Spain expands home buying support with 2.5 billion euro guarantee line

The government approved on Tuesday the terms of a 2.5 billion euro guarantee line. This line is designed for the Instituto de Crédito Oficial (ICO) to help young people and families with dependents access home ownership in Spain. The guarantees would cover between 20 and 25 percent of the transaction value, the portion typically required by banks to issue a mortgage for purchasing a flat. With the guarantee, lenders are expected to fund 100 percent of the loan, while buyers would only need to have saved 10 percent to cover costs such as taxes, notary, and registration. The following are the requirements to access the aid. [Attribution: Government of Spain]