Many families do not know that, through the lease, they could acquire their housing project. Learn how this system works. Buying a home is a dream for most people, but sometimes that dream ends up being a nightmare when you do not have enough resources. How long do you think it would take you to buy the house of your dreams?
Finances and the household economy are fundamental issues in Colombian families
We are always reviewing possibilities to make our salary more flexible, lasting, and profitable. Between paying for services, the market, the children’s school, and the lease, the possibility of thinking about buying a home as we imagine it vanishes.
But there is an alternative that will allow you to access this great dream: buy a home and pay it with the money that goes to the lease. This type of investment takes more and more strength as it is the best option to finance a project and optimize the family’s finances.
How to pay with the rent money?
The National Savings Fund (FNA) has the Save your lease program for people affiliated with layoffs * with incomes from 2 to 6 SMMLV (Legal Minimum Monthly Salary Effective), and even a program option for income over 6 SMMLV.
There are two ways to access this program: you are affiliated to the FNA under the modality of unemployment or voluntary savings. If you do not have your severance payments in the FNA, you can request the transfer to take advantage of all the benefits) or that you have or create a Contractual Voluntary Savings (AVC) account in said
That way, you can buy social interest housing, new or used, and finance it for up to 20 years. You do not need an initial fee because the objective is to convert tenants into owners, providing all facilities.
It is important to know that the beneficiaries are people affiliated with the fund either through the deposit of severance payments or the opening of a Contractual Voluntary Savings (AVC) account. Both are equally important and must be done at the same time.
To access the program, you must meet the following requirements:
- According to your monthly income, the FNA has arranged three lines: people who earn up to 2 SMMLV, between 2 and 6 or more than 6 SMMLV. Find out which of these three groups you are in to know what type of home you can access: new, used, social interest, or priority social interest. Remember that you must be affiliated with the National Savings Fund under the modality of unemployment or voluntary savings.
- Collect the documents according to your profile: employee, pensioner, independent, etc.
- Fill out the application form and go to one of the 77 points of attention of the FNA to file your application.
- In addition to the FNA, you can also find housing leasing programs in financial institutions, which will help you access your own home.
How to finance a rental property investment
When you decide to invest in rental property, the first question that comes to your mind is which one investment should be the best. These three options can help you in maximizing rental property investment.
Usual house mortgage
Typically, people prefer this way of finance for rental property investment. You will start it with a secured mortgage through the rental property’s equity that you are purchase. It will be the mortgage that you have to purchase a house in which you are living. You may have to pay a higher amount for rental property investment, need greater down payments, and multiple approval requirements. That payment will be greater than the property that the owners had purchased.
HomePath financing property investment
We can avail of this option of HomePath financing property investment for Fannie Mae-owned properties. For this, you will need hardly 5% of down payment, expanded seller contributions, lack of mortgage insurance, and higher financing to repair the damage. Investors may receive investment property finance for up to 20 properties for Fannie-owned properties. Each borrower can get loans for only four financed properties.
Line of credit for a home equity
You can take a loan for a rental property investment if you are using your home. If you are new in this field of investment, you can use your existing house as a down payment with the help of a secured line of credit for the first or second investment property. Now, the question is, what is a secured line of credit or HELOC? The equity in the house you are living in secure your line of credit, and HELOC is a Home Equity Line Of Credit.
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