How to apply for an NHT open market loan
QUESTION: I would like to know the requirements for applying for a loan from the National Housing Trust. I am a single young lady who would like a small apartment for myself — nothing too big and preferably a two-bedroom, one-bathroom in the Montego Bay region. I have been a contributor for quite a while. — Georgia
FINANCIAL ADVISER: It seems that you are interested in an open market loan. If you are a qualified contributor, you may apply for a National Housing Trust (NHT) loan, not only to buy, but to build or repair or improve your home.
To qualify for an NHT Loan you must be currently contributing to the trust; have made at least 52 weekly contributions of which 13 must have been made in the last 26 weeks just before the date of your application; have paid up with interest any outstanding contributions due in the last three years; be between the ages of 18 and 65; and be earning an income that allows you to repay the loan.
The open market loan is one whereby the NHT lends contributors money to buy a house being sold on the open market by an individual or agency other than the NHT.
This is a loan for persons who do not own a home. Nevertheless, contributors who have previously received a loan from the NHT may still be able to access funds to buy their own home through the HOPE Loan product. National Housing Trust headquarters at Park Boulevard, New Kingston.
Through the open market loan you can borrow as a single applicant or you may co-apply with one other qualified NHT contributor to access a higher loan limit to purchase a house. If you need — and can afford — to borrow more money, you may seek additional funds from another lending institution that is willing to enter into a joint finance mortgage with the NHT.
Before applying for the open market loan, you should ensure that you meet the minimum requirements. To know if you
do, you should answer the following questions:
Have you identified the house that you wish to buy?
Have you agreed on a price with the seller and drawn up a formal sale agreement?
Is the Registered Certificate of Title for the property available?
Have you made at least a 5 per cent deposit on the property? Do you earn an income that allows you to repay the loan?
Are you now contributing to the NHT?
IIIIIHave you made at least 52 weekly contributions, 13 of which were made during the last 26 weeks?
Are you able to account for your contributions and have paid up, with interest, any outstanding contributions due in the last three years?
Are you between the age of 18 and 65 years?
If you answer yes to all of the questions above, you will have met the minimum requirements for applying. Your next step is to contact the NHT office nearest
IIIto you for a list of the documents that you will need for your loan interview.
Once you have all the required documents and information, you should call and schedule an appointment with the NHT for your loan interview.
You must have present at the interview the deposit receipt, sales agreement, a copy of the registered title, the surveyor’s identification report, and the valuation report.
Note, however, that the NHT will not award an open market Executives who always set time aside to attend classes, read books, and receive coaching send a powerful signal. They give people the green light to seek out similar opportunities. This doesn’t mean boasting about their three-week trip to Cambridge to do an expensive, Harvard programme. Instead, it’s more like sending an email asking employees to join them in a Coursera programme for which they’ve just signed up. In his speech at a conference loan for a property with a Common Law Title or a Facilities for Titles Act (FTA) title – which is an interim document issued by the Titles Office while it prepares the registered title – as both are unregistered titles.
Iin Barbados, Jack Welch of GE fame mentioned that in the US, new, young members of staff are “celebrated”. I can testify to the truth of his assertion. As a young employee in a New Jersey-based AT&T facility, it was assumed that I had exposure to more new thinking than anyone else.
Today, it’s truer than ever. The gap in knowledge between a top executive and an entrylevel employee has shrunk due to mobile, Internet access. Now, in the middle of a speech, a CEO can expect to be factchecked in real-time by a youngster who will spread the discrepancy between fact and fiction to 20 other employees before the speech is over.
It’s very different from the era when the CEO was a young entrant. Back then, the idea of an executive sitting in the same class as a new employee was unheard of. But this can be far more than just a nice gesture.
As I mentioned in my last article, CEOs who fail to actively engage millennials are doomed to bore them into disengagement. And no, they don’t need to become video-gamers to catch their attention. Instead, they can create shared learning opportunities within company classrooms, both online and off. Do it well, and video-gaming pales in comparison. Learning about real stuff, the things that really matter to live people, is far more interesting.
Executives who do their learning in private deprive their employees of an opportunity to adopt a responsive mindset. Eventually, the bottomline suffers. The worst Jamaican firms are those who refuse to learn anything from anyone, let alone lowly customers or employees. CEOs can reverse this tendency by openly showing that they are the most eager learners, not the least.
PERSONAL FINANCIAL ADVISOR