How can you get a 100% mortgage? Requirements, step by step…
Buy an apartment in Spain It is not an easy decision. The price of housing is breaking historical records at the moment, which is why many citizens with average income find it difficult to assume this debt. Despite this, some brave people dare to do it alone. A trend that increases every day in our country. The truth is that, as a general rule, banks They usually offer 80%. This means that they need a contribution of at least 20% of the value of the home in savings.
However, currently there is an alternative to finance 100% of the mortgagewith conditions similar to if you ask for 80%. The Government launched this year a line of ICO guarantees (Official Credit Institute) to be able to help the youngest or families who have minors in their care to obtain a mortgage that covers 100% of the value of the home. This type of guarantee facilitates the financing of a first habitual home and is designed for all those people who do not have enough savings to cover that percentage that is not covered by the bank.
Requirements to obtain a 100% mortgage
The people who are going to acquire the home cannot be more than two and if this is the case, that is, if they are a couple, both will have to meet a series of requirements:
- They have to be natural persons who are adults with legal residence in Spain during the two years prior to applying for this loan.
- They must acquire their first home in the national territory and it will be intended as habitual and permanent.
- The home cannot be used for the exercise of an economic activity when the guaranteed loan has been formalized.
- They also cannot be owners of another home. previously.
- They cannot have CIRBE in a situation of delinquency on the date on which the Mortgage Loan is formalized.
- You cannot exceed the net worth of 100,000 euros. If there are two acquirers, the limit is understood for each of them.
- The purchase price of the house cannot exceed the maximum established in each community.
- When formalizing the guaranteed loan, the requirements marked in the article 13 of Law 38/2003, of November 17General of Subsidies.
On the other hand, ICO maintains that in the youth program, in addition to these requirements, it is necessary that do not exceed 35 years when formalizing the mortgage loan. And it must also be taken into account that your income cannot be higher than 4.5 times the IPREM, that is, less than 37,800 euros gross per year.
In the case of a single-parent family, the previous income limit may be increase by 70%.
Other ways to get a 100% mortgage
These types of mortgages usually be designed for very specific profiles. For example, young people, clients who are very solvent or who have a guarantee. Here is also the option for them to be for specific homes. This is the case of properties owned by banks. There is the option of opting for the offers that each bank has linked to the aid plans of the community in question.
The most important thing to keep in mind to get this type of mortgage is that it will be necessary to have the help from a mortgage broker to be in permanent contact with the banks and their offers. You will also have to prove that you are solvent and provide collateral as a guarantee.
