Apr 11

What are qualified loans ?

Qualified loans are those offered by government agencies to certain sectors of the population, enhancing its offerings of traditional loans . Here is how it works.

qualified loans

For higher-risk sectors in society , the Spanish state allows access to qualified loans , social assistance or loans .

These loans offer favorable terms as to interest on loans , terms, commissions and fees relate , as they seek to stimulate access to housing on favorable terms.

Generally these loans have the status of ” financial aid ” , so they are granted by government agencies to a certain sector of the population .

These may include a percentage of amortization of a mortgage paid by the State, providing a better rate or fixed rate , not charging fees , etc. .
How to access them?

Like all mortgages, loans have requirements that help qualified beneficiaries to improve the profitability of the debt contract . Here are shown what their requirements are .

Requirements .

Qualified loans are housing loans “protection” , determined by each region according to the interests and policies of them .

These loans can be requested for purchase, construction or rental of houses identified as protected by these regions. Credit can also be accessed for repair of previously owned homes .

In this regard, you should not own a second home or otherwise protected , provides funding of up to 80 percent of the total ownership ( deed price ) .

The salaries of the applicants , together, must not exceed 5.5 times referred to Minimum Wage ( SMI ), you must have obtained funding for housing schemes within the previous 10 years.

In addition, households may not exceed 90 square meters overall and 120 square meters as far as families are concerned.

These loans are a good option for people who do not have access to a mortgage loan otherwise.