Mortgage alternatives for millennials in Mexico
At Marhnos, we are committed to building more than homes; we build well-being. We are pleased to see the growing interest of Mexican millennials in owning their own homes and are dedicated to providing them with information and options that facilitate their access to housing.
From Roommates to Co-Owners
The dream of homeownership is becoming increasingly attainable for millennials in Mexico, despite economic challenges and market fluctuations. In response to these needs, there are mortgage alternatives such as co-financing and joint credit options.
This generation is already accustomed to sharing their living space with others, whether they are cousins, friends, siblings, or coworkers. Joint credits allow them to increase their borrowing capacity and access higher-quality housing while sharing financial expenses and responsibilities.
The Institute of the National Housing Fund for Workers (Infonavit, for its acronym in Spanish) offers a program called Unamos Crédito, which has financed thousands of loans since 2021, representing nearly 75% of the total granted in 2020. This program enables couples, family members, or friends to combine their incomes to access better housing and share financial obligations.
Additionally, private banks offer joint credit options for home purchases. The conditions and requirements may vary depending on the financial institution, but some common features include:
- Joint Income Evaluation: Similar to Infonavit, joint credits with private banks assess the incomes of all parties involved to determine repayment capacity and loan amount.
- Variety of Financial Products: Private banks offer a wide range of financial products, providing greater flexibility and options to joint credit applicants. This includes different interest rates, repayment terms, and amortization schedules.
- Inclusion of Non-Contributors: Unlike Infonavit, some private banks allow the inclusion of individuals who do not contribute to the social security system, provided they meet certain income and solvency requirements.
Infonavit Account + Bank Credit
If you have savings in your housing sub-account but do not have an active salaried relationship, "Infonavit Account + Bank Credit" is a financing alternative from Infonavit that allows you to acquire a new or existing home in co-financing with a bank.
With this option, you can proceed with the financial institution that best suits your needs, and they will handle your credit application with Infonavit. Additionally, you can use the previously accumulated savings in your housing sub-account to cover part of the down payment for the home. This credit can be either individual or joint, though it does not apply to the Unamos Crédito program.
At Marhnos, we understand the importance of offering housing options that meet the needs and preferences of millennials. Our residential developments in Mexico City and Guadalajara offer the perfect combination of modernity, convenience, and well-being.
