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We will give priority to “Cash purchase” for these properties; however, mortgage loans will be provided to qualified contributors provided that when the bids/ letters are being submitted, the persons who are interested in purchasing the properties do the following: indicate that they agree to purchase the property even though there is no Registered Title; provide proof of how the property will be purchased ( i.e by cash, or by getting a loan from a financial/mortgage institution).
The NHT may offer a successful applicant, with or without a co-applicant, a short-term Lease, not exceeding three (3) years. The Lessee has the option to purchase the Unit at its original selling price, at anytime during the Lease period. If you would like to know how the NHT can help you in owning one of these units, then contact us
As of August 2017, the National Housing Trust will request credit reports from certain licensed bureaus. Shortly thereafter, the NHT will also begin to share mortgagors’ loan information with those credit bureaus.
No. The report will be used as in (a) above. Additionally it will be used to determine a contributor’s ability to afford a loan in excess of $6.5 million. Loans in excess of $6.5 million are only provided in NHT schemes where the solution is priced for more than the individual loan limit.
A credit bureau is an agency that collects information on a borrower’s credit history, and provides that information, for a fee, to the borrower and/or prospective lenders. Information acquired from a credit bureau allows a lender to better assess the credit worthiness of a borrower. The Credit Reporting Act 2010 provides for the licencing and operations of credit bureaus in Jamaica.
Under the Credit Reporting Act of 2010, a credit bureau can collect the following types of information on consumers: Information about the consumers’ financial means The amount and type of loans and advances or other credit facilities granted to a consumer The type of security taken from any consumer in respect of credit facilities (including lease financing and/or hire purchase) The nature of any guarantee or other non-fund based facility accessed by a consumer History of financial transactions involving the borrower Analysis of the above information to arrive at conclusions about the consumer’s credit worthiness. This may be in the form of numerical or alphabetical scores.
The NHT will use the reports it receives to : (a) assist in designing programmes to manage and service mortgagors accounts (b) assist in verifying information submitted by individuals applying for mortgages in excess of $5.5 million, in NHT schemes.
Yes, the NHT is authorised to share this information under Section 8 (2) (k) of the Credit Reporting Act, 2010 (“The Act”).
As an authorised Credit Information Provider (CIP) under Section 8 (2) (k) of the Credit Reporting Act, the NHT has the right to share information listed in Section 8(1)(3), 7 days after publishing a general notice.
Complaints regarding credit reports should be directed to the Credit Bureau from which the credit report was received.
Whenever credit information has been amended a copy of the amended report is sent by the credit bureau to every person to whom the credit bureau disclosed the inaccurate or incomplete information. The consumer is also notified when the necessary changes have been made.
Private Treaty Sale is one of the methods used by financial institutions such as the NHT, to legally recover outstanding mortgage loans in default, and which are secured by properties such as residential homes.
