Do you want to get out of rent or buy your first home of your own, but don’t have the money to put down? Generally, builders ask for 30% of the value of the property to use as a down payment in any banking procedure. However, is it possible to buy a property without a down payment? Find out here.
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Is it possible to buy a property without a down payment?
As mentioned, it is usually necessary to have 30% of the final value of the construction to provide in the entry of the financing. If we think that a house or apartment will hardly cost less than R$ 150 thousand, the minimum entry would be close to R$ 45 thousand.
Of course, it all depends on the buyer’s income, score and history, and the value may correspond to a smaller percentage. Still, there are some possibilities that can really give you the benefit of buying a property with no down payment.
So, the answer to the question asked at the beginning is yes, you can buy a property without a down payment. For this, it is necessary to observe some details and follow some tips.
Look for property purchase options on the floor plan
The first tip to get financing without the need for a down payment is to look for properties that are still on the floor plan. This means that the purchase price is reduced, since it is necessary to increase the number of clients to make the construction feasible.
In this case, the buyer must have an unblemished financial conduct and be able to obtain large amounts of credit.
Use government solutions
Participating in programs such as Casa Verde Amarela, which replaced the former Minha Casa Minha Vida, is an interesting option. This is because the government itself offers a subsidy to buy the property.
In addition, it is possible to redeem a portion of the Severance Indemnity Fund (FGTS) to use as a down payment. Even if it is a down payment, it would not be necessary to use money that is available in the account to spend on the property.