Apply for KfW 300 without a concrete house plan

Do I understand correctly: You are good for the bank for a credit line that, after deducting the purchase price of the property including incidental costs, still has a remaining budget of 170k (for which, even with KfW funding, there would be no house); and now you want to buy the mentioned property quickly (to already put a checkmark next to the property in the bag), already submit the funding application (in - insane! - trust that the budget funds will not be withdrawn) just to meet the deadline, and then without hurry (absolutely *ROTFL*!) wait for the still needed lottery win for the still considerable financing gap??? - that would probably be called a suicide mission!

Funding loans are not suitable to even bring a desire for a home into the realm of the achievable—but rather to be able to afford the home more relaxed. It should already be possible without them.

The KfW 300 would be one component. Overall, we expect costs of about €600,000 for the house (+ land), which will be covered partly from equity and partly through loans (due to different terms). A corresponding financing confirmation from the bank is available.

The land itself is also financed from equity, so we would have only one financing project for the construction, into which the land would then be integrated as equity.

With most timber house providers

and what if you can’t or don’t want to build a timber house? (please do not answer, question is for focusing on one’s own thoughts and choice of words)

……

Congratulations on the plot :)

where we have received a financing commitment.

So you have received a positive statement that building a house with your specifications is currently possible and the go-ahead for about €600,000 total project volume?

The KfW 300 would be one component. Overall, we expect costs of about €600,000 for the house (+ ), partly covered by , partly through loans (due to different terms). A corresponding financing confirmation from the bank is available.

Don’t let the project be financed too complicatedly. KfW is good and well. But multiple components with different terms can lead to problems later.

The plot itself is also financed from equity,

Try to stay independent and use only equity for the plot. The plot later counts as equity.

Possible timeline 2024:
Duration…
2-6 months searching for a builder until the construction contract, meanwhile absorbing all knowledge about house building, costs, and technology.
Meanwhile visiting show houses, house exhibitions, creating room program.
Shortly before contract signing or upon finding a builder/general contractor, go to the bank, loan inquiries (you already know the budget)
2-4 months individual planning with the builder/general contractor.
3-6 months waiting for the building permit
1-2 months start of construction

So: no need to rush this year anymore.

P.s What kind of financing components should those for the current purchase be?

Thank you for your comments ypg, especially for the schedule!

P.s Waas sollen das für Finanz-Bausteine für den jetzigen Kauf sein?

If you mean me, it was about the overall financing. The proposal from the house bank is:
1) KfW
2) Loan with a 10-year term
3) Loan with a 15/20-year term
4) Building savings contract with Riester to avoid the risk of even higher interest rates after 10 years.
5) Equity (only listed at the bottom because I forgot it in the list :D)

If you mean me, it was about the overall financing. The house bank's proposal is: 1) KfW 2) Loan with 10 years term 3) Loan with 15/20 years term 4) Building savings contract with Riester to avoid the risk of even higher interest rates after 10 years. 5) Equity (only listed at the bottom because I forgot it in the list :D)

Then please go to the house bank and 1) first of all, strike out KfW. KfW only with an energy consultant ==> and only with an absolutely concrete house plan. So take bridge financing from the house bank with the worst case that this might become an expensive house bank loan sometime in 2024 if by then there is no suitable KfW loan for you anymore. 2) cross out the option with the Riester building savings contract. The option is almost always very good - but only for the bank that collects commission and the building society that gets you as a customer 3) discuss the loans with 10 to 20 years terms because the interest rate difference is extremely small. With a minimal surcharge you can buy yourself a lot of security. If the interest rates have fallen after 10 years, you can still cancel the loans according to § 489 BGB. So you have no risk.