San Felipe Dream Homes, financing in Mexico.

Welcome to SANFELIPEDREAMHOMES.COM your primary information portal for San Felipe's most useful real estate development and re-sale company!

The following are US based financing programs that vary in interest rates, qualifying ratios assets, type of approved development, location, FICO scores, type of home (primary or secondary ,Vacation homes). We are not secondary brokers, we are direct Brokers of the following companies.

What is the Mexican Dream Mortgage?
Residential Mortgage
2nd Homes
Offered Only to US Residents
Properties Located in Mexico
GE Product/Service

Description:

Pre-Closing "Notario" Docs:

By seller/broker:
-Property Title with registration info (copy)
-Plan Unit Development . . . dualy notarized with registration info (if first transfer) (copy)
-Last property tax bill (copy)
-Last water tax receipt (copy)
-Instructions and information (in case property is in a trust)
-Seller ID and general information

If Seller is a company:
-Incorporation Deed
-By laws
-Power of attorney
-General Information and ID of attorney in fact

By buyer:
-ID and general information

By GE:
-SRE permit
-Trustee instructions
-Loan instructions
-Foreign Investment notice
-Appraisal

Mexican Dream Mortgage
Rate & Term	3/27 @ 7.99% - 5/25 @ 8.49%
Max Loan Amt.	$1.5 Million
LTV	Max 70%
FICO Min	680
DTI	40%
Documentation	Full/Verified Assets - Alt Doc=24 mo. bank statement
Transaction Type	Purchase Loan w/borrower-financed construction
Currency	US $
Prepay Penalty	3% for prepay for 3 yrs ; 2% discount to waive
Avg Ticket Size	$350k
Beneficiary: First Beneficiary – GE Second beneficiary in case of borrower's death – Name In case the Second Beneficary is a company: Authenticated or Apostilled copy of the Articles of Incorporation and By-Laws of the Company. Authenticated or Apostilled copy of the Power of Attorney of the representative of the Company.List of Mexico Consulates: http://www.mexonline.com/consulate.htm

Additional Docs for Trust

Settlor:
-ID and general Information Married Certificate (if required)

If the settlor is a company:
-By laws Power of Attorney ID and general information of the representative of the company

Current Trust:
-To be provided by Settlor in case of property coming from an existing Trust.
-Instruction letter to cancel the current trust at the moment of the closing and complement letter (if applicable)
-Any due fees should be paid to the current trust before closing.

To be obtained by the Notary:
-Certificate of Freedom of Liens
-Property tax certificate (if required in the State)
-Water certificate If required)
-Tax appraisal

How do Construction Loans for Mexico Work?
Construction to permanent mortgages
Purchase mortgages
Loan amounts $150,000-$2,500,000
20 to 30 year Amortization
Interest Rates 7-9% depending on Credit worthiness, 80%LTV; in some cases CLTV to 100% Possible

Description:

Homeownership has never been easier Construction, and Permanent Financing

• Our buyer-friendly "American-style" mortgage trust loan program is currently available to home-buyers at selected resorts and residential development projects in Mexico, Dominican Republic, Central America and the Caribbean (Inquire with your real estate salesperson for details)

• By leveraging U.S. assets, this program provides affordable permanent mortgage loans when local bank financing would otherwise be unaffordable or unavailable; loans can be either purchase mortgages or construction-to-permanent mortgages

• Must be a U.S. citizen with U.S. assets, and have U.S. equity worth at least the value of the property one seeks to buy/build

• Loan amounts: $150,000 to $2,500,000 USD
• 20- to 30-year amortization
• Interest rates: 7% to 9% fixed, depending upon creditworthiness
• 80% LTV; in some cases CLTV 100% may be possible
• Full-document loans; stated loans possible; loans are in U.S. dollars

Required Documentation
• Completed and signed borrower application (Form 1003) including complete list of real estate owned
• Authorization to check credit; completed and signed service agreement, term offer, and escrow instruction letter
• Proof of income
• Most recent monthly account statement from each mortgage account or asset account
• Purchase Agreement for the property to be purchased/built

Please inquire with your Terra Nova Realty, San Felipe Real Estate Group, Terra Nova Financial services professional to see if you may qualify for this loan program or one of our other programs; we look forward to assisting with your financing needs for your new property.