Did you know that in the Comunitat Valenciana you can ask for a guarantee to get up to 95% of the mortgage to buy your first home?
If you are under 46 years old and are looking to buy your first home in the Valencian Community, the Valencian Institute of Finance (IVF) can guarantee you to get up to 95% of the mortgage in some banks.
To date, Caixabank, Banco Santander, Cajamar, Abanca, Caixa Ontinyent, Caixa Popular, various rural banks of the Comunitat, as well as Banco Sabadell, are the entities registered in this program.
A total of 714 young people have been able to access a mortgage loan for the purchase of their first home thanks to the guarantee provided by this organization. The total amount guaranteed by the IVF now exceeds 8.8 million euros.
Requirements for accessing the guarantee to buy a home in Valencia
The requirements to access the program include having Spanish nationality or legal residence, not being the owner of another home, residing in the Valencian Community continuously in the two years prior to the application and having a loan proposal from one of the member institutions.
The purchased home must be located in the Comunitat and must be the applicant’s habitual residence.
It can be a new or used home, free or privately developed public housing. The purchase price of the property, without the inherent expenses and taxes, will be equal to or less than 277,000 € (including parking spaces, storage room or any other annex attached to the property).
The procedure begins at the financial institution, which issues a mortgage offer if the applicant meets the conditions.
Subsequently, the applicant must submit the guarantee application to the IVF through its website, with an electronic signature. Applications are resolved in order of entry until the available budget is exhausted.
The application process is still open.