Most people who buy a home in Mexico use some form of financing. The usual options are a bank mortgage, an Infonavit loan for private-sector employees, a Fovissste loan for government employees, and schemes that combine two of them.
This guide explains in general terms how each option works, what to look at when comparing them and how to get ready. Terms, rates and amounts change often and depend on your profile, so treat it as a starting point and confirm the details directly with each institution.
Bank mortgages
Banks lend part of the home's value and you contribute the rest as a down payment. The share they finance, the term (often ten to twenty years) and the rate depend on the bank, the property's value and your credit history and income. Fixed rates for the full life of the loan are common in Mexico, which makes the monthly payment predictable.
When comparing, look beyond the interest rate: check the CAT (total annual cost, which includes fees and insurance), the origination fee, the appraisal cost, the mandatory life and property insurance, and whether you can prepay without a penalty. Asking several banks for a written quote with the same amount and term is the clearest way to compare.
Infonavit loans
Infonavit is the national housing fund for private-sector workers registered with the IMSS. The amount depends on factors such as your salary, age, the balance of your housing sub-account and your contribution history. You can check your pre-qualification and the current rules on Mi Cuenta Infonavit, the official portal.
Your sub-account balance can be added to the loan and, while you repay, your employer's contributions help pay it down. The institute has updated its rules in recent years, so review the current conditions before planning a purchase rather than relying on older information.
Fovissste loans
Fovissste is the housing fund of the ISSSTE and serves people who work for the government. It offers several loan programs whose calls, amounts and requirements are published periodically. As with Infonavit, your housing sub-account balance plays an important role. Check the current options through Fovissste's official channels.
Co-financing and combined loans
When the Infonavit or Fovissste amount is not enough for the home you want, there are schemes that combine it with a bank loan: the institute lends one part and the bank the other, and you pay both in a coordinated way. There are also products where your sub-account balance serves as collateral or partial payment for a bank loan, and options for two people, such as a couple, to pool their credit.
The commercial names of these products change over time and each bank has its own versions. What matters is asking your bank and the institute which co-financing schemes are currently available and comparing the total cost.
Getting ready to apply
Good preparation speeds up approval and lets you negotiate with more confidence:
- Check your credit bureau report (Buró de Crédito) and fix errors early.
- Gather proof of income: payslips or, if self-employed, tax returns and bank statements.
- Save for the down payment and the closing costs, which are usually not financed.
- Get pre-qualified before house hunting so you know your real range.
- Avoid taking on new debt while your application is in process.
Costs not to forget
Besides the down payment, buying with a loan involves the appraisal, bank fees, notary and registry costs, the property acquisition tax and insurance. The total varies with the home's value, the municipality and the lender. Ask the bank and the notary for a complete estimate so there are no surprises at signing.
Loans and pre-construction
If you buy pre-construction, bear in mind that many loans can only be closed once the home is finished and can be deeded. Until then, developers usually ask for a down payment and installments from your own funds. Check with the bank when the loan can be drawn and align that timeline with the construction schedule.
Insurance and prepayments
Mortgages normally include life insurance and property damage insurance, whose cost is added to the monthly payment. Ask whether you can take out your own policies or must use the bank's, and compare them. Also check how prepayments work: paying down principal can shorten the term or lower the payment, and it helps to know whether the bank charges any fee for it. If your income grows over time, that flexibility can save you a meaningful amount of interest over the life of the loan.
Common mistakes
Choosing only by the lowest monthly payment without looking at the term and total cost; forgetting closing costs; leaving the HOA fee out of the monthly budget; or reserving a home before knowing how much you can borrow. Taking the steps in order avoids most of these.
How we help
At Living Q we point you to properties that fit your financing, help you gather the documents lenders ask for and coordinate timing with the seller and the notary. Lending decisions are made by each institution; we recommend comparing at least two or three offers.
Frequently asked questions
Can I use an Infonavit loan in Querétaro?
Yes, as long as the home meets the institute's requirements and you meet the current pre-qualification rules. Check on Mi Cuenta Infonavit.
Can I combine Infonavit with a bank loan?
Yes. Co-financing schemes combine an institute loan with a bank mortgage. Ask your bank which ones are currently offered.
How much down payment do I need?
It depends on the bank and product. Many bank mortgages require a percentage of the value as a down payment, plus closing costs.
Can foreigners get a mortgage in Mexico?
Some banks lend to foreign residents with verifiable income, under stricter requirements. Many foreign buyers pay cash or finance at home.
General information, not legal or tax advice. For your specific case, consult a notary, lawyer or accountant.