I Want To Buy A House, But I Don’t Have Credit

18 March, 2023

If you are thinking “I want to buy a house, but I have no credit”, you are in the right place, because in MayaOcean Real State we want to advise you so that you can contemplate all the possible options that you have in front of you and of which, probably, you are not aware.

That nothing prevents you from buying the house of your dreams,in the location you prefer and tailored to your desires, you just have to explore and decide on the most ideal option for you.

The first thing is to determine whether or not you have the option of INFONAVIT or FOVISSSTE, so we will present you with information related to who and how they can access a credit with these institutions.

But, if you discover that, indeed, you do not have these two options, you still have other possibilities. We are going to present you with three options to apply for a loan.

In case you do not want to borrow from a banking institution,or system that provides credit, there is still another option, and that is the support of the government through a subsidy program.

Know the details of all these options that we have mentioned, and if you have any questions do not stay with it, contact us and we will gladly provide you with advice .

Who can access credit with INFONAVIT and FOVISSSTE?

Among the options to buy a house, accessing a loan, it is important to first explore these two options: INFONAVIT and FOVISSSTE.

Once you know these options in detail you can corroborate if you really do not have a credit that you can access and think about solutions.

So let’s start with INFONAVIT.

Access an INFONAVIT credit

It is the Housing Institute for Workers, and is a financial institution whose objective is to help workers with solutions to the need for housing.

This is how it grants mortgage loans, or all types of credit that is related to the purchase of a house. The main requirement to have your benefits is to be a worker and be affiliated to this institution.

So, if you are a worker and you have labor benefits, and you are also incorporated into the Mexican Social Security Institute, you are automatically entitled to INFONAVIT, and that is enough to access one of its mortgage loans.

Being affiliated with this institution you already have an individual account in which your Retirement Savings Systemis registered, and this is divided into four subaccounts, including the Housing Subaccount.

The Housing Subaccount is generated with the contributions of the company for which you work and represents 5% of your bimonthly salary.

To access an INFONAVIT credit you do not need to have a credit history, just comply with the minimum prequalification that verifies that you have the ability to solve the credit.

The prequalification considers aspects such as your age, salary, savings you have in the Housing Subaccount and the bimestres that you have continuously contributed in INFONAVIT .

Access a FOVISSSTE credit

In the first place, this is an exclusive credit for those who work in a government entity, therefore, every public servant incorporated into the Institute and Social Services of State Workers is a beneficiary of the FOVISSSTE credit.

In the case of ISSST members, they have three sub-accounts for the savings, retirement and housing of the worker.

The amount of the credit will vary according to the situation of the worker, and aspects such as seniority, economy, modality of the requested credit,among others, are considered. But keep in mind that it does not cover 100% of the expenses of the purchase of the house

In addition to being an active state worker, it is necessary to have 18 months or more of contributions in your Housing Subaccount, and you must not have any permanent or temporary pension process.

If you meet these requirements you must select a home from the catalog and register the Unique Housing Key.

These are the two ways to access a credit as a right for being a worker and being affiliated to one of these entities.

Therefore, check if you are affiliated, because you might think “I want to buy a house, but I have no credit”, when in fact you have one of these two benefits.

If, on the other hand, by checking this information you still do not have credit to buy a house,then keep reading because we have other possible solutions for you.

Remember that in MayoOcean Real State we can advise you regarding the purchase of a house even if you do not have credit, so, if with the following reading you do not find a solution, do not hesitate to contact us.

3 options to buy a house if you do not have INFONAVIT or FOVISSSTE credit

If you do not have a loan to buy your house, we will present you with three options that will help you apply for a loan and thus make your goal a reality:

#1: Credit with the Federal Mortgage Society

It is an institution that belongs to the banking system and has intermediaries to offer financing to formal and informal employees and professionals who do not have financing.

The Federal Mortgage Society offers different schemes and terms for the purchase of a house, these can range from 5 years to 25.

It is important to keep in mind that to access this option you must have a minimum down payment that represents 20% of the value of the property, you must not be in a credit bureau and you need to check your income.

#2: Through banking institutions

Another option you have at your disposal is to apply for a bank mortgage loan, for which you must resort to commercial banking systems.

Mortgage credit is a common product in the market,and with which banks compete against government loans.

This type of credit requires compliance with a series of requirements, including minimum verifiable income of between 15 and 20 thousand pesos per month, you must also have a good credit history, among other requirements that you must verify with the bank.

#3: Real Estate Financing

This is one of the alternatives that many do not know, and that also represents a good option to buy a house.

It is an acquisition model with which you can build, remodel your house or buy one, in this case the requirements are minimal, such as being of legal age, having official identification,checking your address, having the ability to pay the monthly fees, among others.

These three options undoubtedly represent a good solution for different cases, you can rely on the one you consider perfect for you.

How to buy a house with support from the Mexican government

If you are thinking I want to buy a house, but I do not have credit, because you do not have affiliation in INFONAVIT and FOVISSSTE, there is still another option that you can explore.

This option can help you if bank loans represent for you a debt that exceeds your ability to pay.

It is about obtaining a subsidy with the National Housing Commission, an entity whose objective is to grant subsidy to lower-income workers,in order to enable them to acquire a home.

This subsidy can be up to 84,758 pesos, and if the amount is less than this amount, the amount you will pay monthly also decreases, being much lower than what you would have to pay to a bank.

Choose the most appropriate option according to your criteria

Now you know all the options you have to buy a house, if you do not have a credit for the purchase of your house, you can request one from any of the entities that we have mentioned, as it applies to your house and according to your level of indebtedness.

Remember that in the case of a mortgage loan you must consider each of the requirements and the main ones are three:

The first is age and salary, the minimum age is 18, and the maximum is 64 years with 11 months. As for the salary, the calculation is based on the monthly net income, the value of the property and its support or subsidy from a national housing entity.

The second is the credit history, so it is important that you keep this factor in positive, your behavior as a payer is considered fulfilled both in credit cards, previous credits, in payments to automotive financing, among others.

As a third main requirement, your initial capital is also evaluated, which will serve to cover the down payment of the property, also for deed expenses, opening of the credit, valuation and administrative expenses. You will have to have a capital of between 10% and 20% of the value of the house.

Keep in mind all this information and you can count on a credit that allows you to buy the house you want and pay fees that are comfortable and accessible.

And if you want to explore options of houses among which you can find one that fits your expectations, we invite you to explore on our website all the options we put at your disposal. If you have any concerns, please contact us.


Maya Ocean

Maya Ocean Real Estate

We are a company dedicated to the Sale of Real Estate and we also offer the option to Manage, Promote and Rent. Our real estate inventory and area of operations extends to the Riviera Maya mainly in the cities of Playa del Carmen and Tulum...

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