The ICO Guarantee Facility for first-time buyers

The amount of the loan guaranteed by the MIVAU cannot exceed the lesser of the following reference amounts:

• Appraisal value of the property to be purchased.
• The purchase price of the property, taxes and expenses derived from the purchase and sale not included.

The amount of the guaranteed loan must be higher than eighty percent (80%) of the lower of the aforementioned amounts, except in the case of the purchase of homes with energy rating D or higher at the time of purchase, in which this percentage must be greater than 75%.

Regardless of the documentation and information that BBVA may require to study the solvency of customers and, where applicable, the granting of the loan, for the purposes of proving compliance with the requirements established in the Guarantee Facility, BBVA must receive the following documents:

a) Proof that neither of the home buyers have reached 36 years of age on the date of the signing of the mortgage guarantee in the sub-section “People younger than 36 years old”:

• National ID, Foreigner ID Card or Passport of all buyers of the property to be purchased.

b) Proof that the dependent children are under 18 on the date of the signing of the mortgage loan in the sub-section “Families with dependent children”:

• ID card, NIE or passport of dependent children, family book or document proving registration as a common-law couple, if applicable, or children's birth certificate.

c) Proof of continuous and uninterrupted legal residence in Spain of all the buyers of the property for the two years prior to the loan application:

• National ID, Foreigner's ID Card or passport and Municipal Register of Inhabitants that includes the start date of residence.

d) Proof of the status of single-parent family or non-single parent family, and the number of dependent children, in the subsection "Families with dependent children":

• Family book, certificate issued by the Registry Office or document proving the registration as a common-law couple, if applicable, or birth certificate of each child. In the case of documents in Spain's non-official languages, a sworn translation will be required.

e) Proof that the property to be financed is intended for the regular and permanent residence of the customers:

• Statement of Compliance of each customer in accordance with the form provided by ICO for this purpose.

f) Proof that the property shall not be used for business activities:

• Statement of Compliance of each customer in accordance with the form provided by ICO for this purpose.

g) Proof that none of the buyers of the property are prior owners of a property, by means of any type of purchase, for payment or gain:

• Certificate of ownership issued by the Property Registry for each of the buyers.

h) Proof of the purchase price of the property, and that it is located in Spain, and that all the buyers of the property sign the mortgage loan with a mortgage guarantee covered by the guarantee:

• Contract of sale and deed of sale for the property.

i) Proof of compliance with the income thresholds 4:

1. Latest Tax return filed or, if you do not have to file it, a negative Income Tax statement.
2. Authorization for the MIVAU signed by the customers to view their Tax Agency details during the guaranteed loan lifespan.

j) Certificate of tax compliance with the Tax Agency and TGSS:

• Negative certificate of debts issued by the Tax Agency and the TGSS.

The customer must also expressly authorize the MIVAU and the ICO to request, on their behalf, the State Tax Administration Agency and the General Treasury of the Social Security to verify that the application for financing made under the Guarantee Facility meets the eligibility criteria.

Similarly, the customer must expressly give their consent for the ICO to consult, on their behalf, any data on them held by the CIRBE during the guaranteed loan lifespan.

If BBVA already has the information or supporting documentation on any of the aspects referred to in this section, it will not be necessary for the customer to certify and/or provide it again.