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.

Advantages

• 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.

Our Clients

American & Canadian citizens who reside and have an income in their country.

The loan can be applied for:

1. Vacational Home Acquisition.
2. Cash out on a pre-owned property in Mexico.
3. 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.

PRODUCT CHARACTERISTICS

• US Dollar denominated
• Minimum loan amount: $100,000 USD.

Maximum LTV

• 80% Purchase
• 50% Cash out

Terms

• 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

LTV/ SCORE

INTEREST RATES EXAMPLE (30 Year Term Considered)*

1. 25 Year Term - subtract .250 from listed rate above
2. 20 Year Term - subtract .500 from listed rate above
3. ARM programs, have an anual increase of 2% maximum; and a total increase of 6% (based in the origial rate)
4. * Rates only for informational purposes

Mortgage Example

REQUIREMENTS

• 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

REQUIRED DOCUMENTATION

• 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
• R.F.C.
• 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

Mexicanos living in USA and Canada can get mortgage credit to buy a house in Mexico.   Do you have relatives in USA and/or Canada that are interested in buying a house in Mexico? They can get a mortgage credit to purchase a new or used house in any city of Mexico, through the offices of Bancomer Mortgage Division, where, from more than 2 years, have been given countless mortgage financings to our fellow countrymen.

Through this credit, the Mexicans that live and work in USA or Canada can acquire a mortgage credit in pesos or in minimum wages, with a fixed interest rate, and without penalty for pre-payment, with the following characteristics:

Expirations:
•Terms subject to change without notice.
If your credit is named in “Veces Salarios Mínimos”(Times Minimum Wages), your payment may increase if there’s a variation in the General Monthly Minimum Wage.
•The Timely Payments that you do of your credits in the agreed dates with the bank, will allow you to maintain a satisfying record.
•Getting credits that exceed your payment capability may affect your heritage and your credit records.

Age:
• From 18 to 75 years (age + credit installment).
•Have a year in the same working activity
•Live in USA/Canada (minimum of 6 months in same address)
• Have a relative in Mexico that represents you.
Have as source of income,  Tener como fuentes de ingresos lawful activities within the framework of the Law
• Have a healthy credit record in Mexico and USA and prove the enough economic solvency to the payment of the credit. The person that lives in Canada must have a healthy credit in this country and in Mexico.

Bancomer’s Mortgage Division offers mortgage credit to buy houses from 0,000.00 pesos and ahead.
Pesos credit and fixed monthly payments during all the credit’s life to purchase a home either new or used, when you can make advanced payments without penalty, reducing in this way the credit deadline and saving interests.

FIXED RATE
Age:
• Minimum 18, to 85 años (age plus installment)

Lenght of employment:
• Just proove the actual employment to amounts of  houses up to 500,000.00.
• One year for house values higher than 500,000.00 when the applicant has people that depend economically on him.
• Two years to house values higher than  500,000.00, when the applicant doesn’t have people that depend economically on him.
• Being accepted as insured by the insurance company that Hipotecaria Nacional hires.
• Have as a source of income lawful activities.
• Have a healthy credit record and prove enough economic solvency to the payment of the credit.
• Prove of minimum income*: ,095.00

NOTE: Terms subject to change without notice

YOUNG MORTGAGE (Hipoteca Joven)
Age:
• Minimum 18, to 85 años (age plus installment)

Employment Lenght:
• Just prove the actual employment to amounts of houses up to 500,000.00.
• One year for house values higher than 500,000.00 when the applicant has people that depend economically on him.
• Two years to house values higher than  500,000.00, when the applicant doesn’t have people that depend economically on him.
• Being accepted as insured by the insurance company that Hipotecaria Nacional hires.
• Have as a source of income lawful activities..
• Have a healthy credit record and prove enough economic solvency to the payment of the credit.
• Prove of minimum income*: ,750.00

NOTE: Terms subject to change without notice

MINIMUM WAGES (Salarios Mínimos)
Age:
• Minimum 18, to 85 años (age plus installment)

Employment Lenght:
• Just prove the actual employment to amounts of houses up to 500,000.00.
• One year for house values higher than 500,000.00 when the applicant has people that depend economically on him.
• Two years to house values higher than  500,000.00, when the applicant doesn’t have people that depend economically on him.
• Being accepted as insured by the insurance company that Hipotecaria Nacional hires.
• Have as a source of income lawful activities..
• Have a healthy credit record and prove enough economic solvency to the payment of the credit.
• Prove of minimum income*: ,218.00

NOTE: Terms subject to change without notice

LAND MORTGAGE CREDIT
Age: Minimum 24, to 85 años (age plus installment)

Employment Lenght:
•    Just prove the actual employment to amounts of  houses up to 500,000.00.
•    One year for house values higher than 500,000.00 when the applicant has people that depend economically on him.
•    Two years to house values higher than  500,000.00, when the applicant doesn’t have people that depend economically on him.
•    Being accepted as insured by the insurance company that Hipotecaria Nacional hires.
• Have as a source of income lawful activities..
• Have a healthy credit record and prove enough economic solvency to the payment of the credit.
•    Prove of minimum income*: Promoter: ,734.00 Between Particulars ,954.00

NOTE: Terms subject to change without notice