I was listening to the radio this morning and, they was and interview with the Chief of the credit department at the Fondo Social para la Vivienda...traditionally, they have been more geared towards low-income employees (meaning people making 1-4 minimum salaries), and they have lent up to $23,000 for the purchase of a new/used house...now, they are also targeting employees making mid-range salaries ( 4- 6 minimum salaries)...that means they are now covering people that make up to $1,075 per month! ...that is really good news!...and, they have raised the amount they can lend up to $50,000 (depending on income, of course!)...The best thing about going through them instead of the commercial banks is that the requirements to get credit are easier to meet!...(for a $50,000 house, commercial banks require a family income of $2,000/month, for example!)...so, if you made less than that, but more than 4 minimum salaries, it was very difficult to obtain financing for a house!...
not that this does me any good at the moment (I have far too many debts to take care of and no spare cash!) but, once I get my finances in order, I could save for a downpayment and take advantage of this!