First Home Mortgage Guarantee: Who Qualifies and What You Get
Learn how this state guarantee helps young people and low-income families secure a mortgage by covering a significant portion of the property value.
The First Home Mortgage Guarantee is a state-backed program designed to help people secure financing when buying their first property.
Who it's for
This scheme is specifically intended for young people and families with low incomes who are looking to purchase their first home.
What you get
If you qualify, the state provides a guarantee on your mortgage. This guarantee covers up to 80% of the property's value, which can help support your financing for the purchase.
What it costs you
While the brief does not list specific fees, accessing this benefit requires bank participation in the scheme. You must work through a participating financial institution to utilize the guarantee.
The catch to know
The most important thing to remember is that not all banks participate in this program. You should check the list of participating institutions on the Consap website to see if your preferred lender is able to offer this specific guarantee.
How to apply
- Confirm that you fall into the category of young people or low-income families.
- Consult with a bank to see if they take part in this guarantee scheme.
- If they do, discuss the mortgage options available to you under the program.
- Check the official Consap website to find a list of participating banks.