Contributors to the National Housing Trust are to have a wider range of access to mortgage financing, with the NHT implementing a series of changes to optimise loan processing.
As of Monday April 3, the NHT will be piloting a new mortgage financing model, the External Financing Mortgage Programme [EFMP].
This is to replace the current Joint Finance Mortgage Programme, on a phased basis, to expand the list of mortgage institutions through which contributors can access their NHT loans.
This list will now include credit unions, along with commercial banks, with National Commercial Bank and COK Sodality Cooperative Credit Union already signed on to the programme.
Under phase one of the programme, contributors who wish to access their NHT benefits from financial institutions that have not signed on to EFMP, will be able to receive referral letters up to April 30
The NHT says, while these entities transition to the EFMP, arrangements are being made for contributors who wish to access their benefits through these institutions to do so from May 1, to July 31. Additionally, all contributors outside the NHT's zero per cent income band, and who intend to mix funds, will receive all loan benefits as if they had gone directly to the NHT.
The Trust says under phase two of the programme contributors earning more than $30,000 weekly, who wish to access loans to purchase on the open market, will be required to procure full loans from partnering financial institutions.