Welcome to the World of Infonavit: Your Ticket to Homeownership Without a Job?
Good afternoon, ladies and gentlemen! Or as we like to say in the housing world, welcome to the biggest financial rollercoaster since that time I thought I could cook! Today, we’re diving into a surprising new twist in real estate financing — the Institute of the National Housing Fund for Workers (Infonavit) has just pulled a rabbit out of their hat. You can now buy a house without needing to, you know, have a job. What next? Buy groceries without leaving the couch? Sign me up!
Can you get an Infonavit loan without working? You better believe it!
Yes, folks, you heard it right. You can get an Infonavit loan without actually working, thanks to their newly introduced Infonavit Account + Bank Credit scheme. Now, don’t get too excited and start daydreaming about your mansion in Malibu just yet. It turns out that if you’ve previously contributed to Infonavit, you’re in the running. It’s like being invited to the party because you once brought the chips!
This scheme allows you to use your savings in the Housing Subaccount to pay for the down payment on your new abode. And hey, if you want to team up with your significant other to snag that dream house, this program lets you do that as well. Just as long as you both meet the requirements, and fingers crossed, you still like each other after checking your finances!
Fixed Payments and No Minimum Income? Tell Me More!
Let’s break it down — this program doesn’t require you to show a monthly income to request support. That’s right! So, if you’ve got creative accounting skills, your next roof over your head could be easier to secure than a cupcake at a kid’s birthday party. Once you’re accepted, you’ll enjoy fixed monthly payments throughout your financing term with no penalties for early repayments. Finally, a loan that doesn’t feel like a trip to the dentist!
The magic doesn’t stop there. The bank of your choice will evaluate your creditworthiness, while Infonavit gives you a fixed interest rate of 10.45%. It’s like a mystery box of financial goodies — you just don’t know how good it’ll be until you open it!
How to Check Your Balance in the Infonavit Housing Subaccount
Ready to see if you can lay claim to that lovely little shack? Here’s how to check your balance:
- Navigate to My Infonavit account, and check the “My Savings” section.
- Download the “Movement Summary” from the My Infonavit Account, Infonavit Mobile Application, or visit a Self-Service Kiosk. You know, just like an ATM, but with a lot less ATM drama.
- Feeling peppy? Send a text message with your Social Security Number (SSN) and the phrase “I want credit” to 30900.
- Prefer to talk? Call Infonatel at 55 91 71 5050 in Mexico City or 800 008 3900 from anywhere in the lovely country of Mexico.
Requirements for the Infonavit Account + Infonavit Bank Credit Program
Now, let’s play a little game of “know the requirements”, shall we? To qualify, you need:
- A previous contribution to Infonavit.
- To be registered in an Afore (there’s no escaping paperwork, is there?).
- No prior Infonavit Credit (sorry, Grandma; you can’t pass that down).
- To meet the requirements from your chosen financial institution (there’s the ‘fun’ part!).
- To obtain the Infonavit Account Certificate + Bank Credit in the “Process your credit” section.
- Complete a free online course titled “Know More to Decide Better.” Trust me; we all need that after our last impulse buy!
Important Information You Should Know:
- The Infonavit Account + Bank Credit scheme isn’t applicable to “Second Credit Infonavit” or the “Unamos Créditos” program. So leave those dreams behind, folks!
- Your age plus the payment term shouldn’t exceed 65 years. I know, I know — where’s the fun in that?
- Infonavit and your chosen bank will manage payments separately. If you find a job again, your contributions will be applied as a prepayment, reducing your financial funnies.
- And, maybe most importantly, the total credit amount can’t exceed the value of the home. You can’t buy the moon; I’m sorry.
Conclusion
So there you have it! The thrilling world of Infonavit has opened its doors to those of us who may not be punching the clock but still dream of homeownership. Just remember, diving into these waters is a bit more complex than merely having the cash to buy snacks. Do your research, and maybe one day you’ll be waving goodbye to the landlord while dancing through the door of your very own home! Cheers!
Written in BUSINESS on 11/10/2024 · 3:14 p.m.
Did you know that you can buy a house with Infonavit even if you’re not currently employed? The Institute of the National Housing Fund for Workers has significantly broadened its credit offerings, empowering individuals who lack active employment to secure financing for home purchases.
It’s crucial to understand that even if you don’t have a current job, your past contributions to Infonavit play a vital role in qualifying for credit. Here, we provide essential details to help you seize this valuable opportunity.
