Question 1: What is the Home Starter programme?
Answer: The NHT will develop one bedroom and studio apartment complexes in or around urban centres and sell to qualified NHT contributors with an optional buy back clause. This means the NHT may buy back the unit under certain conditions.
Question 2: What types of NHT units will be eligible under the programme?
Answer: One bedroom and studio apartments, built, sold or financed by the NHT will be eligible for the programme.
Question 3: Are there any upcoming NHT developments where the programme will be available?
Answer: The NHT has identified projects now under construction at Howard Avenue and Vineyard town in St. Andrew and an upcoming project at Barracks Road in St. James. Other developments will be announced as they become available.
Question 4: When will the programme take effect?
Answer: The programme will be applicable to units sold in identified developments after July 1, 2024.
Question 5: How long will I need to own the unit for before making an offer to the NHT to buy back?
Answer: Units will be available for buy back up to 15 years after it has been sold to the mortgagor (outside the period conditions apply).
Question 6: How will the selling price be determined?
Answer: The selling price will be guided by valuations done by registered valuers.
Question 7: Will I be able to get another NHT scheme unit?
Answer: Where the unit is being sold to the NHT, you will be able to apply for another NHT
scheme unit.
Question 8: What if I choose to sell on the open market?
Answer: You may sell the unit on the Open Market.
Question 9: Will I be able to get another NHT loan to purchase a new property after I sell the unit?
Answer: where the unit is sold to the NHT, you will be able to access a full non-homeowners loan
for an NHT scheme unit or another unit on the Open Market. Where you choose to sell the unit on the Open Market, you will be eligible for a 10 Plus loan having met the necessary requirements.
Published: July 1, 2024