2023 is the year when it will finally be possible to realize the dream of home ownership thanks to the new government incentive called Minha Casa, Minha Vida. This year, the program brings big news, with the forecast of a significant increase in financing to help Brazilians buy and finance their own homes. If you are interested, keep reading this article as we are going to help you on this journey.
How does the Minha Casa, Minha Vida Program work?
The government program offers real estate financing to Brazilians with gross monthly income of up to 7,000 reais. The program subsidizes interest and offers much lower rates than other types of housing finance. In addition, there are also special grants for certain social groups, such as single mothers, families with children and people in emergency situations.
It is important to point out that the program covers new, used, rural and urban homes. In addition, you can use your FGTS as part of the down payment, which further reduces interest.
However, it is necessary that the property be approved in accordance with the regulations of the Minha Casa, Minha Vida Program in order to be acquired.
Is everyone entitled?
Unfortunately, not all Brazilians are eligible to participate in the program. It is important to be aware of the minimum requirements set by the government, which are as follows:
- Minimum income of 1,800.00 reais and maximum income of 7,000.00 reais (this income can be individual or family, depending on the type of stable union or the number of family members).
- Have a clean credit history, with no restrictions on Serasa or SPC (Credit Protection Service).
See how easy it is to sign up!
Enrolling in the Minha Casa, Minha Vida Program is quite simple and can be done through a website, where you can do a simulation to get an idea of the values necessary for entry, installments, number of installments and the value of the installments .
After doing the simulation, just accept the conditions and go to a Caixa Econômica Federal branch with your personal documents in hand (RG, CPF, proof of income) and the documents related to the property you want to buy, such as the floor plan and the appraisal from an authorized engineer. Then request the funding review. After the bank analyzes your request, just sign the contract and start paying the installments.
It is important to remember that the money may take some time to be released (the deadline is informed before signing) and additional documents, such as blueprints and engineers' assessments, may be required. Therefore, it is recommended to have a financial reserve to cover these costs, which are not included in the financing.
Did you like to know more about how to get your house through the Minha Casa, Minha Vida Program? Tell us in the comments and don't forget to share.