5 Ways to Increase Your Infonavit Home Loan Amount

Buying a home is a significant milestone for many Mexicans. However, sometimes the amount offered by the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit) credit may not be enough to purchase the desired property.

Expert Advice from Julio César Mendoza

Julio César Mendoza, Senior Commercial Manager of Inmuebles24, outlines five strategies to increase your Infonavit home loan amount legally and securely.

1. Maintain a Healthy Credit History

A strong credit history is crucial for accessing a larger loan amount. Sharing your credit bureau record with Infonavit during the application process can improve your pre-qualification.

2. Make Extraordinary Contributions

If you have a housing subaccount with Infonavit from current or past employment, you can make extra contributions. These additional payments increase your balance and the loan amount available for home purchases.

3. Combine Credits

Infonavit’s Unamos Créditos program allows you to merge your credit with another person’s, such as a spouse, family member, or friend. This approach can open doors to more expensive homes by combining both loan amounts.

4. Renovation Credit

“Equipa tu casa” is an additional option if you already have a home loan through Infonavit. This complementary financing allows for remodeling, improving, or equipping your home, thereby increasing its value without exceeding the initial budget.

5. Infonavit-Cofinavit Scheme

If your Infonavit credit limit, alone, is insufficient, consider the Cofinavit scheme. This combines Infonavit credit with a bank loan, enabling access to larger amounts and more housing options. Ensure you meet the requirements of both institutions.

Key Questions and Answers

• Q: How can I increase my Infonavit home loan amount? A: Maintain a healthy credit history, make extraordinary contributions, combine credits with trusted individuals, utilize renovation credit, and explore the Infonavit-Cofinavit scheme.
• Q: What is the Infonavit housing subaccount? It’s a separate account within Infonavit that accumulates funds from your employment or past labor relationships, which can be used for extra contributions to increase your home loan amount.
• Q: How does combining credits work? Infonavit’s Unamos Créditos program allows you to merge your credit limit with another person’s, potentially opening doors to more expensive homes by combining both loan amounts.
• Q: What is the “Equipa tu casa” program? It’s a complementary financing option for Infonavit home loan holders, enabling remodeling, improvements, or equipping your home to increase its value without exceeding the initial budget.
• Q: What are the requirements for the Infonavit-Cofinavit scheme? You must meet the requirements set by both Infonavit and the participating bank to access this combined credit option, which typically results in a larger loan amount for housing.