If you are looking for a mortgage loan that allows you to buy a house, you should know that there are alternative options to credits granted by
government institutions (such as INFONAVIT and FOVISSSTE) and bank loans.
A SOFOM loan is an excellent option when you do not have access or are not a candidate for traditional credit. Here we tell you what you need to know about this type of credit.
What is and what does a SOFOM loan consist of?
SOFOM stands for Multiple Purpose Financial Companies, and these are
anonymous companies dedicated to granting credits through resources obtained from groups or larger financial companies.
Generally a SOFOM grants you between 80% and 95% of the total value of the house you want to buy. The interest rate, as in most bank loans, can be fixed or variable. In addition, as in any type of credit, the amount you obtain through SOFOM will depend on your ability to pay.
What are the requirements to obtain a SOFOM loan for a new home?
The requirements are as follows:
- Be over 18 years old and under 69.
- Submit completed and signed application.
- Have a positive credit history.
- Appraisal of the house you want to buy.
- Your CURP, birth certificate, official identification and proof of
recent address. - Proof of income (if you do not have them, present a bank statement).
- Proof of employment.
SOFOM credit can be individual or spousal. In this case, your partner must present:
- Birth certificate.
- Marriage certificate.
- Official identification.
- CURP.
Advantages of a SOFOM loan
The main advantage of SOFOMES is that they are the alternative for many people who do notmeet the requirements for a bank loan or other financial institutions or who, due to their type of work, do not have housing benefits from the government.
In general, the benefits obtained with a SOFOM loan are very similar to those Of regular mortgage loans. For example:
- Flexibility of use. Credit can be used to buy a home or other options.
- Long payment terms. These are similar to those of any other credit,
which can be 5, 10, 15, 20 or 25 years. The client chooses the one that best suits him according to their needs and ability to pay. - Accessibility. The requirements are lower than those requested by any other financial institution.
Another advantage of SOFOMES is that they have the option of co-financing to increase the amount of credit of those who do have INFONAVIT or FOVISSSTE and want to access better housing.
How to choose a SOFOM?
A SOFOM ER (Regulated Entity) is 100% safe, since they are subject to the supervision of the National Banking and Securities Commission. These companies are registered in the CONDUSEF (National Commission for the Protection and Defense of Users of Financial Services) and have the backing of a Federal Mortgage Company.
Even SOFOMES ENR (Non-Regulated Entity) are subject to inspection and supervision of CNBV.
FOVISSSTE created a with the rating that users have given them according to the service received.
At Casas JAVER you will find trained advisors who will help you resolve your questions about SOFOM credits.
