´ó¿§¸£ÀûÓ°Ôº

To use INFONAVIT to buy a new house or apartment you have to be a Mexican citizen to buy one in a true INFONAVIT deveplopment  but INFONAVIT also has low interest rates available for Mexican citizens once in their life for preapproved privately developed housing built by developers not by large public housing contractors building federal INFONAVIT low income workers housing tracts. Used I know you can buy one in these types of deveploments if the orignal owner has paid it off and wants to sell it.

If the websites are advertizing houses or apartments with INFONAVIT financing available it means it meets INFONAVIT construction standards , required square meters etc. and pricing but is classified as one of the above. If privately developed anyone can buy one and not use INFONAVIT if you want. If the other like a URBI developement you can only buy used and paid off.

...a true INFONAVIT deveplopment - URBI housing developements photos


"1972
This year the Institute of the National Housing Fund for Workers (Infonavit) was founded.

On April 21, 1972, the Infonavit Law was enacted, which enforced the right to housing for workers established in the Political Constitution of the United Mexican States on February 5, 1917, the date of its promulgation. The form consisted of collecting in a national fund the employer contributions of 5% of the salary of each of the workers who had hired to give them the opportunity to obtain a housing loan or the right to have their savings returned to them.

The 1st May, Jesús Silva-Herzog assumes the position of general director of Infonavit. An organizational structure is designed, qualified personnel are recruited and selected; Regulations, manuals, standards, policies, projects, programs and everything necessary to respond to the enormous challenge of granting housing loans are prepared.

During this administration, the Infonavit granted 88 thousand loans and built the same number of houses, which required the selection and acquisition of the land, the preliminary studies and the designs of the houses, until the search and selection of construction companies, and the budget, execution and supervision of the works.
Source: Annual report 1972

2016
In 2016, Infonavit continued to be the leading institution in the placement of housing solutions financed by mortgage loans in Mexico, with a 74% share of the traditional market. During the year, a total of 452,207 loans were granted, including mortgage and improvement loans, for the benefit of workers and their families. Mortgage loans totaled 372,983; of which 236,810 were for new housing (63%) and 136,173 for used housing (37%), which represented a total investment of 115,760 million pesos.

Recognizing the diversity of the financing needs of the beneficiaries, in 2016, 79,224 credits were granted for improvement. In order to resolve the distortions detected in the Mejoravit product, such as monetization, identity theft and financial cost of the product, a restructuring of that product was carried out. Since its re-launch on July 27, until December 31, 2016, 34,371 Mejoravit credits were granted for a total amount of 924.38 million pesos.

In response to the social vocation of the Institute and the commitment it has to lower-income workers, 58% of mortgage loans formalized during 2016 were intended for beneficiaries with incomes of up to 4 times the minimum wage (VSM). In turn, more than 70% of the credits for improvement were granted within that salary range.

In 2016, Infonavit dispersed 7,264 million pesos of subsidies under the Access to Financing for Housing Solutions Program (formerly called the Financing Scheme Program and the Federal Housing Subsidy), which benefited more than 115,000 families.

At the end of December 2016, 350,000 loans were granted under the Green Mortgage scheme (94% of total mortgages), which exceeded the 2.5 million loans originated since the program began in 2007; which reflects the commitment of the Institute to the quality of life of the accredited, the care of natural resources and respect for the environment.

44 years after the foundation of the Institute, the mortgage portfolio has become more mature and presents greater management and collection challenges. In particular, the main challenge is generated when workers face financial difficulties to meet their mortgage payments or lose their employment relationship. Despite the complexities inherent in the management of a mortgage portfolio focused on borrowers with an income of less than 4 VSM, during 2016 the Institute carried out the appropriate portfolio management through its social collection model, it managed to contain the Loan Portfolio Index (ICV). ) measured in number of accounts at closing of that year, when it stood at 5.55%, 31 basis points higher than that observed in the same month of the previous year (5.24%). On the other hand, the ICV was also held in balances, reaching a value of 7.50%, 65 basis points higher than that observed in December 2015 (6.85%). Going forward, work will continue to contain the ICV as contemplated in the Financial Plan.

