Beneficiaries of Romania's First House can buy bigger house via same program

People who already purchased a house through the First House state-backed lending program will be able to buy a larger and more expensive house through the same program, if they meet four cumulative conditions. First, the new home needs to be bigger than their existing one. Then, the owners have to sell the old house and reimburse the first loan via the First House program by the time they sign the contract for the new home. When requesting the second loan, the beneficiaries must prove that they own only the house bought through the state program, and potentially another one, smaller than 50 sqm. Finance Minister Darius Valcov announced the changes in the First House program in January, reports local Mediafax. The program, which has been operational since 2009, offered over 132,521 guarantees worth EUR 2.58 billion, by the end of January 2015. editor@romania-insider.com