage product with permissible alternative forms of customer identification, a low-cost remittance product, and financial products, services and education in Spanish.

Government Sites:
This is the main website for the office of Housing and Urban Development. Through it, you can find information on many important topics including the home buying process, grants and loans, and basic (and advanced) mortgage information.
This is a website that fully explains the ins and outs of FHA loans. There are a variety of FHA loans on the site aside from basic loans including loans tailored towards the elderly, towards saving money on energy-efficient renovations, and towards purchasing and renovating homes that are in bad condition.
This is the website that focuses on VA loans from the Department of Veterans Affairs. It gives you in-depth information on how qualified borrowers can get a no down payment loan. 

The website for the Hispanic National Mortgage Association. Potential homeowners can go here to get more information about the home buying process and home buying opportunities.
This is the website for the National Association of Hispanic Real Estate Professionals. While this is intended to be a website for professionals, consumers can use it to contact their local chapters and find recommended local real estate professionals.


Sometimes you take a trip abroad so magical and memorable that you start wondering if you can live in a new country.

Maybe you've seen the “for sale" signs and envision buying property. Perhaps you've even crunched numbers and started to figure out trustco bank atm near me to go about owning a piece of the land you love. Or maybe your company has tapped you to open the first overseas location and your family needs a home.

Buying a home in a foreign country isn't as exotic as it sounds. According to the National Association of Realtors, between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of residential property in the United States, which is a 49 percent jump from 2016. Meanwhile, more than 6 million Americans live overseas, according the Association of Americans Resident Overseas.

As with any life-changing purchase, it's wise to do your homework, have a plan, and enlist the help of others with expertise. Here are some tips to keep in mind if you are considering buying a home abroad.

Find an agent

Before you dive in by calling the number on the real estate sign, or start Googling agents in that 1st kiss romper, take a breath and pause, says Vicky Silvano, the National Association of Realtors (NAR) global liaison.

She advises potential buyers to start the process by securing an agent with experience doing business in that country. Ask for personal referrals from trusted friends or colleagues in that country.

If you don't have anyone in your network, ask for recommendations from a trusted real estate office in your native country. It may have agents who represent foreign buyers. You can also try to tap into an expat community (there's usually at least one in every country).

Live and Invest Overseas has a good overview on how different countries do business. You can also connect with that nation's real estate association (such as AMPI for Mexico) or go through NAR's Certified International Property Specialist database to find an agent.

Understand the process and protections

While American states have their own relatively strict rules around inspections and how to process real estate transactions, some countries don't apply the same rigor to their real estate deals. “Some of the countries have licensing laws, but most of the countries don't have licensing laws," Silvano said.

Finding an attorney who has a practice in that country is critical, Silvano said. “If you're in a different country, there may be different forms that you need to sign in that language."

If your workplace has an international presence, ask if there's a colleague or relocation specialist who can help you learn the ropes and gather resources.

Once your offer is accepted and you're asked to put down earnest money, double-check with the agent and/or an attorney to make sure the deal is legitimate. Wire fraud is rampant, and most of the time, if you've been duped, you'll never see a dime of what you lost.

Financing your property

As in any transaction —whether you're buying gum, sandals, or a beachside villa— paying with cash makes it simpler.

Silvano says you can finance properties in foreign countries, but most places will require a large down payment – 20 to 30 percent or more.

What you can do is approach an international bank or lender with a presence in the country where you want to buy. And if you don't get the low rate you want, or if for some reason the property doesn't qualify for a traditional loan (for example, if it doesn't meet structural standards or is in a hazard-prone area), it may be worthwhile to consider an equity line of credit from a bank to pay for the property outright and then repay the line of credit.

Do your homework

Finally, Silvano says, make sure you've gotten the full download on owning property and living in that country. Even if you have a friend who has first peoples bank mullens wv a great experience, it doesn't mean yours will be identical.

“Just be careful. Just because one friend recommended you to buy in that particular development or particular area, it doesn't mean that it will be good for everyone. Just be on the lookout for other people who may be scamming you for big bucks or commissions," she says.

