In the current economic situation, buying a house can be an overwhelming financial burden for many people. As a result, most individuals often find themselves with limited options for affording a suitable house. Fortunately, the government and many standalone organizations have implemented several housing assistance programs designed to support individuals in achieving their goal of owning a home. Some of these initiatives primarily aim to provide housing assistance to vulnerable families and working individuals.

1. Improving Access to Affordable Housing Project
The National Housing Commission, or CONAVI (Comisión Nacional de Vivienda), along with the World Bank, had developed a housing program that aimed to provide safe housing for families below the poverty line. The project was implemented from December 2017 to August 2021. Over the course of these years, together, the institutions managed to provide housing support to 28,864 beneficiaries.

2. Renta Tu Casa (Rent Your Home)
Founded in 2019, the Renta Tu Casa is the first municipal program in the country that rents out empty, abandoned houses to vulnerable individuals. As a part of this program, the municipality renovates abandoned houses to make them suitable for living and offers those to individuals who do not have access to affordable housing. Moreover, to get access to these houses, the beneficiaries only need to make a monthly payment of $350 MXN to the homeowner and complete five hours of community work. On the other hand, the municipality will pay a monthly rent of up to $3,000 MXN to the homeowner. This housing assistance program has greatly benefited homeless individuals, the elderly , and people with disabilities, among other vulnerable groups.

3. Transitional Housing Program
A non-profit organization called Covenant House has a housing program in place for young individuals who are homeless . The Transitional Housing Program, as it is called, offers temporary housing to young individuals until they can afford permanent housing. The organization also offers supportive services to individuals so they can develop and hone their skills to earn a decent living.

4. INFONAVIT Credit
The Institute of the National Housing Fund for Workers (Instituto del Fondo Nacional de la Vivienda para los Trabajadores), or INFONAVIT, was originally established in 1972 with the main objective of providing affordable housing loans to workers so they have easy access to decent housing. The institute offers housing credit to all eligible workers solely to meet their housing needs. With the help of this credit, individuals can purchase either a new property or an old one based on their requirements.

Among the state-offered financial programs for housing, the housing credit offered by INFONAVIT stands out as one of the most accessible options for individuals. It has positively impacted millions of workers all across the country every year. In fact, in 2023, INFONAVIT accounted for 68% of all the home loans issued.

Employees working for established organizations in the country may qualify for INFONAVIT credit. Essentially, all employers in the country are required to contribute a certain percentage of their employees’ salaries to INFONAVIT, which serves as a form of social security for the workers. Based on the amount submitted by the employer, the employee gains certain points in their INFONAVIT profile. Further, to be eligible for an INFONAVIT loan, individuals should have at least 116 points in their profile. In addition to this, there are certain eligibility criteria that applicants must meet.

• The individual must be registered with the Mexican Social Security Institute (IMSS).
• The individual must be employed at the time of applying for the loan.
• The individual should not have a pending INFONAVIT loan.

Applying for a home loan from INFONAVIT offers some significant advantages. These loans generally come with lower interest rates compared to private lenders and banks, typically ranging between 1.91% and 10.45% based on the individual’s salary. One key benefit is that the interest rate on INFONAVIT loans remains fixed throughout the term. Moreover, these loans can be combined with private loans through COFINAVIT credit, which enables borrowers to access larger loan amounts. This credit system may require minimal or even zero down payment in some cases . To qualify for COFINATIV credit, applicants generally need to be at least 25 years old, have a minimum of two years of work experience, and meet specific income requirements, which can vary from one bank to another.

5. FOVISSSTE Credit
Similar to INFONAVIT, FOVISSSTE, the Mexican Social Security and Services Institute of the Public-Sector Workers’ Housing Fund (Fondo de la Vivienda del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado ) provides state-backed credit to eligible workers. The only difference is that FOVISSSTE credit is only offered to individuals who work for government institutions and have made contributions to the fund.

FOVISSSTE offers credit to workers at significantly lower interest rates, ranging from 4% to 6%. The credit can be used to purchase new or existing properties or for home renovation purposes . Additionally, spouses of workers who are registered with FOVISSSTE and have made contributions to the institution are eligible for INFONAVIT Spousal Credit.