Guide to Buying Your First Home
Everything you need to know to buy your first home, step by step. From financial planning to receiving the keys.
Assess Your Financial Situation
Review your income, expenses, debts, and borrowing capacity. Check your credit score through credit bureaus like Datacredito.
Define Your Real Budget
Calculate how much you can pay monthly (no more than 30% of your income) and the total property value you can afford.
Check Your Subsidy Eligibility
Check which subsidies are active for you: FRECH and Compensation Fund subsidies remain in effect. (Mi Casa Ya suspended for new beneficiaries in 2026.)
Create a Savings Plan
Set monthly savings goals for the down payment (minimum 30% of the property value). Use AFC accounts for tax benefits.
Compare Mortgage Options
Compare interest rates, terms, and conditions across at least 5 banks. A 0.5% difference can mean millions over the life of the loan.
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Search and Select Your Home
Visit projects, review floor plans, verify builders, and check title studies. Prioritize location, transportation, and nearby services.
Prepare Your Documentation
Gather income certificates, bank statements, ID, tax returns, and the property's title certificate.
Apply for and Process the Loan
Submit your application to the chosen bank. The credit study process takes between 5 and 15 business days.
Deed Signing
Once the loan is approved, coordinate the deed signing at a notary office. Review every clause before signing.
Receive Your House Keys!
Congratulations! Receive the keys to your new home. Don't forget to update your address and utility accounts.