First Home scheme was established to assist first time buyer in bridging the difference between what is allowed them under mortgage lending guidelines of the Central Bank of Ireland and what amount needs to be borrowed (their “borrowable amount” and their required purchase amount) from understanding criteria defining eligibility to insights on the mortgage application process for first-time buyers.
Eligibility Criteria for First Home Scheme as a first-time buyer
The First Home Scheme is specifically designed for first-time buyers aiming to purchase a newly constructed home, targeting individuals looking for new construction homes who may find financing difficult due to conventional mortgage and deposit sources. It serves as a supportive measure, helping break through financial obstacles to homeownership opportunities for first-timers.
Are You Eligible for the First Home Scheme?
Eligibility criteria for loan programs vary based on variables such as income, location, and application purpose. Government programs frequently have specific regulations that may change from time to time. It’s wise to consult official sources or seek the advice of an adviser when searching for information regarding eligibility and application procedures. https://www.firsthomescheme.ie/
Does the First Home Scheme Apply to Second-Hand Properties?
Regrettably, the First Home Scheme applies only to newly constructed properties – not second-hand ones. Their is one exception to this if the house you are living is being sold . you can use first home scheme to purchase this house subject to other conditions .https://www.firsthomescheme.ie/product-type/tenant-home-purchase/
How Much Can I Borrow Under the First Home Scheme?
Under the First Home Scheme, maximum borrowing limits for first time buyer Ireland are set at 30% of the property’s purchase price. Please be aware that if participating in Help to Buy for this property purchase, maximum loanable funds under the First Home Scheme are limited to 20% of the property’s purchase price.
First Home Scheme by “JCMORTGAGES” for the Year 2024
JCMORTGAGES proudly takes initiative to make homeownership possible in 2024 as Ireland’s premier mortgage broker, specifically in Dublin. We are committed to supporting individuals on their path toward owning their first home; therefore, this plan caters to each prospective homeowner’s unique requirements by offering benefits and financial solutions tailored specifically for them.
How do I apply for the First Home Scheme?
There are some steps to the FHS process:
- Check you qualify
- Get mortgage approval in principle
- Upload letter of offer to customer portal
- Get your FHS customer contract
- Get your FHS funds
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