If you want to buy a house, you will have started to make numbers to know if you can get the home of your dreams. You have already considered a mortgage and are even comparing financing options. Have you considered the aid for the purchase of housing? We share with you a brief guide so you can find your opportunity.
The US sold 352,768 houses between January and August 2018, according to the latest data collected by the National Statistics Institute (INE). This figure represents an increase of 11.13% compared to the same period of the previous year and means that the real estate market is in full swing.
If you do not want to miss the extraordinary moment of buying and selling real estate and need extra support to get that home you dream of, there is a program to help you buy a home: the 2018-2021 Plan.
Although the 2018-2021 Housing Plan focuses on rent for the most disadvantaged, it has real help for anyone who needs support to buy a home and meet a series of obligations. What are the minimum requirements to access a service to buy a home?
Be Under 35 Years Old
The regular income equals or less than three times the Public Indicator of Multiple Effects Income (IPREM). This index is the reference for the granting of aid. Since 2004, it has replaced the Interprofessional Minimum Salary. The IPREM is published every year in the General State Budgets. In 2017, it was $537.84 per month. You can access the subsidy if your payroll is $1,613.52 or less until new budgets exist.
The home you are asking for help for must be your usual residence for at least five years from the date of occupation.
You Cannot Access the Subsidy if You Already Own Another Home
In general, the aid will last for three years. However, autonomous communities can reduce this period if it is justified. And how much help does it cost to buy a home? If you meet the minimum requirements, you can receive up to $10,800 with a limit of 20% of the property’s price.
Programs Help You to Purchase a House
You can consider the various federal programs the Department of Housing and Urban Development (HUD) offers. It helps you in buying a house if you are eligible for assistance.
- FHA loans and HUD Homes – HUD offers two programs for home buyers. As a result, the house-purchasing process will become more affordable than others.
- Homeowner voucher program – HUD offers the Homeownership Voucher Program. Homebuyers can fulfill their monthly debt payments and other home expenditures with it. You will have this voucher when your income is low, and you wish to purchase a desirable house.
Purchase of Shares for Homeownership
Shared ownership means purchasing shares to buy a home of your choice from the property owner, which can be anyone like the council or a housing association and the one that is willing to rent the remaining share.
You cannot buy shares to purchase your home without having debt. You need to take a quarter and three-quarters loan compared to the purchased house’s total value.
Later, you can purchase the highest share, which would be 100% of your house’s purchasing value. There are no eligibility limitations on shared ownership. Now you can get home through help to buy. For example, you may have less household income inside and outside your state boundary.
Considerations While Buying a House During a Pandemic
- A down payment is better than emergency funds.
- Regarding buying and selling the coordination of houses, your work must be in progress.
- The conventional market is better than the mortgage market.
- Interest rates must be a lower priority.
- You must have a backup plan or an alternative for buying and selling house policies. It is an ordinary and necessary element.
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