Bank loan, KFW and housing promotion

Hello,

we want to buy an end-terrace house. New build. Price is about €230,000. It was completed recently. I am self-employed myself. With my 2014 tax assessment, I could also receive housing construction subsidies from the NRW.Bank.

What are the proportions you get from the banks?

What percentage do you get from a regular bank?

With the KFW bank we get voucher 2x €50,000 (2 programs)

What percentage would you get from the NRW.Bank?

Do you get the rest from the NRW.Bank or from the regular bank?

Hello Sisqonrw,

didn’t we already discuss these topics some time ago?

Important for you:
You are dealing with two contact persons.

1) Your “regular” bank
Here you get all answers regarding KFW in addition to the bank conditions.
2) The authority responsible for social housing for your future place of residence.
Here it is decided whether funding is possible and the corresponding amount of funding.

The question of how much social housing funding one receives essentially depends on the following factors:

[*]Number of children
[*]Date of marriage
[*]Location of construction
[*]Possibly use of additional funding (e.g., if there is already a purchase price bonus due to children in connection with a municipal land sale)

The house bank offers KfW funding (which is also processed via the NRW.Bank), in particular the program 124 (home ownership program) and 153 (energy-efficient construction, since it is new construction) can be interesting, provided the conditions are met. In addition, there is supplementary funding for individual components, for example via KFW Photovoltaics and storage systems, via BAFA subsidies for heat pumps (does the program 2016 still exist? I do not know). For disabilities of future residents, there are further funding options via the house bank through NRW.Bank at KFW.

The social housing funding amounts between 43,000 euros and (e.g., with 5 children and corresponding location) 163,000. Then you only need about 35,000 euros equity in addition to the KFW, because without that nothing works.

So a calculation could look approximately like this:

230,000 euro purchase price
23,000 euro incidental costs
253,000 euro total

35,000 euro equity
43,000 euro housing funding
50,000 euro 124 home ownership
100,000 euro 153 energy efficiency (new stricter conditions from 01.04.)
25,000 euro house bank
253,000 euro total

However, I find it difficult in NRW to get a property including land, all incidental costs and outdoor facilities for this price, if at the same time the energetic standard is to be met so that energetic funding is provided.

So first and most important question: Do you have 35,000 euros equity?

I would like to quote you here from 02/2015

Let’s say we bring 10,000-15,000€ equity with us.

If nothing has clearly changed since then, it will be tight. Very tight. At least with the state’s social housing funding.