Bank Statement Mortgage Loans

Bank Statement Mortgage Loans – The requirements vary among banking institutions and the types of financing selected. But in general issues, these are the requirements to obtain a bank mortgage credit.

Requirements for mortgage credit: APPLICANT

Bank Of America Home Loans Mortgage Interest Statement

Bank Of America Home Loans Mortgage Interest Statement

 

Minimum age of 25 years old
There are institutions that can offer you a mortgage loan from the age of 18 while you maintain an active working relationship.

Average age at 60 years
The maximum age to process a mortgage loan has a variation between 54 years to 84 years depending on the banking institution and the term requested. The maximum age also takes into account the term you choose, since both (age and term) can not exceed a certain age.
For example, in Afirme, your age plus the term you request must not exceed 70 years, that is, before you turn 70, the term of the mortgage credit must already be completed.
Current employment relationship from 1 to 3 years (Work seniority)
This time can be requested in two ways:

  • Join the old job if you recently changed company. In your current job you must comply with a certain continuity (between 3 and 6 months).
  • Work for the same entity without interruptions.

In addition, in some institutions the type of employment you have is also considered. Those who work independently must check more years in the same economic activity than those who are salaried.
For credits that are processed in co-financing with Infonavit or FOVISSSTE, the requirements are in accordance with the stipulations of these institutions.

Checking income
In each institution, the income to be checked is subject to the financing scheme to be requested. The minimum monthly income ranges between $ 9,000 pesos and $ 20,000 pesos.
Not all institutions request a minimum income to approve the mortgage loan, but if it is necessary to prove that you have an economic stability and that you can also solve your mortgage credit without exceeding your debt capacity.

Positive credit history
A review of the credit history is carried out in order to have a good credit record before the Credit Bureau.
In some institutions the support of a guarantee with a good score is allowed, in case you do not have any credit reference.

 

Bank Statement Mortgage Loans

Bank Statement Mortgage Loans

Bank Statement Mortgage Loans

 

Home antiquity
This requirement is only essential for some banks. You must check seniority in your current address from 1 to 3 years.

Insurance
Some banking institutions request that before signing the credit contract you already have damage insurance, as well as life and unemployment insurance that covers you and your assets. It is not a double transaction, these are the ones that will be valid throughout the term of your credit.

Banks

Mortgage loans

Minimum age

Maximum age Labor Old Minimum monthly income Positive credit history Home antiquity Insurance required

Affirm

25 years

Age + term less than 70 years 1 year salaried.
2 years physical persons with business activity.
X Not required Before requesting

Banca Mifel

25 years

64 years 11 months 2 years   X 2 years With approved request
Azteca Bank 20 years 59 years old 2 years $ 600 weekly X Not required With approved request
Banco del Bajío 25 years   3 years $ 20,000 MXN x 3 years With approved request
Banorte / Ixe 20 years 69 years 11 months 2 years 2.0 times the monthly payment x Not required Before requesting
Banregio 22 years 45 years 2 years $ 14,500 MXN individual $ 22,000 Conjugal MXN x 2 years With approved request
BBVA Bancomer 18 years 85 years 3 months / 1 year / 2 years x Not required With approved request
Citibanamex 25 years 69 years 6 months $ 15,000 MXN x Not required With approved request
HSBC 25 years Age + term less than 80 years 1 month with HSBC payroll
6 months without payroll HSBC
2 non-salaried years
$ 10,000 MXN   1 year Before requesting
Inbursa 21 years Age + term less than 75 years 2 years with tax return 3 years discharged From 30 years Not required With approved request
Mexican Real Estate 18 years 64 years 11 months 3 months x Not required With approved request
Multiva 25 years Age + term less than 76 years 2 continuous years $ 13,000 MXN x 1 year Before requesting
Santander 21 years Age + term less than 78 years 1 year continuous salaried employees
2 continuous years independent
$ 9,000 x Not required  

With approved request

Scotiabank 25 years Age + term equal to or less than 80 years 3 years (6 months minimum continuous) $ 10,000 MXN x Not required With approved request
See More 25 years 63 years old 3 continuous years x Not required

Before requesting

Documents to apply for a mortgage loan
This is the general documentation that you should contemplate when applying for a mortgage loan at the bank.

  • Mortgage application form.
  • Current official identification: INE, passport, military card, etc.
  • CURP.
  • In case of being a foreign FM2, FM3 or migrant immigrant form.
  • Certified copy of the birth certificate.
  • Proof of address: receipt of domiciliary payments (telephone, electricity, water, land, gas, etc.) with no more than 3
  • months of expedition.
  • Authorization and consultation format of Credit Bureau.
  • Verification of salaried income:
    Payroll receipts or fees.
    Labor certification of the company.
    Contract for an indefinite period.
  • Verification of independent income:
    Federal Taxpayers Registry (RFC).
    Registration before the Ministry of Finance.
    Declarations of partial and annual taxes.
    Statements of declared income.
  • Bank statements.

Requirements for mortgage credit: HOUSING

  • Exclusive housing use.
  • Comply with the minimum or maximum prices specified by the financial institution, regardless of the type of property.
  • The location is determined by each banking institution.
  • Have all the services: electricity, drainage, water, et cetera.
  • Be free of any encumbrance or legal problem.
  • In case of making the request through co-financing with FOVISSSTE, the property must be registered in the catalog offered by the institution.

Housing documents
Once the request is authorized, the following documentation is required.

  • Appraise
  • Contract of sale registered before the Public Registry of Property, with the name of the current owner.
  • Property deed
  • Property tax bill.
  • Architectural plans of the house (in case the request is to buy a land and build).
  • Identification of the seller.

Contract to open the credit.

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