What is the Government Guaranteed Home Assisted Mortgage (GGHAM)
The GGHAM is a program funded by the Government to assist Caymanians with home ownership by guaranteeing 35% of the deposit required to service a mortgage.
How does the GGHAM work?
The GGHAM Program is a great way for home ownership for persons with the financial means to qualify for a mortgage from a private bank but lack the required capital injection deposit to achieve home ownership. Under this program applicants can qualify for up to 100% of the loan amount, including closing costs providing that the total amount does not exceed the current market value of the home being purchased. Total combine/single income should not exceed CI$75,000. It’s important that potential homeowners give careful thought to the cost and responsibilities of buying a home. NHDT recommends that each of its clients seek financial counseling to become informed of various cost related to home ownership. Some of these include:
- House insurance (monthly/annual)
- Life Insurance (monthly/annual)
- Mortgage payment (monthly)
- House repair (periodically)
- Utilities: – Light Bill (monthly) Water Bill (monthly)