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Increase your Infonavit credit to buy a house
Increase your Infonavit credit to buy a house
Do you want to acquire an estate, but you cannot afford it? Here we tell you how to increase your Infonavit credit safely.
The Institute of the National Housing Fund for Workers (Infonavit) is in charge of granting mortgage loans to workers who are affiliated with the Mexican Institute of Social Security (IMSS) and who do not have the necessary requirements to apply for a mortgage in private banking.
Based on the salary with which you were registered with the IMSS, the payment history of the company where you work and your credit history , Infonavit establishes a credit amount.
However, in many cases this amount is not enough to buy a house, for this reason there are various methods of how to increase an Infonavit credit. Here we give you 5 strategies to make it legal and safe.
How to increase your Infonavit credit to buy a house?
- Add the Infonavit credit with someone else
- Increase credit with Cofinavit
- Register with your real salary
- Request Infonavit Support
- Transfer the credit to Cambiavit
Add the Infonavit credit with someone else
As of this year 2020, the Infonavit credit can be increased by adding your credit with that of another person, all you need is to have 116 points each and be affiliated with Infonavit.
Learn more about how to increase your Infonavit credit with a family member, friend or spouse.
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Marital Credit
The Infonavit marital credit allows you to join the points with those of your partner to obtain a higher credit amount when requesting financing to buy a house.
In order for you and your spouse to increase the Infonavit credit, you need to meet these requirements:
- Both must be listed on Infonavit.
- Have at least 116 Infonavit points.
- Be legally married.
- Sign the marital credit application.
Let's join credit
In February, the new Infonavit program "Unamos Crédito" will come into force, which allows two people who have no legal relationship to apply for a loan to buy a house or apartment.
The new scheme allows the Infonavit credit to be increased by combining financing between siblings, parents and children, friends, same-sex couples or people living in common law.
The requirements to apply for Unamos Crédito are:
- Both must be actively working.
- Have at least 116 points in the Infonavit system.
Adding credits to obtain greater financing is an alternative if you are married or know the person with whom you will join the points very well, since the credit will become a co-financing, so that both will be the owners of the loan and the home .
Increase credit with Cofinavit
The Cofinavit credit is a co-financing granted by the institute jointly to a financial entity or Sofom . This is a very effective strategy to increase your Infonavit credit and acquire a short-term property.
Cofinavit allows you to increase individual credit in the following way:
Traditional Cofinavit
When requesting this co-financing, Infonavit will lend the least amount and the bank the most, allowing you to absorb part of the down payment and expenses when buying a house with your Housing Sub-Account Balance .
Cofinavit Additional Income
On the other hand, in this credit the Infonavit will lend the amount that it would offer you in the traditional mode and the bank the rest.
However, the difference is that if you have additional income such as commissions or tips, they will be added to the co-financing together with the balance of the Housing Sub-Account to cover the down payment and the expenses of the property.
In a Cofinavit loan you must have an impeccable credit history for the banking institution to authorize the loan.
Register with your real salary
There are cases where employers register their workers with social security with a lower salary than they actually receive.
If you are a victim of this situation, request that they register you with your real salary to increase your Infonavit credit, it is very important to make the change, since Infonavit calculates the amount of the credit with the age and registered salary of the beneficiary.
In addition to these requirements, the institute also evaluates the payment behavior of companies. In the event that they delay the bimonthly payments of their workers' contributions, the maximum credit capacity could decrease by 10 to 20%.
Until companies make payments on time, we advise you to continue quoting and wait several months for the payment capacity to return to normal.
Request Infonavit Support
The Infonavit Support is a scheme where a loan is requested from a bank to buy, build or remodel a house and it works as follows:
- The balance of the Housing Subaccount is not touched and remains as a guarantee of unemployment to pay the monthly payments of the mortgage until the money is exhausted or a new job is obtained.
- When paying the mortgage, the subsequent employer contributions will be paid to the capital of the bank loan, to reduce the term and save interest money.
Transfer the credit to Cambiavit
In the event that you have obtained a mortgage loan and want to increase the amount, you can do so with the Cambiavit scheme in any of these cases.
Change of residence
If you are a beneficiary and you have not finished paying off your mortgage, you can change your home for a lower, equal or higher value than the one you already have, complying with these requirements:
- Have a traditional individual credit in force for two years.
- Not having requested an extension in the last 24 months.
- Be up to date with the monthly payments.
- Not having used the Payment Protection Fund in the last 6 months.
- Deliver the housing documents to the Public Property Registry.
Once you have met the requirements, you can choose to own both properties, change the property for another on the market or accredited, or acquire a house recovered by Infonavit.
Improve and expand the home
In case your salary has increased and with it your ability to pay, Infonavit allows you to make improvements or extensions to the property. You only need to check these requirements:
- Have a valid traditional individual loan with at least 5 years old.
- Be up to date with the monthly payments.
- Maintain a current employment relationship at the time of registration.
- Have a salary higher than the one you had when the loan was formalized.
Finally, Infonavit requests an optional consultation called Comprehensive Evaluation to determine the ability to pay and the amount to be granted, it is very important that it be authorized since you could obtain up to 100% according to your age and salary.
Now that you know how to increase your Infonavit credit, it is essential that you meet all the requirements that the institute requests. We advise you to choose the best alternative according to your needs and budget.
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by jamesflick on 2020-12-19 03:31:34
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