Understanding Infonavit Credit and the Importance of a Good Credit History
When applying for a home loan, demonstrating a solid credit history can be crucial in accessing a larger financing amount through the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit). Although it’s not a mandatory requirement, allowing the credit bureau review can significantly benefit workers affiliated with Infonavit who aim to secure a higher credit amount by showcasing responsible payment behavior.
Without authorizing the review, you might receive up to 40% less credit than what Infonavit would approve based on a positive credit history evaluation. Therefore, maintaining timely payments for other debts like credit cards, personal loans, or auto financing positively impacts your credit history.
Pre-qualification Process for Infonavit Home Loans
Before applying for a home loan to purchase an existing or new house, it’s essential to conduct pre-qualification through the Mi Cuenta Infonavit portal. This process allows workers to verify if they meet the necessary requirements, such as:
- Age and salary
- Savings in the Subcuenta de Vivienda
- Continuous cotization period
- Job stability in the current workplace
To register, you’ll need your Número de Seguridad Social (NSS), Clave Única de Registro de Población (CURP), Clave de Registro Federal de Contribuyentes (RFC), and contact information. The process is free of charge and doesn’t involve intermediaries.
Key Questions and Answers
- What is Infonavit? Infonavit is a Mexican government-owned housing finance institution that provides credit to workers for purchasing, constructing, or improving their homes.
- Why is a good credit history important for Infonavit loans? A solid credit history demonstrates responsible financial behavior, which can lead to higher loan amounts and better financing terms from Infonavit.
- What information is needed for pre-qualification? Workers need their NSS, CURP, RFC, and contact details to pre-qualify for an Infonavit home loan. They should also meet age, salary, savings, cotization period, and job stability requirements.
- Is the pre-qualification process free? Yes, the pre-qualification process through Mi Cuenta Infonavit is completely free of charge and does not involve intermediaries.