Can you get an Infonavit loan without working?
The straightforward answer is yes; this is indeed possible through the innovative Infonavit Account + Bank Credit scheme provided by Infonavit.
This program allows you to utilize the savings accumulated in your Housing Subaccount for the down payment on your new home. It also offers the flexibility to apply for credit either individually or jointly as a couple, provided both individuals satisfy the specified criteria.
According to Infonavit, the Account + Bank Credit scheme does not impose a minimum monthly income requirement for those seeking assistance. Additionally, once you secure funding, you will benefit from fixed monthly payments throughout the duration of the loan, with no penalties for early repayment.
Infonavit explained that through this program, the bank you select will calculate the maximum loan amount based on its unique policies and your capacity to repay, giving you clarity on interest rates and loan terms; meanwhile, the credit provided by Infonavit will carry a fixed interest rate of 10.45 percent.
How can I check my balance in the Infonavit Housing Subaccount?
To determine if you qualify for a mortgage loan, you can check your balance in the Infonavit Housing Subaccount through the following methods:
- Visit My Infonavit account or the official website in the “My Savings” section.
- Download the “Movement Summary” via My Infonavit Account, the Infonavit Mobile Application, or at the Self-Service Kiosks.
- Send a text message including your Social Security Number (SSN) and the message “I want credit” to 30900.
- Contact Infonatel at 55 91 71 5050 if you’re in Mexico City, or call 800 008 3900 from any location in the country.
What are the requirements for the Infonavit Account + Infonavit Bank Credit program?
As previously highlighted, one of the foremost requirements is the absence of a current employment relationship; however, having previous contributions to Infonavit is also necessary. Additionally, you should consider the following prerequisites:
- Be registered with an Afore.
- Not have availed of an Infonavit Credit in the past.
- Meet the criteria established by your chosen financial institution: Banorte, BBVA, HSBC, Mifel, Santander, or Scotiabank.
- Obtain the Infonavit Account Certificate + Bank Credit in the “Process your credit” section, then proceed to “Prequalification and Points” on the official website. This document must be presented at your bank.
- Assess your income.
- Complete the free online course, “Know More to Decide Better” available on My Infonavit Account.
Important information you should know:
- The Infonavit Account + Bank Credit scheme is not applicable for “Second Credit Infonavit” or the “Unamos Créditos” program.
- The age of the applicant combined with the payment period must not exceed 65 years.
- The repayment of the credit through Infonavit and the bank will occur independently. Furthermore, if you manage to reactivate your employment, employer contributions will be allocated as prepayment toward the credit obtained from Infonavit, and monthly installments will be deducted through payroll.
- The total credit amount cannot exceed the home’s value.
You are in Mexico City, or dial 800 008 3900 from anywhere within Mexico for assistance.
Requirements for the Infonavit Account + Bank Credit Program
In order to qualify for this fantastic opportunity, you’ll need to meet the following requirements:
- A previous contribution to Infonavit is mandatory.
- You must be registered with an Afore to ensure proper documentation.
- No prior Infonavit Credit is permitted (unfortunately, any existing credits cannot be transferred).
- You need to satisfy the criteria established by your selected financial institution.
- Obtain the Infonavit Account Certificate + Bank Credit through the “Process your credit” section.
- Complete a no-cost online course titled “Know More to Decide Better,” as it’s essential to equip yourself with the necessary knowledge before making such a significant financial decision.
Key Takeaways:
- The Infonavit Account + Bank Credit scheme does not apply to the “Second Credit Infonavit” or the “Unamos Créditos” programs, so those options are off the table.
- Your age plus the payment term of the loan must not exceed 65 years—something to keep in mind as you plan.
- Payments will be managed separately by Infonavit and your selected bank; should you find employment during this process, your contributions could act as prepayment, reducing your total financial burden.
- Lastly, it’s essential to note that the total credit amount cannot surpass the market value of your chosen home.
Final Thoughts
So, here we are! The new Infonavit Account + Bank Credit program paves the way for many aspiring homeowners who may not be actively employed but still long for a place to call their very own. While it might sound like a fairy tale, remember that purchasing a home involves careful consideration and research. With the right steps, you could be on your way to saying goodbye to your landlord and embracing the joys of homeownership! Happy house hunting!
Written in BUSINESS on 11/10/2024 · 3:14 p.m.
