Down payment on a House in Merida

Last activity 14 June 2015 by Sonia Diaz Ortega

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Color NomadNew member08 June 2015 22:34:26

Hello,

I was just wondering how much money would be enough for a down payment on a 2 - 3 bedroom house, somewhat close to town? Nothing fancy. No pool or anything unnecessary like that. Just a nice, clean house for a small family.

I know it's a pretty broad question that would depend on what I'm looking for exactly, but hopefully someone can give me somewhat of an estimate either in pesos or dollars.

Thanks

iarc_26Member11 June 2015 20:50:57

For rent? Or sale?
Rent: 450dlls
Sale: 115,000dlls

Sonia Diaz OrtegaGuest14 June 2015 23:08:22

214245

Obtaining a mortgage is difficult in Mexico and typically 30% or more down and interest rates about 10%, plus life insurance, property insurance and commission every month. First you need to build up a credit rating in Mexico and show money going into a MX bank account for some time. For a MX bank to loan you money your foreign credit score is not taken into consideration.

Sonia

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