18 March, 2023
If you are thinking of buying a house and you are entitled to the Institute of the National Fund for Workers’ Housing (Infonavit) and the Institute of Security and Social Services of State Workers (ISSSTE) it is likely that you havewondered, more than once, how to apply for a mortgage credit for the acquisition of housing. The good news is that there are different lines of credit and the amount can reach up to a little more than 2 million pesos, depending on the optionyou choose. Next, know what each of them consists of.
Infonavit Traditional Mortgage Credit. The Infonavit Traditional Mortgage Loan isused for the acquisition of a new or usedhome, which is located in an urban area, and has electricity, water and drainage services.
The amount to be lent for the acquisition of housing will depend on the ability to pay of the person requesting thecredit, and can reach up to $ 2,217,700.67 pesos. If you want to request a higher amount you can do it together with your spouse, family member and co-resident.
The interest rate of the loan is fixed and is calculated according to the amount of salary reported tothe Mexican Institute of Social Security (IMSS) when you start the application for processing. The minimum interest is 1.91% and the maximum is 10.45%.
Infonavit support. This Infonavit loan allows you to apply for a mortgage to a financial institution to buynew or usedhousing. The balance of your Housing Subaccount will serve as a guarantee of payment in case of unemployment. To obtain it it is not necessary to meet a score.
Cofinavit Additional Income. If you have additional income: it all adds up. The Cofinavit credit is granted by Infonavit and a financial institution. Infonavit lends you up to $465,880.60, if your monthly salary is less than $10,625.35. It can be requested together with your spouse, but she must also quote to Infonavit.
Infonavit Total. Thiscredit is granted by Infonavit and a financial institution. The amount of the credit is $2,217,700.67 and you are a candidate to get it if you earn from $10,625.35 per month. It also supports the option of applying in conjunction with a spouse to have a mountorgreater.
You must be entitled, that is, be registered
before the Mexican Social Security Institute (IMSS) or
Institute of Security and Social Services of State Workers(ISSSTE), in case of applying for a credit together.
In addition, you must be a worker in a formal employment relationship and meet a required score, which is established by the National Fund for Workers’ Housing (Infonavit). It is worth clarifying thatthis last condition varies according to the type of credit you request.
The steps are very simple: first you have to fill out a credit registration application. Then you must deliver the documents to the Infonavit office that corresponds to yourcity. Then the appraisal of the house is carried out, by the institute or the construction company.
Some of the documents to be submitted are:
Original birth certificate and copy, official identification (INE/IFE) or valid passports, in original and copy.
Bank statement of the seller with CLABE (Standardized Bank Key) in copy, not exceeding 2 months.
In case of requiring a marital credit, they must be attached to the spouse’s document and the Marriage Certificate in original and copy.
Conjugal Credit Infonavit – Fovissste. If your spouse belongs to the Fovissste you will not have to participate in the sweepstakes of that institution because the authorization of the credit is direct.
Individual Credit Infonavit – Fovissste. If you are looking for co-financing, the Infonavit – Fovissste credit can give you a credit simultaneously if you contribute to both social security systems. It’s a great option if you need to increase your creditworthiness to buy a new or used home.
Depending on the Infonavit line of credit and the economic capacity of the applicant(s), different credit amounts can be accessed, which can exceed 2 million pesos.
For example, the amount allocated for an Infonavit Credit and Infonavit Total Credit is obtained byapplying the following formula: it is the lowest amount between the average of your integrated daily salary of the last 6 months you worked, and your integrated daily salary of the month in which you request the credit. That amount is multiplied by 30.4
Saving. Saving is not an easy habit to acquire. However, with the Infonavit credit you can use the savings you have in the Housing Subaccount to expand your purchasing power. You will also get a discount for early settlement of yourmortgage return.
Fixed interest rate. When deciding on a loan, the value of the interest rate is a key point. Infonavit offers a differentiated rate by salary level, fixed throughout the life of the credit. From a low of 1.91% and a high of 10.45%.
Safety. Acquiring an Infonavit credit your home obtains damage insurance and you have insurance in case of unemployment.
Housing construction credit
If you already have a piece of land, Infonavit helps you build. For this credit the lot must be atyour or your spouse’s. The work must be carried out within a maximum period of 6 months. The credit amount can be up to $1,904,389.15. It has an annual interest rate of 12%. It can be requested regardless of your salary.
Credit expansion or remodeling
Thedwelling may be in your or your spouse’s name. Improvements must be made within a maximum period of 6 months. The amount of credit may be adjusted depending on the type of improvements, the value of the property and your savings in the housing subaccount. Theannual income rateis 12%. Your monthly discount is established based on your salary, or according to a % of your salary that may not be greater than 25%.
Mortgage payment credit
If you have a mortgage with another financial institution, Infonavit helps you paythat debt by applying for a Traditional Mortgage Loan from Infonavit. The institution lends you up to $1,904,389.15, and the annual interest rate is 12%.
This line of credit can also be used to make improvements, the cost of which does not exceed 50% of the value of the property.
Once you have already managed your credit in the Infonavit offices of your city, you can complement it by accessing otherprograms that serve to improve your house or to finance a mortgage debt such as Green Mortgage, Home to your measure and Mortgage with services.
Green mortgage. If you are buying a home and want it to be eco-friendly,you can use your add-on credit toacquireeco-technologies that contribute to the energy saving of your home.
Once you have formalized your credit, choose the green solutions that are most convenient. You can choose solar heaters or photovoltaic panels, amongothers. Order them from authorized distributors.
Home to suit you. This credit option allows you to adapt the facilities of a property to make them more accessible to disabled people. To acquire this credit, the capacity must be accreditedby means of a certificate from the Mexican Social Security Institute, the Institute of Security and Social Services of State Workers; the Ministry of Labor and Social Welfare, or the doctors of the Federal Attorney for the Defense of Labor, the Ministries of Health of each federal entity, or the National System for the Integral Development of the Family (DIF).
When formalizing the credit, you must enter My Infonavit Account; download your Home voucher to your needs and redeem itfor the equipment according to the disability, with one of the authorized providers.
Mortgage with services. In case the house you are buying is from a builder, he will tell you if you can pay the maintenance fee and the corresponding value. To get it, the developer must enroll your property in this program
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