Finance options to buy a property in Mexico
Hipotecaria nacional by BBVA Bancomer finance your new house.
Requirements and Information for Foreigners
About Our Product
We have designed a package with all the necessary services for US and Canadian citizens interested in acquire a dream home inside or outside of Mexico’s “restricted zone”.
Through our bilingual loan officers net work in México, and with the support of our Trustee area and the experience of Compass Bank we can offer:
- A US Dollar denominated loan
- Legal review of the property title with the support of Bancomer’s notary network.
- Appraisals with the support of Bancomer´s network
- All permits processing for the trust constitution.
- Trust constitution and formalizing with de Mexican Public Registry.
- Fix and adjustable rate programs available
- Personal attention in México trough bilingual loan officers and in USA & Canada trough Compass Bank network.
- Immediate payment to the seller or developer in US Dollars or Pesos trough international electronic transfers.
- Transaction with the support of BBVA Bancomer in México and BBVA Compass Bank in the US.
American & Canadian citizens who reside and have an income in their country.
The loan can be applied for:
- Vacational Home Acquisition.
- Cash out on a pre-owned property in Mexico.
- Land lot acquisition*
* Only Bancomer´s pre-authorized developments. Max LTV 60%. Term 15 years. Min credit score: 700 Max 2000sq meters. Max. Loan amount $1M , 25 yr posted rate applies.
- US Dollar denominated
- Minimum loan amount: $100,000 USD.
- 80% Purchase
- 50% Cash out
- 15,20, 25 and 30 year for home acquisition.
- 15 year term for land lot acquisition.
3 interest rates programs.*
- Fixed interest rate
- Adjustable rate mortgage 3/1. (Fixed interest rate for first 3 years, and adjustable for the rest of the term)
- Adjustable rate mortgage 5/1. (Fixed interest rate for the first 5 years, and adjustable for the rest of the term)
Pre payment penalty: 2% during the first year, 1% during the second year and 0% thereafter. Formalizing through a Trust
* Interest rates subject to FICO Score and downpayment
INTEREST RATES EXAMPLE (30 Year Term Considered)*
- 25 Year Term - subtract .250 from listed rate above
- 20 Year Term - subtract .500 from listed rate above
- ARM programs, have an anual increase of 2% maximum; and a total increase of 6% (based in the origial rate)
- * Rates only for informational purposes
- Credit Score: 680 Pts. (Fico Score).
- Minimum Age: 18 years.
- Hazard Insurance
- Annual maintenance trust fees and hazard insurance fee included in the monthly payment through an Escrow Account
- Signed Application
- Picture ID (Passport and Driver License)
- Income Tax Returns with W2’s for the last 2 years
- Paystubs for the recent month
- Bank Statements for the last 2 months
REQUIRED DOCUMENTATION FOR APPRAISAL
- Property Deed
- Condominium Regime (if applicable)
- Articles of Incorporation
- Power of Attorney – with Identification
- Proof of Address
- Plan of Property identifying the distance from the restricted zone
Expected processing time from application received and approved by Compass Bank through closing, approximately 45 days
This product is already available.
Compass Bank and Hipotecaria Nacional are ready and pleased to attend you.
Note: This information is subject to changes at any time