The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or financial advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates. 

Securities and Insurance Products:
ARE Williamsville state bank and trust DEPOSITSARE NOT FDIC INSURED

Saltillo, Mexico

Fredrikson & Byron’s Mexico office was established to support our International Group’s rapidly-growing Mexican and Latin American rgt ffb pro clutch its Mexican subsidiary, Fredrikson & Byron is the only Minnesota law firm with an office in Mexico. We primarily advise U.S. companies currently doing business in, or considering doing business in, Mexico and elsewhere in Latin America, and also represent foreign companies expanding to the U.S.

Our office is located in Saltillo, the largest city in the northeastern state of Coahuila. A fast-growing industrial hub, Saltillo is home to ups 2020 holiday schedule residents and is known as the Detroit of Mexico for its importance to the auto industry. Saltillo is 45 minutes from Monterrey, Mexico’s third largest city, which is home to 3 million residents and many Fredrikson clients. It is less than 2 hours from Mexico City and Querétaro by air.

Our Mexico office advises clients on a broad range of corporate and international matters ranging from corporate structure, tax, foreign investment, mergers and acquisitions, finance, contracts, securing debt, joint ventures, sales and distribution (including franchising). We have ample expertise working with maquiladoras on all phases, including: structuring and entity formation; securing government incentives; negotiating leases; labor matters; obtaining IMMEX programs, VAT certifications, NEEC/OEA certifications, and other programs and authorizations; and tax and customs advice to resolve issues that arise during the operation. We also work extensively with real estate developers and individuals purchasing and/or developing real estate in Mexico and elsewhere in Latin America.

Patrick Kelly and Luis Reséndiz oversee the Saltillo office, drawing on their diverse cultural backgrounds and experience to counsel clients from Mexico doing business in the U.S. and from the U.S. doing business in Mexico. Having lived in both Spain and Mexico, Pat is fluent in Spanish and reads Portuguese. He also has strong ties to the region since his wife’s family is from Monterrey, Mexico. Pat has advised clients doing business in Mexico and elsewhere in Latin America for 28 years. Luis, a native of Mexico, graduated from law school in both Mexico and Minnesota, and he is licensed and has practiced law for over twenty years in both jurisdictions. His dual education and experience uniquely qualify him to advise individuals and companies performing cross-border operations. Other members of the firm’s International Group will practice in Saltillo as needed.

They are joined by Mexico native Carolina Rodriguez of Fredrikson & Byron, S. de R.L. de C.V. Carolina received her law degree in Saltillo, and also attended the Universidad Finis Terrae Law School in Santiago, Chile. She has expertise on IMMEX/maquiladora operations and on Mexican labor law and commercial contracts. Carolina is licensed in Mexico only.



We helped a client buy a manufacturing facility in Tamaulipas, Mexico for several million dollars. We assisted the client on corporate structure, foreign investment issues, and customs and tax issues.

We recently worked in a transaction in which our client acquired the quotas (membership units) of several companies in Brazil. This transaction involved the laws of several countries because the sellers were residents of different jurisdictions. We advised the client on all issues related to the acquisition, including corporate and tax issues, foreign investment, governmental permits and exchange controls.

We have recently represented a client on the sale of stock of a company in Costa Rica.


We provided legal advice to a client to set up a Maquila in Cd. Juarez, Mexico. We provided the corporate structure in the U.S. and in Mexico, filed all the documents necessary to obtain the maquila permit from the Mexican government, negotiated the Lease mexican mortgages for us citizens the facilities in Juarez, and negotiated agreements with a shelter company. We provide on-going legal advice in multiple issues including customs, employment, and general contract issues.

We have drafted distributorship and sales representative agreements for a client doing business in Mexico and several countries in the Caribbean.



Manzanillo. We negotiated the initial acquisition of 530 acres of beachfront property in Manzanillo, Mexico. We also advised the client on tax and corporate structure, financing matters and have organized several operating and asset entities and have assisted the client in establishing the condominium regimes, and in obtaining federal, state and municipal permits for the construction of the project and the use of the beach.

