If people can't afford to finance this through banks... how do you expect them to pay more in taxes. Won't increases in taxes make matters worse?

they are giving more privilege to the civil servant.
we pay taxes to keep the lazy working.
now they can get 2% interest lloan ( free money just about), through salary deductions.

the civil servants are more equal than others, yep.

well if inflation is 1.6% then yes, a 2% loan is essentially interest free. and this equates to free money.

How can 30K for 80x100 lots help lower class Bahamians in Nassau????? .......... When will the Government begin selling off the Crown Land to Bahamians at base rates?????? .......... smt

Without access to land, lower class Bahamians will remain at the same level as the Haitian squatters.

This is not for lower class bahamians. IT IS FOR CIVIL SERVANTS. as reported on the Tribune on may 10th:

> LOTS in Sunset Close and Fox Hill
> worth $30,000 or less will officially
> go on sale in June or July, Prime
> Minister Dr Hubert Minnis announced
> yesterday, adding that the lots will
> be available ONLY to police officers,
> immigration officers, customs
> officers, defence force officers,
> prison officers, teachers and nurses
> in the first wave.

@sheeprunner, only 5% downpayment is required for residential lots. If someone can not afford to put down $1250 for home ownership, they have bigger issues at hand.

The money is irrelevant ......... we all know what the system requires. No one is going to pay the 5% to Roomey ........ This requires the dreaded bank loan.

The civil servants will get 2% , TWO PERCENT, loans through salary deductions.
as it is this is only for civil servants, folks.

Ohdrap4 ......... how many civil servants can qualify for a home loan now??

BOL ............ Most of them are max out now, especially as there is a cap on salary deductions in place by the Ministry of Finance.

Well it appears there are only three dozen lots available anyway, surely they can find three dozen civil servants.

This will be another "mortgage relief".

But the three dozen will eventually flip the homes.

Upon reflection the govt realised this could only be available to those who have salary to deduct.

but I am irked that this will be another privilege given to civil servants only.

Looks likes PMO has released Comrade Roomey from seclusion witness protection program. Him face all over media places likes announcing New manager for landfill site, lots people, etc, etc. Lots grand spending plans - considering they can't even pay schools Lunch Vendors for feeding children.

SAD! This is proof positive that our government is clueless as to the ' average' Bahamian household income. Either that, or they just don't care.

And who is the Johnny Jumper on the plantation????? ..... 4 black niggas so far ....... Pindling, Ingraham, Christie and Minnis ......... SAD

Looking at 5% downpayment, the loan being 23, 750 over max 15 years at range interest rate 2 to 8 % one would be looking at monthly payment range 150 to 230 monthly. Using 5% down implies using mortgage indemnity insurance.....marginal .??
which should be banned because in hurricane prone area there could be massice unemployment jobless and glut of properties being disposed of lowering prices for all as in Freeport.
Looking at downpayment there are associated costs, 2.5% lawyers fees usually negotiable, plus 1% stampduty on mortgage amount plus other cost affidavods, searches applicants already having judgements levied from previous debts etc. So the applicant must have more than the downpayment
Using to facilotate the minimum downpayment applicants usually follow the 45% total loans ratio AND with due care lender must ensure that applicant must be ably to repay all other living and anticipated expenses bills.....otherwise its no use giving a loan, making the applicant spend their life's savings...downpayments....only to lose it all if they are likely to defailt a short tine later....
Anothrr aspect is while the applicant may qualify for the land.....they must also qualify for the primary reason these lots are being sold is to build homes...same mathematical analysis....andd in buildong homes with their own contractors..variables incrrase for challenges to occur.....
All these issies and more would have alrrady be done by govt experts for successfull implementation....dont knpw why the Minister is having challenges.

My comments Bogart above should not be in any way form or otherwise be taken as any advise or otherwise in making any financial investment on these lots or housing pprogram

"In view of this, the minister urged Bahamians to put themselves in the position to be able to take advantage of what he called a "once in a lifetime" opportunity" PULEEZE, Mr. Minister, at least TRY and say something sensible. TRY and understand the position of THE MAJORITY of THE PEOPLE! At least PRETEND not to be so removed from the majority of those who elected you LOL!

With 12% now? And a credit bureau right behind?