Condominium - what are the possibilities for funding?

Good day,
We, a family of 5 (married) with a single earner, 2 children including one child with an 80% severe disability,
would like to take the step to buy a property or condominium.

The reason is:
A disability-accessible rental apartment of about 120 sqm with 5 rooms for a maximum of 800 euros cold rent cannot be found after 2 years of searching.
If there are offers, they start at 1000 euros and up.
In the long run, it makes more sense to buy a property.

Now we possibly have the opportunity to get a condominium
in a two-family house.
Or with a partial declaration, half of the house with a garden.

Proportionally, this would be about 130K that we would have to finance.

Now to the question, since I am only recently dealing with the topic and want to go to the bank completely uninformed.

How would it be advisable to finance the property without equity?

What funding options might be available to us in NRW?

It would be great if someone could share a few tips or experiences.

I have already read up here,
but most discussions in the forum are about home ownership.

Regards

The basic financing plan should include not only an annuity loan but also the funding from the NRW.Bank / WfA funds and KfW loans. The WfA component should be particularly interesting because of 3 children, one of whom has a disability.

Having no equity at all is, of course, not so good. So, there is no building savings contract with a balance, a life insurance policy with a surrender value? It is supposed to be a purchase, so that personal contribution in the new house is also eliminated? The WfA usually requires a small equity share. At this point, I would turn everything upside down again and see what is feasible. The catch with the NRW.Bank is: it can take a long time!!!

Thank you,
Now the home savings contract is available, [VWL] but well under 10K.
The most sensible thing would probably be to first check with the house bank and other banks
to get an impression of what would come our way.

These child supplements, for example, have been gone for a couple of years.:mad:
Looking for alternatives:(

Because handling everything through the house bank, well, I'm rather skeptical about that:eek:

I am very grateful for further tips.

Regards

Checking banks is only useful if a "normal" financing is intended, that is, without WfA. If WfA is to be involved, then due to processing issues a local bank is needed. The funding from the state varies greatly and must be determined individually. There are, for example, basic flat rates from K1 to K3, child bonus, city bonus, possibly increased city bonus, starter loans, etc. The amount can be many tens of thousands of euros. Income and equity/own contribution limits must be observed. I'm curious whether the banker will come up with such an idea. Promotional loans cause a lot of work and reduce one's own bank loan. As a result, the bank has much less to earn. Usually, they try to sell commission-bearing building society contracts or insurances.

Which first point of contact would make the most sense, since we currently still have entitlement to housing benefit and child allowance (in addition to child benefit). Since I have often read that housing benefit would continue to be paid when acquiring a property. :o It is clear that banks will basically try to profit from us, without regard for us and the subsidies. Please more tips. Regards

Hello,

Of course banks will try to profit from us, without regard for us and the subsidies.

Don't you notice that your previous sentence could be interchangeable with this statement:

Because I have often read that housing allowance would still be paid when acquiring a property.:o

?

Kind regards