Playa del Carmen. Our client is building a 30-unit condominium complex on the beach in Playa del Carmen. We assisted the client with the land purchase, tax and corporate structure, contracts with contractors and with government approvals. This client has recently sold out its development and is negotiating to purchase other land in the Yucatan Peninsula.

Isla Mujeres. Our client has purchased 6 acres on the beach in Isla Mujeres and will build single-family homes, duplex style two-level villas and condominiums. The client is investing up to $30,000,000. U.S. Once again, we assisted in negotiating the purchase of the real estate, the tax and corporate structure, the condominium regimes, the contracts with architects and contractors, and with contracts for the sale of the lots and the units. We have also assisted the client with structuring and obtaining the financing for the project.

Cabo San Lucas/Commercial. Client is financing a commercial shopping mall development in Cabo San Lucas. We are advising them on the structure of the financing and proper securitization of the loan. This client is also reviewing other projects in Mexico.

Puerto Vallarta. We represent a client who is purchasing a large tract of land near Puerto Vallarta from an ejido. We are reviewing the transaction with the ejido and overseeing the removal of the property from the Agrarian Registry and the registration of the property in the Public Registry of Property for private properties. We have also been asked to assist the client in real estate, corporate bank of america atm drive thru other legal matters relating to the eventual development of the property.

Tamaulipas. Client owns several large ranches which are the hunting destinations for high-end hunting vacations. We advise the client on corporate, labor and real estate matters in Mexico.

Mexican Mortgages. We are advising several clients that are establishing or brokering portfolios to finance mortgages for U.S. citizens buying real estate in Mexico. We are advising the clients on financing, securitizing mortgages and on tax and corporate matters. One of the mortgage clients is also co-developing real estate in two locations in Mexico.

Other. We represent numerous clients who have or are purchasing individual residential properties in Mexico for use as rental properties or for private second homes. These properties range in price from $200,000. U.S. to $5,000,000. U.S. For these clients, we typically assist in negotiating the terms of the purchase agreement, review title, assist in negotiating and drafting the trust agreements with trustees, and conduct or assist in conducting the closings with the mexican mortgages for us citizens public in Mexico.

Dominican Republic:

We represent a client on a large real estate development that will include a wide range of related services. The project has not yet been made public, but will involve several years of work. We are advising the client on various international laws affecting the development and the ancillary businesses, as well as on tax and corporate law.

Costa Rica:

We have advised a developer developing a villa project in Costa Rica, as well as a number of individuals who have purchased houses and condominiums in Costa Rica. We have advised the clients on real estate law, corporate and tax matters under Costa Rican law.


We have advised a number of individuals who have purchased houses and condominiums in Panama. We have advised the clients on real estate law, corporate and tax matters under Panamanian law.

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Mortgaging Real Estate Investments in Mexico

Mexico is the most popular country for Canadians and U.S. citizens looking for a second home or retirement investment. The cost of investing, taxes, and maintenance are considerably lower in Mexico. Most foreigners move to Mexico for the culture, food, and the weather, but for many others finances play the key role, realizing their nest egg may not be adequate for them to retire comfortably. You can enjoy a greater quality of life living on a fixed income in Mexico.

One of the advantages of purchasing Mexican real estate is that it will practically pay for itself with the potential to appreciate in value. Whether your intentions are to snowbird in Mexico and rent the property out for the remainder of the year or invest in your retirement, how will you finance your new home? We are frequently asked if foreigners qualify for a mortgage in Mexico.

Most real estate purchases by foreigners in Mexico are cash or equity from their property back home or with a developer’s short-term financing as there are a few financing options in Mexico.

You may be more comfortable dealing with an international mortgage lender but it is important they are located in Mexico and experienced in the Mexican process.

