Background on Infonavit and its Relevance
The National Housing Fund for Workers (Infonavit) is a Mexican government-run institution that provides housing credit to workers. With over 8 million clients, Infonavit plays a crucial role in enabling Mexican workers to access housing. Octavio Romero Oropeza, the General Director of Infonavit, has recently announced significant changes to their credit scoring system.
New Scoring System and Requirements
Infonavit has modified its scoring system to ensure that all workers earning less than two minimum salaries (approximately 37,436 pesos per month) can access housing credit. Under the new model T100, the points required for financing will drop from 1,080 to just 100. Moreover, the number of requirements will be reduced from ten to only five.
This change aligns with the Housing Program for Well-being, through which Infonavit aims to construct 1.2 million affordable homes priced at 600,000 pesos each.
Benefits for Low-Income Workers
Romero Oropeza explained that the improved credit allocation model will allow workers, especially those earning less than twice the minimum salary (18,718 pesos per month), to obtain credit for acquiring a home. Previously, these workers had limited or no access to such credits.
Additionally, penalties for late employer contributions will be eliminated, and credit bureaus will only verify if the worker does not already have another housing loan.
Construction Progress
As of now, Infonavit has initiated the construction of 120,464 homes across various regions in Mexico. Seven percent of these projects are being developed on donated lands from federal, state, or municipal entities. The remaining 93% are being built on privately acquired plots.
Some of the states with ongoing projects include Tamaulipas, Tabasco, Sinaloa, Nuevo León, Quintana Roo, Veracruz, and Chiapas.
Infonavit anticipates the commencement of an additional 400,000 home constructions next year.
Hipotecas Gratuitas Cancellation
Infonavit aims to cancel 333,000 unpaid worker mortgages by the end of 2025. So far, 43% of these mortgages have been released this year.
The states with the highest volume of beneficiary credits under this program are Nuevo León, Chihuahua, and Tamaulipas.
Infonavit plans to sign agreements to expedite the cancellation of more mortgages in Baja California, Tabasco, Oaxaca, Quintana Roo, and Tlaxcala.
Key Questions and Answers
- What is Infonavit? Infonavit is a Mexican government-run institution that provides housing credit to workers.
- What changes has Infonavit implemented? Infonavit has adjusted its scoring system, reducing points required for financing from 1,080 to 100 and cutting the number of requirements from ten to five.
- Who benefits from these changes? Low-income workers earning less than twice the minimum salary will now have better access to housing credit.
- How many homes will Infonavit construct? Infonavit aims to build 1.2 million affordable homes under the Housing Program for Well-being.
- How many mortgages will Infonavit cancel? By the end of 2025, Infonavit plans to cancel 333,000 unpaid worker mortgages.
