What types of real estate are eligible for the Family Mortgage program?

I am planning to apply for a family mortgage soon and I am trying to understand the current eligibility criteria for property types. Is it possible to use this program for purchasing a secondary market apartment, or am I strictly limited to new developments from developers? I would also like to know if there are any specific requirements for townhouses or individual houses if I decide to go that route. Any advice or recent experiences from forum members would be greatly appreciated.

The rules for the Family Mortgage program generally prioritize new developments. You typically cannot use it for the secondary market unless you are buying from a legal entity, which is rare for older homes.

From my experience, it's mostly restricted to primary market housing. If you are just starting your search, check out this guide on first-time homebuyer steps to ensure you have your paperwork ready.

You can definitely buy a townhouse or an individual house, but it must be from a developer. No private sellers are allowed, so keep that in mind when browsing listings.

If you're considering buying a house, make sure the developer is accredited by the bank. Not every construction company qualifies for the program rates.

I tried to use the program for a secondary market apartment last year and was rejected immediately. The banks are very strict about the 'new build' requirement.

For those interested in international options, you might want to look at the best countries for real estate investment in 2024, but keep in mind that the Family Mortgage is strictly for domestic new-build properties.

The property must be residential. You can't use it for commercial real estate or mixed-use buildings that aren't classified as apartments.

You are limited to new apartments or houses purchased directly from the builder. Secondary market is a no-go, even if the building is only a few years old.

Make sure the contract is a DDU (Equity Participation Agreement). If it's a different type of contract, the bank might not approve the mortgage.

I bought a townhouse under the program last year. The process was smooth, but the house had to be brand new from a certified developer, not a resale.

Check the bank's official list of partner developers. That's usually the best way to narrow down which properties are eligible.

It's a common misconception that you can use these funds for older homes. The program is specifically designed to stimulate new construction.

If you have questions about transferring funds or legal hurdles, especially if you are dealing with cross-border transactions, definitely read about buying property in Serbia from Russia to see how complex these things can get.