Cross Border Mortgages
What is the best Mexico mortgage program available for non Mexican citizens?
Scotiabank's "Mortgage por favor"
program.
Features:
Available for new and existing properties in residential areas of Mexico
including Puerto Vallarta, Los Cabos, Rosarito, Ensenada, Loreto, Cabo
San Lucas, La Paz, San Felipe, Puerto Peñasco, Mazatlan, Puerto
Vallarta, Punta de Mita, San Miguel de Allende, Ajijic, Chapala, Cancún,
Acapulco, and Zihuatanejo.
Loans in U.S. dollars
Financing for up to 75% of the value of the property.
Terms for up to 30 years @ 8.75% fixed for 15 years with NO pre-payment
penalties.
Minimum property value: $100,000 USD
Minimum loan: $50,000 USD
Maximum loan: $600,000 USD
Simple application process.
Requirements:
Minimum age of 25 years, maximum age of 64 years, 11 months.
Minimum demonstrable income of $3,500 USD per month or $42,000 annually.
Minimum 3 year employment history, with 6 months at current place of employment.
If self-employed or business owner, minimum of three years in same activity.
Home and business telephone.
FICO score of 650 of greater.
Documents Required:
Credit Application
Valid ID (Driver's Licence and/or Passport)
Proof of Income (Employees: last month pay-stubs and 2 years tax returns;
Self-employed, 6 months bank statements and tax returns for two years)
Proof of address (recent light, phone, gas, or water bill)
Copy of marriage certificate (if applicable)
Copy of ID of trust beneficiaries
*Life insurance and damage insurance required and will be included in
mortgage payment. Title insurance optional.
*Escrow by First America or Stewart Title
* Trust (Fideicomiso) required for all loans and held by Deutschebank.
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