The Government of the Community of Madrid is revising its ‘My First Home’ (Mi primera vivienda) program, which aims to help residents with stable solvency but insufficient savings for a down payment to purchase their first home by providing a public guarantee. The new draft legislation, expected to take effect by 2026, focuses on expanding the beneficiary pool to address the challenges posed by current high housing prices.
Age Limit Removal: Benefiting All Families with Minor Children
One of the most notable changes in the new policy draft is that all families with dependent minor children will be eligible to apply for the program’s guarantee, regardless of the parents’ age. This expands upon the 2024 relaxation of restrictions for large families and single-parent households, further extending benefits to all families with children. The move aims to provide stronger housing support for families with childcare responsibilities.
Residency Requirement Eased: Commuters Included for the First Time
Another major adjustment concerns the applicant’s residency requirements. The current policy requires applicants to have legally resided continuously in the Community of Madrid for two years prior to applying, which excludes many commuters who work in Madrid but live in neighboring regions. The new draft will completely change this, stipulating that individuals who can prove they have been working in the Madrid region for at least two years will be eligible to apply, even if they do not reside there.
General Age Limit Increase and Other Purchase Regulations
In addition to the aforementioned relaxations for specific groups, the program’s general application age limit will also be adjusted. The Madrid government had previously announced plans to raise the age limit for general applicants from the current 40 to 50 years old in the coming months. It is important to note that all applicants purchasing a home through this program must still adhere to the following regulations:
- Price Cap: The purchase price of the property cannot exceed €390,000 (excluding taxes and fees).
- Property Location: The property must be located within the Community of Madrid.
- Residency Obligation: After the purchase, the property must serve as the applicant’s primary and permanent residence for at least five years.
