Learn about the guarantees from the Official Credit Institute (ICO): who can benefit, what requirements exist to apply for these guarantees, and how to seize this unique opportunity to buy your first home. Don’t miss this comprehensive guide on access to housing for young people and families in Spain.
Access to Housing: New ICO Guarantees for Mortgages
Access to housing is a constant concern for many young people and families in Spain. Aware of this need, the Government has launched an innovative measure to facilitate the purchase of the first home. The new guarantees from the Official Credit Institute (ICO) represent a financial support aimed at those under 35 and families with dependent children who wish to take the step towards property ownership.
Access to First Housing: What Are ICO Guarantees and Who Can Benefit?
ICO guarantees are a €2.5 billion line designed to pave the way to ownership for those who, despite their solvency, have not been able to save enough to buy their first home. This measure is specifically aimed at young people and families seeking a viable solution to access the real estate market.
Objectives and Benefits of the Measure: Buying the First Home with State Aid
The main objective of this initiative is to facilitate access to mortgages for more than 50,000 people across Spain. In addition to streamlining the emancipation of young people, it is expected that this measure will help alleviate pressure in the rental market, especially in urban areas where prices are prohibitive.
Requirements and Conditions to Apply for the ICO Guarantee: Housing Access for Young People and Families
To access these guarantees, applicants must be individuals of legal age, with legal residence in Spain for at least the two previous years. Individual incomes must not exceed €37,800 gross per year, and the net worth limit for the guaranteed party cannot exceed €100,000.
Amount and Terms of the ICO Guarantee: Buying the First Home with State Support
The ICO guarantee will cover up to 20% of the credit amount, with the possibility of reaching 25% if the property has a D or higher energy rating. The term of the guarantee will be a maximum of 10 years from the formalization of the operation, during which the property must be the beneficiary’s habitual residence.
How to Apply for ICO Guarantees and When Will They Be Available?
Although the criteria for the guarantees have been approved, the details of the implementation are still being finalized. It is expected that the measure will come into effect at the end of February or the beginning of March, once the agreement with the ICO and financial entities is signed. Once operational, banks will be able to process mortgages, with the state guarantee as backing.
In summary, ICO guarantees represent a unique opportunity for those looking to buy their first home, offering solid financial support and favorable conditions to make this important dream a reality. With this measure, access to housing for young people and families becomes an achievable goal.
If you’re considering taking advantage of the new ICO guarantees to take the first step towards your first home, don’t hesitate to reach out to us. With our experience and dedication, we’ll be delighted to guide you through every step of the process. Contact us today to start your journey towards the home of your dreams!