One of the most frequent problems for people who want to buy a home through a mortgage is that they have no way of verifying their income. When it comes to housing loans, most workers in Mexico have access to them through Infonavit or FOVISSSTE. Read Housing Resource Portability What is it and what is it for?
This is because having a job considered ‘stable’, shows that you have a certain ability to pay and can commit to a responsibility that will last for years. However, there are those who work informally, and although they earn well, they do not pay to have this benefit or to obtain a pension when the time comes for their retirement.
If that is your case, here we will tell you some tips that will help you so that you can request it.
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When it comes to loans through banks or financial institutions, something similar happens, in many cases they will ask you to check how much you earn, especially if you are an independent worker, but if you cannot do it, there are other ways to show that you are a reliable person, as to give you credit.
According to Vivanuncios.com, there are at least four tips that can help you acquire a property, if you have no way of verifying income.
Acquire a house with the savings scheme
Have a good history of payment history of your credits
Income paid / Rent with purchase option
Mortgage credits of the Federal Mortgage Society
1. Acquire a house with the savings scheme
The savings scheme consists of the person who wants to buy a home without checking income, but they can save a part of them and collect 10% of what the house is worth, or between 6 and 24 monthly mortgage loans. Thus, what they collect works as a down payment to buy the house.
There are financial institutions that offer this system, such as the Sociedad Hipotecaria Federal, with their Crediferente credit, and some banks.
2. Have a good history of payment history of your credits
If over the years you have acquired credits that you have paid on time, that will be recorded as a positive fact in your financial career, even if you cannot verify your income.
Remember that financial institutions have a record, such as the Credit Bureau, in which the record of people’s payment behavior is kept, and a good record brings you closer to the goal of buying a home.
And if, in addition to being a good payer, you have account statements, invoices, or payment vouchers, that will also demonstrate that you have the financial solvency to cover a certain fixed monthly amount, such as house payments.
3. Rent paid / Rent with purchase option
Just as it happens when you are a punctual client in the payment of credit cards, or debts with other institutions, keeping the receipts of payment of rent of house is also a way to verify that you are reliable with the financial commitments.
In addition, in the real estate business the rent option with purchase option has increased. Under this scheme, when a person rents a home, those periodic payments he makes can serve as credits that are made at the cost of the property.
For this modality, you must cover a series of requirements, among the most common are:
Whoever rents the house must live in it for a specific period, generally 5 years or more, before having the option to buy it.
The conditions of use of the lease have to be clear. Everything must be established in the contract. For example, what can you do or not do with the house: if you can sublet it to thirteen people; if you can use it as a commercial premises or as a house-room, etc.
What will happen to the money you already paid in rents. At this point, both parties must specify from the beginning, if what is paid for rent will be discounted from the final price of the house, if only a percentage will be discounted or if it will definitely not be discounted. Any of the three options is valid but must be stated in writing.
Renovations or modifications to the home. Consider who will pay if, for example, a roof is attached to the home garage. If the homeowner puts it, it will most likely add to the final cost of the purchase, or if paid by the landlord, you might expect some benefit from the deal. Whatever the case, they have to agree before signing.
4. Mortgage credits from the Federal Mortgage Society
The Federal Mortgage Society is an institution that is in charge of promoting the construction and purchase of a house among people who do not have affiliation in FOVISSSTE or Infonavit. The SHF does not provide the credits, but works as a link to validate the procedures that are carried out between banks and other institutions that grant the credit. If you want to know more, enter the page of the Federal Mortgage Society and you will know with whom it has agreements.