Buying your first home in Goiânia: down payment, financing and FGTS made simple

Moving out of a rented place is one of the most common dreams of people looking for property in Goiânia. It comes with a list of questions: how much do I need saved? Will the bank approve me? Can I use FGTS?

I will answer them in the order they usually come up.

How much do I need for the down payment?

It depends on the type of property and how you will pay.

A ready home with financing. The bank finances part of the price and you pay the rest as a down payment, with savings and, when possible, FGTS (a Brazilian workers' fund). How much the bank finances varies with the institution, the credit line, the property and your profile. The right number comes from the simulation, not from a general rule.

An off-plan home. The down payment is usually split over the construction period, paid directly to the builder. At the end, the balance is financed. That is why many people manage to start with a new development before they can save the down payment for a ready home. I explain the steps in this guide to buying off-plan.

And do not forget the costs that come with the purchase: the ITBI transfer tax, registration, the bank's valuation. I list them all in this article about costs.

How the bank decides whether to approve you

The bank mainly looks at:

• Income. The installment has to fit within a limit of household income that each institution defines.
• Credit record. A clean name and a good payment history carry a lot of weight.
• The property. The bank runs a valuation to confirm the property is worth what is being financed.

Two people, such as a couple, can combine incomes, which changes the possible amount. Self-employed people can also get financing, but they need to prove income in other ways, such as bank statements and income tax returns.

Compare offers by total cost, term, insurance, the adjustment index and the amortization system, not only by the first installment. And run the simulation before falling in love with an apartment: that way you search within what fits.

Can I use FGTS?

In many cases, yes. FGTS can go toward the down payment, toward paying down the balance or toward part of the installments, as long as you, the property and the transaction meet the current rules. Among the points analyzed are your time working under FGTS, whether you own other properties or have other mortgages, the purpose of living in the home and how the property qualifies.

The rules have details and change from time to time. CAIXA or the bank handling the transaction confirms it, and I ask for that check with you before we count on that money.

Housing programs

Depending on household income, Brazil's Minha Casa, Minha Vida program may offer specific terms. Its categories, income brackets and property limits change, so the current rules should be checked on the official program page (in Portuguese) and with the bank during the simulation.

Documents to prepare now

Getting these ready saves weeks. Usually requested:

1. ID (RG) and CPF taxpayer number for every buyer
2. birth or marriage certificate
3. recent proof of address
4. proof of income for recent months (payslips, statements or partner's withdrawals)
5. income tax return, if you file one
6. FGTS statement, if you plan to use it

The bank may ask for others, depending on your case.

The order I recommend

1. Credit simulation, to know the possible amount.
2. Choosing the area and the type of property.
3. Visits, calmly.
4. Offer and contract review.
5. Financing approval and signing.
6. Registration at the registry office and the keys in your hand.

It sounds like a lot, but each step becomes simple when someone walks it with you. If your first home is in your plans, get in touch and we will organize your first simulation.

The terms of your financing and the use of FGTS are set by the financial institution during the credit analysis. This guide does not replace that analysis.