Benefits of a Mexican mortgage:

  • Keeping your investments separate, this way you do not risk losing equity from your home property while investing in Mexico or risk your retirement home due to circumstances back home.
  • Do not put all your eggs in one basket, rather make a down payment and have your funds available for future investments. Once you are living in Mexico, you will come across other amazing investment opportunities, by not sinking all your savings into one property you are free to invest in other rental properties and generate additional income.
  • Perhaps you do not have enough cash for that dream home but it may be a sound investment, it may make sense to finance a portion to obtain a more desirable property.
  • Between your lawyer and the mortgage company, you will receive an added level of protection that the title is free and clear of encumbrances. A lender will not hand over the funds until they have proof of a clean title.
  • If all your money is tied up in one property it will be difficult to withdraw equity in Mexico, if needed. The process is expensive and difficult and involves paying taxes, loan fees, and the expense of canceling your fideicomiso and creating a new one.  
  • The interest paid on a mortgage may be used as a tax deduction in Mexico.

It may be more of a challenge to obtain a mortgage through a Mexican bank, as you will be required to have residency and an excellent credit rating in Mexico. However, MexLaw has built strong relationships with real estate and lending professionals and can recommend the best possible lender for you.

You may also be interested in this article

Investing in Mexican Real Estate using your IRA



Getting a Mortgage in Mexico 2020

So, you have decided to buy a home in Mexico.  Maybe a little vacation condo you can enjoy a few times a year and rent out for extra income when you are not using the property. Maybe retirement is just on the horizon and the thought of a tropical home in paradise is your reward for all those years of hard work.  Or perhaps you’ve been living and working in Mexico for a while now and it’s time to stop renting and take the plunge into full-fledged home ownership or just simply to trade up or down to a larger or smaller home.  We’ve got you covered.

15 years ago there were very few, if any home loans available to vacation, investment or retirement buyers.  Today there are options.  It is possible you have heard that mortgages weren’t available or that they were expensive or too complicated.  Not true.  There are a few extra steps when obtaining a mortgage in Mexico and interest rates and closing costs can be a bit higher than north of the border – there have never been more options and better terms than right now.

At Mexlend we offer 4 different types of Home Loans.  Each has it’s pros and cons and each has different qualifying requirements.   

Which loan program we direct you to, depends on your circumstances. We will ask you the following questions to begin:  Are you a Mexican citizen? Are you a permanent, tax-paying resident of Mexico?  Are you a Mexican citizen living and paying taxes in the US, but want to buy a property back home? Or, are you a Canadian or US citizen who wants to buy in Mexico and using your income and credit from back home to qualify for the Mexican loan?  Each of these categories has a specific answer as to where we concentrate our efforts to make your dream a reality.

If you are a Mexican citizen or tax paying resident of Mexico, we can prepare your file for success with either a Mexican bank or Investment Fund in Mexico.  Mexican bank rates are higher than any offered in the US or Canada.  Their banking industry is independent of government support, and therefore are more like the rate in the US and Canada up until the 1990’s.

If you are a Mexican citizen or a tax-paying permanent resident of Mexico, you have the most options.  You are eligible for all of the programs and loans that we represent.  We will start with the loans with the longest amortization periods, which are the Mexican bank loans.

Mexican Bank loans:

  • Minimum down payment: 10%
  • Interest rates: 8% to 13.6% depending on the bank and down payment
  • 20 year fixed rates are available

If you are from the USA or Canada and need to use your income and credit from back home, we have two options for you:  Mexican peso loans through Mexican Investment Funds and USD loans from our Peer 2 Peer private individual investors.

 Mexican Investment Funds:

  • Minimum down payments:  30%-40% depending on the investment fund
  • Annual cost in lieu of interest rate:  begins at 2.6% and increases over the term of the loan to 9.5%
  • 9 and 15 year loan terms depending on which firm is utilized

US Dollar Loans through the Mexlend Peer 2 Peer Investment Club:

  • Minimum Down Payment: 35%
  • Interest Rate 12% to 16%
  • 5 year interest only with balloon payment.

If you are a Mexican citizen living in the USA and paying taxes in the US with credit in the USA, we have a specific program that is geared for you.

Mexican Peso loans for Dual Nationals—Mexico and the USA:

  • 10% minimum Down Payment
  • Interest rate 11.1%
  • 20 year fixed rate available

Many buyers in our market apply for lines of credit or cash out refinancing mortgages on their properties in the USA and Canada.  While this is an option that can be less expensive, it does not afford you with the protections that having a mortgage specifically for the Mexican property can afford you.  There are three very specific and important protections that you buy yourself when you finance here in Mexico.  

