Options for financing with infonavit in Mexico?
My fiance is a Mexican citizen. He is a manager for a resort in Cabo and has just told me he has a nice chunk of money paid into infonavit. We have an appt next week with infonavit but I’m hoping someone here can answer some questions for me.
Here is what I was told by a friend and I would like to know if this is true:
We can take the money paid into infonavit and use this as a down payment on a house through another mortgage lender if we want. So say, we take 25,000 paid into infonavit and use that as a down payment on a home loan through our bank.
Or, we can take out a mortgage directly through infonavit. The amount paid in is used as a down payment on the loan through infonavit. The total amount loaned to be mortgaged is dependant on his salary.
Can someone tell me if this is true?
Also, what can we be expected to qualify for with a $ 50,000 USD salary a year and no debt?
Ok, spoke with the bank and infonavit and confirmed what we were told. Basically, both of our banks – Banamex and Scotiabank- work with infonavit. Our savings from infonavit is used as a down payment while our mortgage is through our bank. Both banks just had slightly different details (like, banamex requires the property to be min of 80k while scotiabank is 40k.) This is something available only to Mexican citizens so my name will be left off the loan- strangely however, my name can still be on the title for the house.