- Be a first-time owner
- Be Caymanian or hold Caymanian Status
- Earn no more than $30,000 per year/$2,500 per month or less than $2,000 monthly for single applicants; or $45,000 per year/$3,750 per month for joint applicants
- Currently reside in Grand Cayman
- Become the owner/occupier of the home being purchased
- Be currently employed for at least six months, or self-employed for at least two years
- Be in the age-bracket required for repaying a mortgage
Yes. Application packages can be collected from the NHDT office.
Although you may qualify for a mortgage loan due to the overwhelming demand for affordable homes no guarantee can be given as to when you’ll be approved to receive a home.
The NHDT uses a qualification method known as a Priority Means Test. This allows for fair assessment of all applications.
The NHDT has in place a mortgage program known as the Shared Equity Mortgage Programme. This is designed to allow you to own a percentage of the home being purchased, based on the amount for which you are qualified. The remaining percentage of ownership of your home will be retained by the NHDT. You can purchase this NHDT-owned percentage at a later date.
When you buy an affordable home, you get it at a discounted price, compared to the current market value. Therefore, should you sell your home within a specified period stated by the NHDT you will be required to reimburse the NHDT a portion of the sales proceeds.
It is important that you give careful thought to the cost and responsibilities involved in buying a home. Some of these costs include:
- loan fees (initial cost)
- house insurance (monthly/annual)
- life insurance (monthly/annual)
- mortgage payment (monthly)