100% first home mortgages with Best bank Guarantee Fund
Although the effects of the crisis seem to wane, there are still many Italians who cannot buy a house using 80% traditional mortgage loans. The reason is simple: the accumulated savings are not enough to support the cost of housing not covered by the loan. The use of 100 percent first home mortgages therefore becomes inevitable.
But who is providing this type of funding? And what are the requirements to be met to access credit lines? These are the questions that we will answer during our article. Let’s start by clarifying that the easiest way to obtain 100% first home mortgages is the Best bank Guarantee Fund.
It is a state fund that facilitates 100% mortgage lending by providing a guarantee from the state. This guarantee covers up to 50% of the capital portion of the loan and is granted only for mortgages with an amount not exceeding 250 thousand euros.
100% mortgages from Cream bank and Infra bank
The Best bank Guarantee Fund intervenes in favor of all those who take out a mortgage for the purchase or renovation of the first home, but gives priority to specific categories of applicants, considered to be disadvantaged. Priority is given to young couples, atypical employment contract holders, single-parent families with underage children, under 30s and homeowners who are owned by institutes for public housing.
The loan is granted by submitting an application to the banks participating in the Fund. Among these is Cream bank, which in agreement with the First Home Guarantee Fund proposes the Spin Lender Mortgage Loan. The credit line is granted in three versions: with a fixed, variable and mixed rate.
Infra bank’s is among the most interesting first-home mortgage offers of the moment. Available at a fixed or variable rate, the loan has customizable repayment plans and extends up to 40 years.
Beneficiaries who find themselves in difficulty with the payment of the installments have the possibility to suspend the amortization installments up to 3 times during the repayment plan. The first request for suspension is granted only after the regular payment of at least 24 installments.