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PURCHASING PROPERTY IN THE ROSARITO BEACH AREA


FINANCING OPTIONS IN BAJA

For a long time, financing options in Baja were very limited, local banks were not lending to foreigners without a credit history in the country, and most residential loans were being processed by the developers that were selling their inventory. Interest rates were at an all-time high, especially after the 2008 recession, this caused most sales conducted south of the border to be paid in cash, limiting the scope of properties to which the buyers could have access.

Financing Options in Baja

Thankfully, things have changed, the explosive growth of the area and the continuous demand of real estate have changed the financing landscape in Baja, private companies and big financial institutions have addressed this increasing need of solid reliable and affordable financing.


1. Financing for U.S. Citizens or U.S. Permanent Residents

Financing for foreigners in Baja used to be a difficult ordeal now with the help of local financial institutions that is now a thing of the past.

A) Loan Program - All loans are provided in Mexican Pesos: 

  • 30 - 40% down
  • Interest rates from 9.5% to 13.5%
  • Loan terms 5, 10 and 20 years

B) U.S Citizens Requirements:

  • U.S. Government ID & SSN
  • U.S. Credit Report with FICO score of 680 and above
  • U.S. Proof of income: W2’s, tax returns, pay-stubs, and/or bank statements.
  • No credit History in Mexico is necessary

Authorizations may be provided as fast as two weeks for some applicants.

 

2. Financing For Mexican Citizens or Mexican Permanent Residents

Financing for Mexican citizens and permanent residents is somewhat more flexible.

A) Loan Program - All loans are provided in Mexican Pesos:  

  • 10% to 40% down
  • Interest rates from 9.25% to 13.5%
  • Loan terms 5, 10 and 20 years

B) Mexican Citizens Requirements:

  • CURP/IFE and or birth certificate
  • Credit Report (Buró de crédito)
  • 3 months of pay-stubs (Recibo de Nómina) or bank statements
  • Proof of address (utility bills, electric, water)

Authorizations may be provided as fast as two weeks for some applicants.

Click Here to Learn About other Payment Options to Purchase Real Estate in Baja


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