Fogaes 2024 is a state support for people who want to acquire a home and for construction companies that began to be implemented in 2023.
Fogaes allows access to mortgage loans for first homes through a state guarantee that reduces the down payment to 10% of the value of the house or apartment.
In addition, it supports companies in the real estate and construction sectors through a state guarantee.
Validity of Fogaes 2024 and updates
Fogaes began to be implemented in April 2023 and Its validity was extended until December 2024.
In 2024, this State contribution received updates through modifications to the Fogaes Law 21,543 promulgated on May 30.
In this update, Fogaes’ assets were increased from 50 million at 208 million dollars.
There will be a regulation issued by the Ministry of Finance that may determine the mechanisms that allow the distribution of resources in the event that there is more than one program in progress.
The tax authorities may withdraw the guarantees, provided that, guarantees are not exceeded for 6 months consecutive and must return them within a period exceeding 120 days.
It will also become a creditor for the amount of the guarantees refunded and will detail the process of restitution of the amounts owed and collection actions.
Excludes from the sales amount the values received for services provided to state agencies, such as the Ministry of Housing and Urban Development, the Ministry of Public Works or the Ministry of Health.
Fogaes 2024 updates for housing
The Fogaes 2024 updates for housing are:
- Its validity is extended: credits granted until December 2024.
- Mutual entities are authorized to grant loans backed by this program.
- The regulations are allowed to determine formulas to calculate the value of the home and grant.
- State-guaranteed loans taken out between the entry into force of the Law and December 31 of this year, which are intended for the purchase of a home, will be exempt from stamp duty.
Fogaes 2024 updates for construction
The Fogaes 2024 updates for construction are:
- Available resources were increased from US$165 million to US$208 million.
- Its validity is extended until December 2024.
- Minimum restrictions are eliminated, such as the requirement for annual net sales of 100 thousand UF.
- For construction companies with public clients, the maximum of 1 million UF is eliminated, which will facilitate the issuance of guarantee bonds.
- The percentage in each of the sections increases by 10%.
- The guarantee will be extended to insurance policies.
