It is one of the questions we hear most from buyers in the United States and Canada: can I get a mortgage to buy a property in Puerto Vallarta if my income is not in Mexico?
The short answer is YEs, in many cases.
The longer answer is that a mortgage in Mexico works differently from what you are used to, so let’s take it step by step and keep it simple.
First, Who Offers Mortgages in Mexico?
The big difference here is residency.
Mexican banks offer mortgage loans in pesos, but in practice they do not usually lend to foreigners who are not residents. If you already hold temporary or permanent residency and also have income in Mexico, the conversation changes, and this can be a path for you.
Cross-border lenders are companies that specialize in financing property in Mexico for people who live outside the country. There are several options in the market. They do not require Mexican residency, and they usually review your credit history from the country where you live. For buyers coming from the United States, that is generally their US credit score.
What if you live in Canada? The institutions are not always the same, but there are lenders who finance Canadian buyers too. The key is to ask who a given lender’s program works for, based on your profile.
If You Are a Mexican National Living Abroad: Your Mortgage Options
Your situation has two advantages. The first is legal: the restricted zone rules (the 50 kilometers from the coastline and 100 kilometers from the borders) apply to foreign nationals. A Mexican citizen can hold direct title to property there, without a fideicomiso.
The second is financial: some Mexican banks offer mortgage programs designed for Mexican nationals living abroad, which allow you to document income that is not earned in Mexico. These loans are granted in pesos, and some can finance a high percentage of the home’s value. Conditions change over time, so the best approach is to confirm which product is currently available when you are ready to buy.
What Are We Talking About? Mortgage Rates and Down Payments
Here is a general reference, just to give you an idea of where the market sits as of 2026:
- With cross-border lenders in US dollars, the down payment is usually around 30% to 35%, sometimes more, and fixed rates run roughly between 9% and 12% per year for strong profiles.
- With peso-based products for people living abroad, there are options starting at 15% down, with rates around 11% to 12%.
- With Mexican banks, for residents or Mexican nationals abroad, the down payment can range from 10% to 20%, with rates between 9% and 12%.
These are ranges, not offers. Each institution has its own parameters: some set a maximum amount they will finance, some require a minimum property value, and each one decides based on your credit history, your income, and the type of property. That is why every case needs to be reviewed individually.
One practical tip: when you compare options, do not look only at the interest rate. In Mexico, there is a figure called the CAT (Costo Anual Total, or Total Annual Cost), which adds up fees and other costs of the loan. Two loans with the same rate can have a very different CAT.
The Mortgage Term
Terms start at 15 years and vary by institution. There are also options that let you pay off the mortgage early without a penalty. It is worth asking about this explicitly before you sign.
What if the Seller Finances?
In other countries it is very common, but in Mexico it is not a frequent option. Sometimes it can be explored. If it comes up, it is best to formalize the agreement with legal advice and before a notary.
If the Property Is in the Restricted Zone
When a foreign buyer acquires property in the restricted zone, it is done through a fideicomiso: a bank acts as trustee and holds legal title to the property, while you are the beneficiary. A mortgage, when there is one, is structured within that arrangement, and the process includes the corresponding permit from the Secretaría de Relaciones Exteriores (Mexico’s Ministry of Foreign Affairs). If you would like to understand this structure in depth, we have an article on the fideicomiso.
Also keep in mind that a mortgage usually adds costs beyond the down payment, such as the appraisal, the loan origination fee, notary fees, and insurance. We cover them in detail here: closing costs in Mexico.
So, Where Do You Start?
Gather your credit history and your income documents, request pre-qualification from more than one institution, and compare at your own pace. Getting a mortgage in Mexico is possible, though it usually takes more preparation and a larger down payment than in the United States or Canada. And if you prefer to buy with cash in the end, that is perfectly fine too: neither option is better in general, it depends on your situation.
This article is for informational purposes and does not replace financial or legal advice.
If you are thinking about buying and would like to talk through your particular case, write to us. We are glad to guide you, with no pressure at all.
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