Monday, June 23, 2008

Americans can buy property in Mexico with Dollar Credit

The BBVA Group in coordination with Laredo National Bank (LNB) and Mortgage Banking-Bancomer Hipotecaria Nacional, the first market to offer credit in dollars to American and Canadian citizens from acquiring property in Mexico.

This is Your Dream Home in Mexico, a mortgage collateralized trust created in order to meet the interests of Americans and Canadians to acquire a house for rest or as investment anywhere in the Mexican territory, including the restricted zone.

Deadlines: Term (years) 25, 20, 15
Taxes: Taxes defined by the Libor + margin. *rate subject to the exchange rate
Committees: Open: 2%
Report credit: $ 17.70 dollars.
Fee anchoring: $ 125.00 dollars.
Credit Rating: $ 150.00 dollars.
Cost of appraisal: For houses up to 150 m2 building will be charged $ 400.00 dollars.
For every 50 m2 surface more, the cost will increase by $ 50.00 appraisal dollars.
Value of housing: USD 100.000 in Forward
Funding: 70%
Minimum amount of credit: USD 70.000
Minimum amount of housing: USD 100.000
Insurance: You have the option of buying insurance through Bancomer at a cost premium of 3.6 thousand, which include:
• Resposabilidad civilian family.
• Damage to property.
Alternatively, the customer has the option to contract these insurance on their own.

From 18 years.
Score minimum credit: 650 (FICO Score).
They must hire a certain damage to property.
Insurance damage to property and shares of the Trust included in the monthly payment.
Providing the following documents:
1. Credit Application signed.
2. Photo identification.
3. The last 2 annual tax statements with W2 form.
4. Receipt of payroll last month.
5. States bank in the last 2 months.

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