First, you are not tying up a large amount of money in a fixed real estate asset.  You are closing with a loan, which will allow you to keep a minimum of 60% of the cash in a liquid position or in investments that are growing at a faster pace than the appreciation of the property here in Mexico.

Second, it is much more safe to close on a property versus all cash.  In order to close on a property purchase with a loan in Mexico, the lender has their legal team pouring over the documents to ensure that everything is correct.  This is in addition to your realtor, the notario and the trust bank.  You have a partner in this purchase who has as much or more than you to lose, so you can be sure that they will perform a greater due diligence on the legal documents and value of the property.  An all cash sale can close, leaving a myriad of legal issues trailing after them that can take years to put right.  This is simply impossible with a financed transaction.

Third, but not last is that loans in Mexico stay in Mexico.  In otherwords, your Mexican mortgage is not reflected on your credit back home in either the USA or Canada.  Should you have a family emergency, a health emergency, or any issue, including an unforeseen world-wide pandemic, your credit remains pristine back home.  You still have the ability to obtain a line of credit or a loan against your property or a personal loan in Canada or the USA to get you through the tough times. If you have used up a block of that credit in your home country you are putting yourself in a precarious position for the future.  

The insert is an estimate of a purchase with a loan.  The lender fees are high because they are offering such a low introductory cost for the loan of only 2.6%.  Also, there is no prepayment penalty on this loan, so they are protecting their investors in an environment that in which banks have starting rates at 8%.  Think of it as buying down the rate.  Another interesting component of these loans is that from the first month, you are making large payments towards the principle of the loan.  In a regular mortgage, you will not significantly touch principle until the 5th year.   The following is a sample of closing costs at a purchase price of $300,000 USD.

The costs of your mortgage should be tax deductible for you as well, which even further reduces your expenditure.  

For 15 years we have been helping hundreds of clients to finance their dream homes in Mexico and we feel that right now is a terrific time to make that move.  Do so safely and with confidence with an AMPI realtor and a loan you can depend upon.

Written by David Schwendeman

President MexLend Mortgages

USA Office: 917.779.9031

Mexico Office: 011.52.322.222.7377


Taniel Chemsian is a Senior Sales Associate at Timothy Real Estate Group, representing some of the finest properties and condominium developments in Puerto Vallarta, Mexico. – with a reach that spans the globe from his base in this seaside Pacific Coast tropical resort destination. Taniel specializes in matching luxury clientele with the perfect second homes vacation getaways, income properties, and retirement residences, Taniel helps make his client’s goal a reality.

His strong market how to get a cash app card in the mail and track record for excellence did not go unnoticed by the producers of HGTV’s popular real estate series, “House Hunters International.”   Taniel has become a regular on the series, featured on the show more than any other agent in North America.

Taniel is a long-standing member of AMPI (Mexican Association of Real Estate Professionals) – Puerto Vallarta Chapter, and a registered International REALTOR® with NAR International.

Shortly after relocating to Puerto Vallarta, he joined the area’s most prestigious real estate brokerage, Timothy Real Estate Group, where he became the Senior Sales Associate.

Throughout the years, Taniel has developed an unparalleled knowledge of the local Puerto Vallarta market along with a strong philosophy of transparency, integrity and professionalism.  Along with using the latest tools and technology available, this combination has led him to consistently deliver the best results for his clients and earned him a reputation for being one of the area’s top producing real estate professionals.


Categories: Puerto Vallarta Real Estate, Vallarta Living

mexican mortgages for us citizens

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5 Replies to “Mexican mortgages for us citizens”

  1. കരണ്ട് ബില്ല്..ഇതിൽ അടയ്ക്കാൻ പറ്റുമോ...

  2. hi ask ko lang po, verified na po kasi yung sakin since July, pero hangga ngayon po di ko pa po siya nalalagyan ng laman. May effect po ba yon? Thanks po.

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