Bahamas mortgage corporation application

The mandate of the Minister responsible for Housing is the encouragement of home ownership by persons of low to moderate incomes. To this end, the Department of Housing takes applications from persons of low to moderate incomes interested in obtaining subsidised housing through government guaranteed loans.

Eligibility

Bahamian citizens and permanent residents who are 18 years of age or older.

  1. The applicant must visit the local Department of Housing office in New Providence, Grand Bahama or Abaco in person and bring along all supporting documents.
  2. If there are sufficient applicants on a family island, a request can be made through the Local Family Island Administrator’s Office to have an officer from the Department of Housing sent to the island to conduct the interview. In the event that there are not sufficient applicants, then the applicant must visit the Department of Housing in New Providence.
  3. During the interview, an officer from the Department of Housing will assess the applicant to determine eligibility for the Government Housing Programme.
  4. Note: The applicant cannot already own a government home, must not currently have a mortgage, and cannot have more than one government guaranteed loan.
  5. Once the applicant has met all requirements and has qualified for a government home, they are placed on a list and notified when a home becomes available.
  6. When a home becomes available the Ministry of Housing contacts the applicant by phone to inform of the availability and issues a letter of offer which states the location of the home.
  7. A letter will also be sent to an approved lending institution advising of the assignment.
  8. The applicant has the option of selecting a lender of his / her own choosing. However, if the lender is not a government approved lender, then the Loan will not be guaranteed by the government.
  9. An appointment is scheduled with an approved lender to process the applicant for a mortgage loan.
  10. Once loan approval is secured and the home is completed, an inspector, along with the home owner will conduct a final inspection and make notes of any defects requiring correction.
  11. The home owner must sign an Inspection Verification form signifying that (s)he is satisfied with the home before the keys are turned over.
Application Form(s)

The application form is completed by the Housing Officer during the Interview.

Supporting Documents