Young home loan 100% financed: How to submit the CPCV?
The benefit of the public guarantee established by the State for young people up to 35 years allows 100% financing of the house without having to finance any down payment. But what happens to the deposit that needs to be paid in the CPCV before the deed? Learn about the options next.
How to finance the CPCV payment without savings for entry, in the young 100% financed housing credit?
With the new public guarantee measure, which allows young people up to 35 years old to access 100% home financing, some challenges arise.
Remember that this measure guarantees the remaining percentage not covered by banks in home acquisition mortgage, up to 15%.
In other words, young people who meet all the access requirements for this measure may have access to bank financing (between 80% and 90% of the property value) and public guarantee to finance the remaining amount.
Therefore, it can apply to young people who do not have savings to give as a down payment in this process. But, in this case, the question arises: How to give the signal value in the Promissory Purchase and Sale Agreement (PPSA)?
This contract is signed before the property deed and usually requires a down payment to the seller. But what about those who don't have this amount?
There are two options for these cases:
1st option
The seller can accept to reserve the property and sign the CPCV without being given the down payment (usually 10% of the total price). However, this is a rare option, as sellers are less likely to accept these cases, since the payment provides greater security and commitment on how the deal will progress.
2nd option
The seller agrees that the down payment amount is lower than the usual 10% and the buyer signals the house and signs the CPCV with an agreed amount between the two. In this case, the bank still finances 100% and the buyer gets the down payment amount back.
For example:
- Acquisition value: 100,000€
- Signal: 2,000€
- Bank financing: 100,000€
The buyer delivers the 2,000€ deposit when signing the CPCV and, at the deed, still owes 98,000€. The bank transfers 100,000€ to the buyer and, at the deed, only transfers 98,000€ to the seller. The credit remains at 100,000€ and the buyer recovers the initially delivered 2,000€.
There is still an exception currently, in certain banks, which is a credit line signal. Through this line, both parties sign a CPCV with a signal value of up to 10% of the purchase price, the customer takes the CPCV to the bank in question to finance the signal value and this is delivered to the seller, and, at the time of the deed, transfers the remainder. However, this situation requires the CPCV and the transfer of the signal to be made with all participants at the counter, which can complicate logistics.
If you are looking to buy a house financed through this measure, save yourself from all this process: The credit intermediaries from Poupança no Minuto make it easy and take care of everything for you until the deed, at no cost, to ensure that you access this benefit without worrying about anything.
Contact the agents now and start your process today!