One of the challenges for those people who do not have a bank account or do not receive a payroll and want to apply for a mortgage to buy their house is to prove their solvency since most of them receive their money in cash.
Learn now how you can get a mortgage when your income only involves handling cash.
At the end you will know the requirements you need to be able to apply for a mortgage loan.
Considering your options
An alternative to traditional banking when your flow of money goes from hand to hand, without the need for bank transactions, payroll receipts or any other document that can make valid that you are an economically stable person is: a Multiple Choice Financial Company (Sofom ).
ION Financiera, for example, is a Sofom that has an innovative scheme that helps you check your income.
The plans are designed for people like you, who work on their own and have the ability to deal with a mortgage loan, but all their flow is in cash.
In this way, you have an alternative to traditional banking that is safe and reliable with a maximum credit of up to 10 million pesos and payment terms of up to 20 years.
In addition, you have the viability that if you need a greater loan, you can combine your income with your partner, with a friend or relative and thus obtain greater resources.
How do you apply for a mortgage loan with ION Financiera?
If your profile is that of a person who receives most of their income in cash and you want to apply for a mortgage loan with ION Financiera, you must do the following:
1.- You can prequalify yourself in our digital tool and at the end one of our commercial advisers will contact you.
Another way to make your request is to contact us at 01 800 777 92 92. One of our advisers will help you fill out the application.
You can also schedule an appointment online so that together we can assess your options to acquire a mortgage loan with us.
The requirements to apply for financing with us are:
- Be over 21 years of age
- Official identification
- Credit request
- Proof of address
- Authorization to review your credit history.
2.- Once you have completed the first step, a representative will visit your home or place where you work to carry out a socioeconomic study.
Likewise, you are given a checklist with the documentation that you must submit to verify income.
In your case, as a person who obtains all your cash flow, to verify income you must have purchase notes from the last months or a log of your expenses, any documentation with these records is valid.
During the visit, a socioeconomic study is carried out where our representative will ask you a series of questions about your income and the fixed expenses you have.
3.- If the credit is authorized, you will be sent a letter detailing the information about the mortgage, how much was authorized, the term, additional expenses and down payment.
In general, it is a document that explains how your mortgage credit is going to behave over time.
You must also deliver the documentation of the property you wish to acquire such as:
- Copy of the Property Title, which must be registered in the Public Registry of the property.
- Water bills, property.
- Property plans.
- Condominium property regime.
- Account statement where the seller’s deposit was made.
The time for the credit to be approved will largely depend on you delivering the documentation on time and helping with all the necessary information.
Additionally, consider that to request a mortgage loan it is necessary that you generate an approximate of $ 40,000 MXN for every million pesos that you request and take into account that you allocate a maximum of a third of your income to the monthly payment of your mortgage.
It is also necessary that you state that the house you want to buy is within the ION coverage areas, have a clean credit history and have a savings of 10% of the price of the house, plus 8% for additional expenses .
Going to a Sofom as ION Financiera is the alternative so that you can reach the goal of buying your house when you work independently and the flow enters cash.