What are the types of mortgage credit?

Acquiring a house or apartment is a dream for many Mexicans. The process, one of the most difficult, considering the economic effort that the acquisition requires, became easier with the mortgage models. All over the country, the types of mortgage credit have allowed home financing for those who do not have conditions to buy a property.

If you intend to have your own property, it is important to know the types of mortgage credit available in Mexico, as well as their benefits, and the conditions you have to meet. Learn more about the financing models.


The Infonavit model of mortgage is offered by a government agency. This word is an acronym of “Instituto del Fondo Nacional de la Vivienda para los Trabajadores”. The institution benefits independent employees, domestic workers, company employees, and public functionaries.

With the Infonavit credit, it is possible to build a house in your own building site, purchase a new or used home, remodel it, pay a mortgage, and even rent the property. This mortgage credit borrows up to 1,795 million MXN with a rate of 12% in one year. The total loan amount will depend on different factors, such as salary and age.

You can ask for Infonavit credit even if your credit history is not good. However, to request the modality, it is necessary to be registered with the IMSS.


Another type of mortgage credit, the Fovissste models are available for those who work at public institutions belonging to the federation. The acronym comes from “Fondo de la Vivienda del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado”.

The credit allows the employee to purchase a new or used house within a 30 years deadline, build or enlarge a property in the building site, and even improve it. The rate is between 4% and 6%, depending on the employee’s salary.


The Sofomes, “Sociedades Financieras de Objeto Múltiple”, are anonymous societies that provide mortgage credit for a bigger number of employees. The institutions include a record at a commission named CONDUSEF (Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros).

All the societies can be regulated or not, and their objective is to carry out professional activities of granting credit, financial factoring, or leasing. They finance the houses just as the banks do. Most of the Sofomes can be part of the co-financing system with Infonavit, in which you can get a higher amount to buy a higher-value house.

The main advantages of this type of mortgage credit are the broader deadlines and the flexibility with the requirements. On the other hand, the rates are normally higher than the banks’ or government agencies, between 13% and 15%.

Mortgage credit banks

These banks offer mortgage credits for the purchase of houses, building sites, departments, or constructions. As criteria, the institutions normally ask for at least one year working, the minimum age of 18 and maximum of 70 years old, good credit history, and minimum monthly income of 10,000 MXN.

The rates are between 9% and 14.5%, depending on the financial entity and the loan. Each bank has different benefits, but most offer fixed interest rates, which is very convenient for the buyer, since, this way, they will know exactly how much to pay during the life of the loan. In addition, at the time of granting the loan, they will ask you to take out insurance for property damage, unemployment, and loss of life. One of the main advantages of this type of mortgage credit is that it can be combined with other models, such as Infonavit or Fovissste.


TBN Editor

Time Business News Editor Team