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Getting Approval for Financing at Caixa May Seem Difficult, But Understanding the Right Criteria Can Make This Path Easier. Knowing How to Act with a Clean Name, Organized Debts, and Proven Income Makes All the Difference in Conquering Your Own Home.
Getting your own home is the dream of many Brazilians, but financing approval can be an obstacle. Caixa Econômica Federal, the main agent of the Minha Casa Minha Vida program, analyzes various criteria before releasing credit.
Knowing how this process works can make all the difference.
Check below the main information and the three factors that most influence Caixa’s decision.
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What Is the Minha Casa Minha Vida Program
The Minha Casa Minha Vida program is a government initiative aimed at facilitating home ownership for families with a monthly income of up to R$ 8,000.
It offers important benefits, such as subsidies of up to R$ 55,000 on the down payment and much lower interest rates than those practiced in the market.
The program also allows the use of the FGTS, even from jobs where the worker resigned.
Additionally, many construction companies allow the down payment for properties purchased off-plan to be paid in installments, making access easier.
Another advantage is the ability to combine income with two additional people. This increases the amount that can be financed and reduces the necessary down payment. The interest rates are also reduced, reaching up to 4% per year, while outside the program they can go up to 12%.
First Criterion: Clean Name
The first point that Caixa analyzes is your name’s status. If you have restrictions on SPC or Serasa, financing is unlikely to be approved. Therefore, it is essential to keep your name clean.
Having a good financial history and managing your credit score, which ranges from 0 to 1000, is also crucial. The higher your score, the greater the chances of approval. Avoiding accumulated debts and not letting bills go unpaid are practices that help in this process.
Second Criterion: Income Commitment
Another point analyzed is how much of your income is already committed to debts. Caixa checks bank statements, pay slips, and all financing and loans in your name. If more than 30% of your income is committed, approval becomes more difficult.
Even if the person has a good income, if a large part is already committed to other payments, Caixa understands there may be a risk of default.
Therefore, it is important to control expenses and avoid new debts before attempting to finance.
Third Criterion: Buyer Age
Age also plays a role. Caixa finances properties for up to 420 months (35 years). However, this term is not offered to those who are, for example, 65 years old. The older the buyer, the shorter the allowed term.
Those between 20 and 40 years old generally get the maximum term. Those in their 50s or 60s can still finance, but with a reduced term. This directly impacts the amount of the monthly installment.
Solutions for Those Who Have Difficulty with the Down Payment
Many people think that the problem is the down payment. But what is often lacking is information. With government subsidies, the use of FGTS, and installment plans offered by some construction companies, it is possible to simulate various payment methods.
For example, if the down payment is R$ 20,000, the subsidy can cover part of it, the FGTS another part, and the remainder can be paid in installments over up to 24 months — or even more, depending on the construction company. In some cases, there are people who managed to finance properties with down payments starting at R$ 500.
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