Mortgages Available for Foreigners Purchasing Property in Guanajuato

[terriolinda]

Guanajuato Bienes Raices (across from VIPS Restaurant) has made contact with two different banks here in Guanajuato who are offering mortgages on home and land purchases in the city. They are now offering financing to foreigners as well, and have dropped many of the restrictions that formerly made it difficult for non-Mexicans to secure a mortgage. Basically the requirements are: a regular paycheck (or proof of income via bank statements); a decent credit score in the US; purchase price of $400,000 pesos ($32,000 USD) or higher with no upper limit; will finance 80% at between 10.5 and 12.5% (not bad for Mexican mortgages). This is great news for those of you who are in a solid position to purchase, but may have some of your cash tied up. The approval takes about 1 week, and then closing can happen in about 3 weeks from then. Marcos and I are really excited about these new programs for foreigners because there are so many looking to purchase here, and I think more financing options can only help. Please let us know if you have any questions or would like to contact the bank loan officers directly. www.guanajuatobienesraices.com