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One of the greatest hurdles to owning property in the Yucatán is financing. There is some institutional financing available to foreigners wishing to purchase property in Yucatán. Following are the parameters for institutional financing:

1. 20 year fixed rates minimum Credit scores: 680
2. Maximum loan to value (LTV) 70% (minimum purchase price $145,000)
3. Minimum loan amount is $100,000.00
4. Maximum loan amount is $800,000.00
5. Loans above $400,000.00 are limited to a 60% LTV and interest rate of 7.875%; loans above $600,000.00 are limited to a 50% LTV and interest rate of 7.875%
6. Today’s rates (Aug 25, 2003): 7.625%, 7.875% and 8.375% for 50%, 60% and 70% LTV loans respectively
7. Points: 3.5
8. Prepayment penalty: 3%, 2% and 1% for years 1, 2 and 3 respectively
9. If a construction permanent loan we charge an additional .5 admin fee plus the inspection charges
10. Most loans in Mexico take between 60 and 90 days to close
11. If you are purchasing in a condo project it must be 50% pre-sold
12. We record at actual prices.

Some property owners are willing to carry short-term notes with substantial down payments. Typically, title will not transfer until the note is completely paid. Interest rates are often high and the buyers must have good credit references.