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Follow on Google News | Is Financing a Home Purchase in Rocky Point, Mexico an Option for ForeignersOptions for financing the purchase of a home in Rocky Point, Puerto Penasco, Mexico.
By: Kyle J Wood Financing a a purchase of luxury home in Rocky Point, Puerto Penasco, Mexico has just become tougher. Lending looking to reduce their risk have pulled out of the Mexico market. BBVA Compass was the last of the major lending institutions to finally pull out of Rocky Point, Mexico real estate market this past December of 2011. So what are Canadian and US buyers of property in Puerto Penasco, Rocky Point, Mexico to do. If you do not have hard earn cash to purchase that luxury Mexican Property, what are your financing options. Doug Jones from Mortgages in Mexico gives us a few tips that you may want to consider. He's current working on a Peso-Backed loan program with a major lender that is intended to meet the lending needs of US and Canadian buyers of Mexican property. The program has yet to be implemented. When further details are available and the program is ready to be rolled out, I'll write about the programs with the details. Another option for financing the purchase of property in Mexico is a seller carry back agreement. A seller carry back agreement is an agreement between the seller and buyer where the seller will carry a buyer for a given amount of time. In return the buyer agrees to put a certain percentage down, agrees to pay interest and principle, and agrees to pay the remain amount called a balloon payment at some point in the future. A major advantage of a seller carry back is that the buyer is not subject to lender underwriting requirement and the mounds of paperwork that is necessary to give to the underwriter. A seller carry back is basically an agreement between the seller and buyer of Mexican property with terms and conditions laid out in the agreement. Many properties for sale in Rocky Point, Mexico are available with seller carry back. Give me a call if you are looking for a luxury ocean front property in Rocky Point Mexico Kyle Wood Realty Executives Rocky Point http://www.rockypointkyle.com http://www.puertopenascoliving.com http://www.zazzle.com/ kylewood22 at yahoo.com # # # Kyle Wood is a Real Estate professional with Realty Executives Rocky Point Mexico and Phoenix Arizona. Kyle specializes in luxury ocean front property in Rocky Point, Mexico. Call Kyle for more information on property in Rocky Point Mexico and Phoenix, Arizona End
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