A loan of $1,050 helped purchase a house through the Infonavit program.

Luis Alfredo's story

Mr. Luis Alfredo P. M. is in the process of applying to purchase a home through a Mexican government program called Infonavit. Infonavit provides working families with a low cost mortgage to purchase a small starter home. Some families' incomes land them just short of qualifying for the program, however. This Kiva loan allows them to make up the difference with a small supplementary loan and thus qualify to purchase their first home.

Mr. P. is an elder person, in Mexico people retire when they are 65 years old and that’s why he wishes to purchase a house through Infonavit. When retired, it’s more difficult to receive these types of loans that the government offers.

Luis Alfredo wants to take advantage of this opportunity from the real estate organization (who manages the Infonavit houses), because if he doesn’t, he will loose his qualifying points and money. To be able to purchase the house, he is short $1,050 dollars. The house being offered to him is close to his childrens' house, he also has a home but it is registered under his wife’s name Mrs. Maria del Carmen Rios.

He works during the week in a local factory and on weekends he sells different items in the flea market in Del Rio, Texas, a place minutes away from the border city of Acuña, his wife also helps him with the family expenses working in a residence as a housekeeper; with these different incomes they will be able to repay the loan requested.

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Translated from Spanish by Kiva volunteer Sofia Burt

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