In 2016, the social collection scheme continued to offer solutions to borrowers with economic difficulties, without jeopardizing the Institute's finances. Here are some of the results:

• 275,923 benefits applied by the Payment Protection Fund (unemployment insurance) equivalent to more than 663.2 million pesos.
• 703,873 restructurings benefiting borrowers who presented problems with the payment of their loans.
• 427,246 extensions to borrowers who lost their employment relationship.
• 202 rewards as part of the Comprehensive Program of Discounts for Liquidation and Advance Payments.
• 14,559 benefits applied for disability and death insurance.
• 20,056 benefits for damage insurance, equivalent to 300 million pesos, as well as 19,409 additional support for an amount of 63 million pesos. "

Thank you Alleycat1.  No, we are not planning to use any Infonavit credit or mortgage plan as we are not mexican citizens, I thought about just buying a new house in one of those Infonavit developments and pay it in full.  So you said  that in order to buy on those true Infonavit developments the house must be used and paid off?  Otherwise I must buy from a privately developed housing in order to buy a new house?  Please, could you clarify that?
Also, how can I distinguish the true Infonavit listings from the privately developed houses listings when they all advertise the same thing that mexican people can use their infonavit credit to buy there?

For example:  Real Bilboa in Playa del Carmen and Real Valencia in Cancun, are those real infonavit only for mexicans or is it a private development where anybody can buy?

Hi "bubali72",
First, my personal opinion, we should never take advantage of a program within a country unless we are fulltime residents or citizens of such a country (just look at the housing market in BC, Canada when not applying restrictions to foreigners from buying).

Secondly, our personal experience, we travelled Mexico during 14 years (6 months/year) before deciding to move permanently to Mexico, may we suggest, you do a bit of traveling, visiting and more important rent, talk to other expats before putting all your eggs in the same basket.

Thirdly, do the math based on your age and expectancy of #/years usage:
We are actually renting a new (11/2016) 2bdrm fully furnished and all included (pool, 2 terasses w/ocean view), A/C in each bdrm, washer/dryer, internet, gas, electricity), located near the beach and two little towns (getting bigger) with all the commodities for 9000$ pesos/month yearl round rental...and MAINTENANCE FREE for us (this is a 8 apartment complex) .
Not living year-round in your house means risk of burglary, since we moved in August, we had 3 offers for house sitting from Canadians not living fulltime, we refused because of the care and maintenance we would need to do or check.
We have Canadian friends that are loking to sell back there proprety but no buyers some for more than 2 years.
We saw some small condo complex with HOA fees of 200$USD/month!!!

Adios y buen dia a todos, GyC.

Hi again, forgot to tell you "bubali72".

In our complex, for non yearly rental the rents are

2bdrm: 14000$ pesos/month
1bdrm: 11000$ pesos/month
Both require a minimum of 5 months stay

We aren't the owners and all apartments are booked.

We, also, have Canadian neighbours that rent a 1bdrm on a second floor for which they invested 50000$ pesos for remodeling from a elderly mexican couple for 3500$ pesos/month year-round rental but they come only for 6 months during their absence the owners take care of the apartment.


Adios y buen dia a todos, GyC.

Thank you alleycat1. Thats the type of property I am looking to buy with all the permits and fideicomiso rules the Mexican government has already in place for foreigners who want to buy a property in their country.   I dont need or want to apply for  that infonavit plan that is available only for mexican residents or citizens, I will buy house in full and as a fideicomiso.
Still would like to know of any expats had purchased properties on those type of communities and what their experience has been.

Thank you mexicogc for your input.  I agree with you we might want to visit other areas Mexico before going for the Riviera Maya. Would like to see Puerto Vallarta and Merida before taking a final decision.  I would temporarily rent when going for a short visit but if I am going to stay 6 months or more I prefer to buy.  $750 usd for 2bdr is not cheap... and is money in the air...  better to buy something according to my budget that I can pay in full and not having to rent or pay for a mortgage loan, and that will be following the fideicomiso rules that Mexico already have in place for foreigners, I am not looking to buy using those mortgage programs available only for mexican citizens like the infonavit, maybe you didnt understand me well. I  dont consider that taking advantage of anything or similar to what is going on in BC.

I can´t see myself renting a house or apartment becuase I never did before, don´t know how long I will be alive, and think of it as investing in the landlord´s retire fund, not my own fund. Also I like the feeling of not being at someone else´s whim I don´t know - a stranger. I can do what I want and when I want and know how to protect vacant houses in Mexico as I have owned houses here for 37 years.

Good to know that, I didn't know about the health system there.  We think about getting the temporary for now, will see permanent later.
Agree with you about the buying vs renting.  What do you do to protect your property in case you are not there?  Do you hire someone or if property is in a gated community that will be ok?