Buying a home in Gaeta is now easier with the First Home Mortgage Fund, refinanced again this year by the State through the 2019 Growth Decree. An incentive for those who want to purchase their first home with a mortgage, in which the State guarantees 50% of the required capital, up to a maximum of 250,000 euros.
Who Can Buy a Home with the First Home Mortgage Fund
The incentives are available to all those who do not own a first home (not even abroad) and wish to purchase one. The requirements to access the Fund include:
- the property must be located in Italy,
- the property must not have luxury characteristics, therefore cadastral categories A1 (prestigious residences), A8 (villas), A9 (castles and palaces) are excluded,
- the mortgage must not exceed 250,000 euros and must be granted by a bank or financial intermediary participating in the program.
Families in which at least one spouse is under 35 years old, single-parent families with minor children, young people under 35 with atypical employment contracts, tenants of properties owned by IACP, ATER, etc., will have priority when applications are equal. Additionally, applicants must not own other residential properties, except those acquired through inheritance or given on free loan by the family.
Once the requirements are verified, those who qualify for the fund are entitled to benefits such as:
- reduced registration tax at 2%,
- IRPEF deductions up to 19%,
- passive interest within a maximum ceiling of 4,000 euros per year,
- fixed mortgage and cadastral tax at 200.00 euros,
- 4% VAT in case of purchase from the builder
How to Apply for the First Home Mortgage Fund
Don’t own a property yet? Then, most likely, it’s worth buying a home by taking advantage of the Fund. To access the First Home Mortgage Fund, simply go to the branches or financial institutions participating in the initiative. They will send your application electronically to Consap. Once all documentation is submitted, the manager has 20 days to communicate the outcome to the bank.
Once the request is submitted, you will be assigned a progressive protocol number based on the day, month, year, hour, and minute the application was sent. This system is used to determine the priority of First Home Mortgage Fund applicants in case of limited funds.
If access to the Fund is confirmed, the mortgage will be disbursed within 30 business days. But the bank always has the final say. In fact, even if the bank has joined the program, it may still reject the application.
