Buying and Financing Vavation Home in Cancun/Tulum Mexico

[Danny Menendez]

Hi. My dream is to buy a property (house or condo) in Cancun, Tulum or Playa Del Carmen. Would love to hear from folks on how they found financing to be able to purchase it. Thank you!

[Mike Lambert]

@Danny Menendez

I agree with all that Alex mentioned above except that you can get a mortgage with a Mexican bank without stated Mexican income and based on your US income. Developer/seller financing is your best bet if you can get it (it's not very common indeed). Otherwise, there are indeed lenders who have products in Mexico who will use your US W2 income. Beware that some advertise very low interest rates (like 3%) when, in reality, the rate is closer to 10% and even 20%. These latter products are very difficult to understand and there doesn't seem to be many regulations about how they can be advertised.

Bear in mind that, except for developer/seller financing:

1. You'll have a minimum amount for the loan, which means the property you'll have to buy a relatively expensive property.

2. You'll need a higher downpayment than in the US.

3. Your interest rate will be higher than in the US.

Hope this helps and good luck!