Mexican Ownership and Financing:
Purchasing a home in Mexico is now safer and easier than ever before thanks to many changes over the last decade. These changes include (i) the creation of the fideicomiso which allows foreign ownership of land across Mexico and without restrictions and (ii) the entry and maturation of title insurance companies, escrow service companies, closing agents and financing programs offering a broad range of favorable and affordable mortgage loan programs for the ownership of your Mexican property.
No Restrictions on Foreigners Owning Mexican Real Estate
The Mexican Constitution permits direct ownership of property in the interior of the country, but prohibits direct ownership by foreigners of real estate within the “restricted” zone which is defined as within 100 kilometers (or approximately 62 miles) of any Mexico border and within 50 kilometers (or approximately 31 miles) of any Mexico coastline. However, in order to allow foreign investment in these areas, the Mexican Government established a trust mechanism (through a fideicomiso).
The Fideicomiso
The fideicomiso is a safe, established and perpetually renewable Mexican property trust. This is a trust agreement, much like an estate trust, providing legal title to the property in 50 year intervals, which is perpetually renewed. The fideicomiso allows for the bank to maintain title to the property with the trust beneficiary (you) experiencing the full and complete benefits of ownership. The property does not become an asset of the bank or the government; rather, the bank, acting as the trustee (or Fiduciario), has the fiduciary obligation to comply with the instructions given by you, the foreign purchaser and the trust’s beneficiary. The beneficiary has the same rights as a property owner in the United States or Canada, including the right to use, occupy, possess, modify and sell the property as they see fit.
Financing Has Finally Become Mainstream
Founded in 1997, ConfiCasa Mortgage International has been there from the first introduction of cross-border financing for Mexican properties. As such, we have been a leading innovator creating a process that is simpler, faster and the most effective. With more competitive and affordable rates, terms and other attractive loan program features, cross-border Mexican real estate financing has become a thing of the present and continues to grow in popularity due to is numerous benefits. ConfiCasa’s track record of execution continues to grow with each of our successful loan closings and satisfied clients.
General Requirements for Obtaining Financing
There are a few general requirements to obtain financing from ConfiCasa Mortgage International, which include:
• Must be a U.S. or Canadian citizen or resident
• You may live permanently in Mexico if you are a U.S. or Canadian citizen, provided you have current income in the U.S or Canada
• Minimum of 680 credit score
• Loan minimum of $100,000, with no loan maximum (on a case by case basis)
Financing Options for El Comitan
Eaglecrest Resorts has arranged two financing options, though you are free to finance however you like:
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Buying In Mexico