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Colombian assisted housing program

I am hearing from several different sources about a government sponsored housing program in Colombia. I have yet to find someone who can intelligently talk about it. The rumor is that the government is building homes for low income people for 28 million pesos and then paying for 14 million pesos leaving the home owner to pay for the remaining 14 million pesos?

Does anyone here know anything about this. I am expecting a financial windfall and could afford to help some of my relatives...possibly.

t

By lpdiver on Oct 3, 2007, 04:09 in Friendly Talkzone.

chrispej says on Oct 3, 2007, 04:53:

I heard something like 10 million down payment assistance and the individual needs proof of employment. Not so easy to get. There are probably several programs.

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gato-bandido says on Oct 3, 2007, 05:44:

lpdiver: This sounds a lot like the deal my inlaws got recently. The numbers were somewhat lower though (18M / 9M). What do you want to know about it?

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lpdiver says on Oct 3, 2007, 08:15:

What sort of house? Is it geographically or income restricted. Loan terms and what it takes to qualify. The whole works.

t

"cook some rice!"

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gato-bandido says on Oct 3, 2007, 09:45:

It's an apartment in a gated community in Suba, estrato 2. The subsidy is income based.

I can find out about the loan terms and other details if you'd like.

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lpdiver says on Oct 3, 2007, 10:33:

Please do. I really would like to know as much as you can find out.

t

"cook some rice!"

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gato-bandido says on Oct 4, 2007, 07:01:

OK, so the basic eligibility requirements are: (1) being employed with the same employer for at least five years, and (2) the employer must affiliate the employee to a caja de compensación.

The subsidy is 8M on a dwelling price up to 23M, from there to 40M or so the subsidy is 5M, and above that the subsidy is 3.5M or so. Likewise, the higher the person's income, the lower the subsidy.

There is a downpayment of about 2M for the buyer to pay, and the rest is covered by a quota fija loan with the interest being fairly high I believe.

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lpdiver says on Oct 4, 2007, 07:27:

Probably a problem as both sisters are self employed.

t

"cook some rice!"

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barrett3765 says on Oct 4, 2007, 12:02:

lpdiver has in laws?? you mean someone or( something) actually hooked up with him for him to aquire IN -LAWS ? what a shock!

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lpdiver says on Oct 4, 2007, 12:04:

YUp twice...what a shock.

t

"cook some rice!"

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barrett3765 says on Oct 4, 2007, 12:04:

power to ya

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lpdiver says on Oct 4, 2007, 12:08:

Yeah...she will probably dump me when she feels secure with an unconditional green card...right?

t

"cook some rice!"

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