Mexico - Apply for Mortgage Credit for House Purchase ISSFAM (Social Security Institute for the Mexican Armed Forces)

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Procedure

Apply In Person

1. To Apply for Mortgage Credit for House Purchase ISSFAM (Social Security Institute for the Mexican Armed Forces), the applicant has to approach the Housing Fund of the Institute of Security and Social Services for State Workers. link
2. Review the terms and conditions of your FOVISSSTE mortgage guarantees. Understand the obligations and requirements for cancellation.
3. Choose a qualified notary public to assist you with the cancellation process. The notary public will guide you through the legal steps and ensure the process is executed correctly.
4. The applicant must submit a request letter to the office.
5. An application form will be provided to the applicant by the concerned officer.
6. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
7. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
8. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
9. Submit all the documents with the completed form to the concerned officer.
10. The applicant has to pay the prescribed fee as requested by the authority.
11. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
12. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
13. ISSFAM will evaluate your creditworthiness, income, and other factors to determine your eligibility and the amount you qualify for.
14. If your application is approved, ISSFAM may conduct an appraisal of the property to determine its value and suitability for financing.
15. If your application is successful, ISSFAM will issue a loan offer with the terms and conditions of the mortgage credit.
16. Review the loan offer carefully, and if you agree to the terms, accept the offer. Proceed with the closing process, which involves signing the necessary documents and finalizing the purchase.
17. Repay the mortgage credit according to the agreed-upon terms, which typically involves monthly payments over a specified period.
18. This entire process can be completed within 15 days or per the timeline the respective department authority advised.

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Required Documents

• Application form
• Identification documents (e.g., passport, national ID card).
• Proof of address (e.g., utility bills, lease agreement).
• Proof of Military Service
• Proof of income
• Tax return
• Bank statement
• Credit report
• Employment Verification (if applicable)
• Property document
• Any other documents (If required)

Office Locations & Contacts

Housing Fund of the Institute of Security and Social Services for State Workers.
Miguel Noreña No. 28 Col. San José Insurgentes 03900 Mexico City
Phone: 800 368 4783
Citizen Service: 800 368 4783
Email - [email protected]
Contact link

Eligibility

The applicant may be eligible to apply for Mortgage Credit for House Purchase ISSFAM (Social Security Institute for the Mexican Armed Forces) in Mexico if you meet the following requirements:

• You must be a Mexican citizen or a foreign national with a legal residence in Mexico.
• You must be a member of the Mexican Armed Forces or a retired member of the Mexican Armed Forces.
• You must have a minimum of 10 years of service in the Mexican Armed Forces.
• You must have a minimum monthly income of 2,500 pesos.
• You must not have any outstanding debts with ISSFAM.
• You must be able to provide a down payment of at least 10% of the purchase price of the property.

Fees

• The applicant has to pay the prescribed fee as requested by the authority.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 15 days or per the timeline the respective department authority advised.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name
• Surname
• Address
• ZIP code
• Date of Birth
• Gender
• Mobile number
• Fax
• Email
• Parents name
• Nationality
• Education details
• Mailing address
• Other details
• Declaration
• Date
• Signature

Need for the Document

• The Mortgage Credit for House Purchase offered by ISSFAM (Social Security Institute for the Mexican Armed Forces) in Mexico is a financial program designed to help active or retired members of the Mexican Armed Forces purchase a home. ISSFAM provides this credit facility to eligible individuals as part of their social security benefits.

Information which might help

Here are some additional details about the Mortgage Credit for House Purchase ISSFAM in Mexico:

• The maximum loan amount is 1,500,000 pesos.
• The interest rate is currently 8.25%.
• The repayment term is up to 30 years.
• The loan is guaranteed by the Mexican government.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

link

Others

The Mortgage Credit for House Purchase ISSFAM offers several advantages, including:

• Low-interest rates
• Long repayment terms
• No down payment required
• Government guarantees