Home ownership is closer and easier than ever! The Minha Casa Minha Vida program makes it possible to finally get out of the rent.
With the amount of discounts and advantages offered by the housing program, buying an MCMV property with a family income of 2 minimum wages became easier and more accessible.
To be eligible for the benefit, you must meet the following requirements:
- Not Having Real Estate, Real Estate Financing Or Having Received Housing Benefits From Federal, State And Municipal Resources;
- Prove Income To Attest That It Has Sufficient Resources To Pay For Future Benefits;
- There Are No Credit Restrictions (Debts Registered With Any Credit Protection Agency);
- The Portion Cannot Commit More Than 30% Of The Monthly Family Income Presented At The Time Of Registration;
- Not Use The Benefit To Invest In Real Estate (Resale);
- The Financed Property Must Be In The Same Region Of Work Or Previous Residence.
Gross family income must be proven by all family members by work card, paycheck and identification document with photo (in the case of self-employed professionals, the INSS card is accepted as proof).
For those with a dirty name at the SPC (Credit Protection Service) or Serasa, requesting financing for an MCMV property is allowed. However, in these cases, the chances of order approval are reduced.
[E-book: What do you need to know before buying your dream home? ]
What are the ranges to be able to buy an MCMV property with a family income of 2 minimum wages?
The housing program includes 4 bands, 2 of them for people with up to 2 minimum wages. It is based on these ranges that the subsidies offered by the federal government are defined.
Track 1 – family income of up to R$1,800
In this first range, the government is in charge of bearing most of the financing. The period to pay off the property is up to 120 months, with installments ranging between R$80 and R$270.
Range 1.5 – family income of up to R$ 2,600
The subsidies offered to those contemplated in the 1.5 range are up to R$47,500, together with an interest rate of 5% per year and a limit for payment of up to 30 years.
There are also tiers 2 and 3, which are aimed at people with a family income of up to R$4,000 and up to R$9,000, respectively.
Understand how the Minha Casa Minha Vida program works!
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Understand how to buy a MCMV property with a family income of 2 minimum wages
After checking if you meet the prerequisites mentioned above, it’s time to know the step by step of how to buy a MCMV property with a family income of 2 minimum wages.
There are two ways to achieve this, and they will depend on which track you are in.
For those who are part of track 1, it is necessary to register. For the second group, the 1.5 band, registration is no longer necessary and you can trade directly with the bank. Check out!
Track 1 – family income of up to R$1,800
In the first range, the government can subsidize up to 90% of the property’s value, so it becomes affordable for families with a family income of up to 2 minimum wages.
In this range, those who wish to purchase a property through Minha Casa Minha Vida must meet some requirements in addition to those already mentioned. Are they:
- Be Registered In The Single Registry;
- Not Being Part Of The National Registry Of Borrowers (CADMUT) Or The Informative Registry Of Unpaid Credits Of The Federal Public Sector (CADIN);
- Be Registered At the Social Assistance Reference Center (CRAS).
To get a property in this range, the only possible way is to register. It takes place at the City Hall or Housing Department of the city where the property is located and needs to be done in person.
But beware! The registration period may vary depending on the location. In some municipalities, they can be done throughout the year, in others, only on defined dates. So, find out beforehand.
As the number of people who register is greater than the demand, a draw is made to define who will be awarded. Therefore, registration is not a guarantee of having your own property, but it is the first step.
Range 1.5 – family income of up to R$ 2,600
In the 1.5 range, installment payments can be made in up to 30 years with interest of 5% per year. Here, there is a limit for government subsidy, which is up to R$ 47.5 thousand, for the purchase of the property.
In this range, you can apply for credit approval directly from the bank. After delivering the necessary documents, engineers and architects hired by the bank will carry out an appraisal of the property, in order to confirm that the requested amount corresponds to the property.
In parallel, the bank also analyzes your profile, such as family income, banking history and Serasa scores. Thus, it identifies whether you will be able to pay the installments.
The documents required are:
- Updated Property Registration;
- Call And Put Option Contract; And
- Street Certificate Provided By the City Hall.
In addition, of course, to the documents already mentioned here, which are common to all bands.
If the credit is approved, the bank transfers the value of the property to the seller and you guarantee your own home.
Now that you know how to buy an MCMV property with a family income of 2 minimum wages, it is important to pay attention, because the rules of the Minha Casa Minha Vida program change frequently.
For 2020, for example, the government is studying changes. Check it out below!
What are the changes for the year 2020 for the Minha Casa Minha Vida program?
After some changes were made to the Minha Casa Minha Vida housing program in 2019 and suffering the risk of having the investment reduced, this new year brought good news for those who wish to benefit from a property under the program.
The limits of the monthly family income ranges were expanded, which means that more people can be covered by the benefit. Check out the changes:
- Range 1.5: From BRL 2,350 To BRL 2,600;
- Range 2: From BRL 3,600 To BRL 4,000;
- Range 3: From BRL 6,500 to BRL 9,000.
However, band 1 was the one that underwent most changes with the new direction of the government: the band that serves families with income of up to R$1,800 would no longer be a real estate financing for a kind of social lease.
This change is aimed at combating the illegal sale of Minha Casa Minha Vida properties covered by tier 1 of the program, as they are for personal use and not for commerce.
The use of the FGTS to buy an MCMV property also underwent changes: the ceiling value was increased based on locations.
In the Federal District, São Paulo and Rio de Janeiro, the ceiling went from R$225 thousand to R$240 thousand. In the capitals of the North and Northeast, the ceiling was increased from R$ 170 thousand to R$ 180 thousand.
The limit went from R$ 950,000 to R$ 1.5 million across the entire Brazilian territory. The implementation of these changes aims to increase the possibilities of using the FGTS to acquire properties with higher prices and better quality.
Caixa Econômica Federal: new interest rate
Caixa Econômica Federal announced, in the second half of 2019, a new line of credit for people who wish to purchase a property financed by the institution itself.
In this new model, the rates operated vary between 2.95% and 4.95% per year, not to mention the current inflation in Brazil, based on the official index measured by the Broad Consumer Price Index (IPCA).
This new real estate financing model, which became available from August 2019, allows the financing of up to 80% of the property’s total value, which can be paid in up to 360 months (30 years).
Caixa Econômica has an online real estate financing simulator so that you can have an idea of the value of the installments, as well as the interest rates included.
Check out our article on how Caixa Econômica financing works!
Minha Casa Minha Vida: interest rate
Due to the changes that took place in the first half of 2019, the interest rates for each range of the Minha Casa Minha Vida program were also readjusted:
- Family Income Of Up To R$2,455: 5% Interest Per Year;
- Between R$2,455.01 And R$3,275: 6% Interest Per Year;
- Income between R$ 3,275.01 and R$ 5,000: 7.16% Interest per Year.
Understand all the steps of registering Minha Casa Minha Vida!
With over ten years in the market, the Minha Casa Minha Vida program has provided housing to thousands of Brazilians, and the expectation for this year of 2020 is for a lot of expansion in the real estate area.
Now that you know how to buy an MCMV property with a family income of 2 minimum wages, don’t miss the opportunity to make your dream come true!
If you have any questions, please contact us.
Prestes wishes you good luck in this unique moment!
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Real Estate Fees: by people to people
Different, bold and innovative: that’s Prestes Construtora , which has been operating in the market since 2009. With the mission to generate prosperity and develop happy communities, it develops real estate projects that turn dreams into reality.
His expertise is in the Minha Casa Minha Vida program. Its commitment is to promote the quality of life and well-being of its customers and the community, with ethics and responsibility.