It’s getting much harder to own a home. Buying a home is an investment that will affect your life for years to come. Getting pre-qualified for a home loan is also getting much harder. However, Infonavit can provide you with the opportunity of owning your property and building equity in it, but like any other form of investing, there are risks involved. Also, you need to know your points in Infonavit. This article will explore Infonavit loans and what you need to know about them before applying.

Overview of Infonavit

Infonavit is the Mexican National Housing Fund created in 1972 to provide low-cost financing for housing projects. Infonavit offers loans and savings plans to help Mexico’s working class achieve their dream of homeownership. Infonavit is a government agency that offers affordable home loans with competitive interest rates and flexible payment terms. Infonavit also provides several types of savings plans, including retirement and unemployment options. Infonavit is part of the Mexican Social Security Institute (IMSS), which means that all workers are required by law to be members.

How to Get Qualified for Infonavit Loan

The requirements for Infonavit home loans vary based on your Infonavit account type. Infonavit offers various accounts, including regular savings accounts and retirement plans to help you save up for your home purchase. To apply for an Infonavit loan or credit line, applicants must have a bank account with a Mexican financial institution for at least 12 months. Aside from that, you also need to have a history of paying bills and Infonavit contributions on time.

You will also need to be employed with the same company for at least 12 months before applying for an Infonavit loan. The income requirements vary based on your employment, marital status, and the number of dependents living in Mexico. As far as creditworthiness is concerned, Infonavit does not require you to have a credit score or provide any other documentation. However, Infonavit will look at your monthly expenses and income when deciding whether to approve your loan application.

Infonavit Points

So, how do you get qualified for an Infonavit home loan? First off, you need to know your points in Infonavit. Infonavit has an Infonac points system that determines your Infonavit credit score. A high number of Infonac (points) means better chances of getting approved for an Infonavit loan or line of credit. Having lower numbers means you will get less favorable interest rates and terms on the home loans you qualify for. Infonavit also offers credit lines that you can use for home improvement expenses, such as constructing an additional room or garage.

Infonac points are calculated using several factors related to your current Infonavit account and previous payments on the line of credit you wish to qualify for. Infonac points are categorized as Infonavit Regular Account (VA) Infonavit Points. It breaks down into 15% of your total balance if you have maintained a minimum average balance in the last six months and a 25% of your current balance if you do not meet the minimum average monthly deposit.

In summary, there are a few key things that you need to know when it comes to property ownership. One is the importance of getting legal assistance from an expert in Mexican law before buying property on Infonavit. A second thing is understanding what Infonavit entails and how it differs from other financing methods for purchasing real estate. And lastly, if you want to be thoughtful about this process, make sure that your lawyer understands these nuances as well because they can have profound implications later on down the line when it’s time to sell or refinance your home loan.…