Options for US & Canadian citizens who do not reside in Mexico remain much the same since late 2013.The large banks, the likes of which offered us pretty decent interest rates from 2005 through 2012 ranging from around 6% - 9% have not yet decided to again create programs for our market.
At this time all we have is high risk hard money lenders who fund quickly and easily, approve most borrowers.. however at a high price. Interest rates are 14% - 16% with 35% required as a down payment with up to a 30yr amortization. Typical loan approval timeline is around 1 week and funding timeline is as little as 45 days with longer closing periods applying when seller documents offer complications. We have had several potential lenders approach us in 2014, however when it came time to move forward with a transaction, they were unable to perform.
That said, as of now there are no new lenders in the market who we can confidently represent as being a reliable source for non-residents of Mexico that offer lower rates. Regarding residents of Mexico with all their documentation in order, rates are at a long time low starting at 8.49% with a maximum loan term of 20yrs. Life insurance and homeowners insurance are standard requirements of these programs.
We will keep you posted as new programs become available.
By Ryland Apsey, President Mexico Capital Mortgage, email@example.com; 624.122.3552, 650.455.4751