The Community of Madrid is raising the maximum age for eligibility for “Mi Primera Vivienda”—the public guarantee program thatallows applicants to secure mortgages with higher financing amounts than usual—to 50. The measure is aimed at people who can afford the monthly payment on a loan but have not been able to save the down payment typically required to buy a home.
The change comes amid high housing prices and difficulties in saving for a down payment. Until now, the program focused primarily on young people up to age 40; from now on, people between the ages of 40 and 50 will also be eligible, with different maximum financing percentages depending on their age.
Greater mortgage coverage and higher-priced homes
Thanks to the public guarantee system, financial institutions will be able to grant loans covering up to 100% of the property’s value for buyers under 40 years of age.
For those between the ages of 40 and 45, coverage reaches 95%, and for those between 45 and 50, it reaches 90%. In addition, the maximum price of a home eligible for the program rises from 390,000 to 425,000 euros, which significantly expands the range of eligible properties on the Madrid market.
The approved 25 million will be distributed among the participating financial institutions—currently nine in number: CaixaBank, Ibercaja, Banco Santander, Abanca, ING, Kutxabank, Unicaja Banco, Banco Sabadell, and Eurocaja Rural—once the agreements scheduled for the coming months are signed.
More families will be able to apply
The new regulation also includes families with dependent minor children. Furthermore, large families and single-parent families remain eligible and can access the program without an age limit.
The measure expands the original scope of “My First Home,” created in 2022 to help young people with stable incomes but insufficient savings to cover a down payment purchase a home. The Community of Madrid estimates that 8,309 people have already become homeowners through this public guarantee system.