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**o mathews** » 2010-06-20 10:19

i must say thanks to you and all others who took time to post , i saw the houses had my engineer friend look at the project and i must say he says its worth the cost, however the issue is the down payment one would need to qualify for the loan , Minister Baptiste speaks of banks lowering interest rates but it's the initial down payment that's the killer. come on sir do something . isn't this minister Hughes constituency? i have heard anything from him not even a radio clip. he needs to come now and say down-payment is included in the loan.

**tenman** » 2010-06-17 21:15

BANK KILLED ME thanks for confirming what I and a few other posters have been stating. The true solution lies in trying to find a way to bring down the cost of construction. The other difficult thing is it is near impossible to find land for below 8.00 per sq foot so that means a house spot of about 8K square feet will run you at least 64K and that is before we even start looking at home construction. Wish you and your husband all the best and let me suggest that you take your time. Try and save some money and try to build without involving the bank (one stage at a time)

**C Thomas** » 2010-06-17 20:54

ITS TIME WE AS HUMANS ACT LIKE HUMANS .
STOP WITH THE PARTY ORIENTED MINDSET AND START THINKING PRIDE , THE JOY OF BEING A HOME OWNER , KNOWING YOU CAN PASS THE HOME ON TO YOUR GRAND DAUGHTER THAT SHE WILL NOT HAVE TO STRUGGLE. ITS BETTER THAN PAYING MR JOHN FOR HIS OLD HOUSE FOR ANOTHER 20 YRS THEN HE SAY YOU GOT'S TO GO CAUSE HE GIVING THE HOUSE TO HIS GRAND SON . SNOOZE YOU LOOSE , MAKE THE CHOICE . IF YOU DON'T WANT ONE OF THE HOUSE SO BE IT BUT STOP TRYING TO BE NEGATIVE ABOUT THE PROJECT , NOTHING PLEASE ANTIGUANS , we just act like total , any ways much love to the government of Antigua for the project. but i must say prospective home owners take a look at north sound the fixtures are better. but follies look better. so many choices

**BANK KILLED ME** » 2010-06-17 20:46

now i took the time to read all the post and found that a few research was done, but here goes i went to the bank and my husband and my self was basicly told we look good, but then it got serious , i work for 2000 he 3000 , we wanted a home costing 270000 , we were told we need to have 5% which is 13500 but then it came the bad news we need legal fees , bank fees , evaluation , all sort of fees end result we need to have 25000 cash , broad dollar note to qualify for a loan of $250000, well thats ruff. so we are back to the drawing board. low income ? . we cannot have a mortgage more than 40% of our salary . now we have a combine salary of $5000 how many persons do. well i guess north sound is always there i here is LOW LOW income . highest cost $180000. i hope its true.
governmen t should try rent to earn . or drop the down payment to the government or have the banks include it in the loan. cause $10000 is easier to get than $25000. to get one of these houses while in rent and trying to save at least $800 a month will take 2 and a half years. its hard enough making ends meet before. any GOOD LOOKING HOMES

**PLM** » 2010-06-07 22:57

ALP mendicants nor the hungry belly pickney crowd will be able to afford these beautiful houses. These homes are for hardworking responsible Antiguans who need a help up not a handout. $190K is well within reach of any industrious Antiguan family.

**tenman** » 2010-06-07 12:27

So many persons missed that a major reason for the US recession was real estate loans. Persons do not realize that because the bank removed the standards (eg. ensuring that a home will not take more than 40% from the borrowers income, requiring a down payment) and followed a policy of encouraging home ownership especially for low income persons without proper controls. One of the reasons for this is that the Clinton administration saw it as a great thing politically to be able to laud the number of low income persons who were had their own home and offered the banks incentives for offering such loans. The problem is these persons started being unable to pay and the effect of this created a situation where there was such a glut that home prices started to fall. Banks started to foreclose and some home owners started walking away from the loans.

**alp to me bone** » 2010-06-07 12:25

"We did a pre-qualificati on test and we have several persons ready to start taking these houses," he said"
Is being a supporter of the UPP one of the pre-qualificati on?

**tenman** » 2010-06-07 09:07

Country Man well said. One of the biggest problem in our country is that we love sentimentality over logic (we hate doing the math). No low income person can afford those homes. Banks require before giving a loan that you show that the house costs are not more than 40% of your total income. Those home will only be affordable to persons or a family making over 3K a month.

**Speed Bump** » 2010-06-07 07:11

I like the post with with the ballpark monthly payment for the $190k house.

Great post as I quoted above to show that it's doable. To the others, yes, a mortgage is a huge responsibility but if your are already paying $900/month for rent, chances are that you will be doing it for the rest our your life. But what did you leave for your kids/grandskids after paying rent for 40 years? Notthing! That's why the young Antiguans with good jobs (especial young married couples working together). Young Antiguans need to change; get serious and stay away from every night clubs, every new outfits, every new car and put those cash into owning a home. Go back to ketching the bus! Although the married couple with good jobs may still afford a cheap car. Live seriously! You sill have carnival, sailing week and so on when you can go have a good time. On the other hand, the government should insure that the 2 Bdrms cost no more that $150K and the 3Bdrms no more than $250K. Now, thats even more AFFORDABLE. But in all I wanted my post to let the young people know of some of the changes they need to make. Becaus again, ITS DOABLE.

**Yogi** » 2010-06-07 05:52

There is no such thing as an affordable mortgage. If you can’t afford it, then you shouldn’t have it. Plan and simple. Having a mortgage is a huge financial responsibility. It’s a great dream, but not all dreams come true. Canada recently passed laws setting out new housing standards. It allows everyone to own a home, once you can truly afford it. It requires a sizeable down payment (15%) and realistic terms for ownership. You get 20 or 25 years tops. 30- 40 year mortgage are no longer an option as financial institutions acknowledge those terms are unrealistic. Who’s gonna work for 40 years to pay off a bank for a house? Seriously. Owing a home is not a privilege; it is a right of passage. Before offering another option for people to get into debt, how about offering some knowledge about debt consolidation, money management and saving for retirement. Short of doing a “rent to own” program, this will be another failed effort by the government.

**Yogi** » 2010-06-07 05:44

According to Wiki: A mortgage loan is a loan secured by real property through the use of a mortgage note which evidence**ence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

**Smithy** » 2010-06-07 05:15

At News conferences or News tours that led to this article, have your writers ask obvious questions or you the editor should ask follow up questions.
How much is the land? What banks? what is the mortgage rate? What is the percentage of the Down Payment? What are the other requirements to be eligible other than first time home owner? What is the bank looking for in terms of assets, savings, job security? Where are the Application? How does a potential applicant apply? What is CHAPA role, given that no one from CHAPA is in the picture. Who are the people with Baptiste in the picture?
Otherwise, given the history of housing schemes in Antigua I mat reasonably conclude this is just another scam

**Country Man** » 2010-06-07 05:04

Ah Wha Ya.
As desperate as we are for low cost housing and there is no such thing as low cost housing. I wanted to make the Environmental comment as my first comment but I was waiting for someone to introduce the subject. The real quality issue here is the septic waste from these 400 plus houses will flow down to BODY POND.The National Authority responsible for engineering and construction is is DCA and they report to Baptiste the Minister. The buck stops with the Public when it comes to quality, and if the public don't do anything about it, Body Pond will be sewage collection Pond in the near future. ALP was demonstrating about green space not to long ago, where are the leaders who were so concerned about the ecology and environment no so long ago. This will be Antigua's Gulf Coast disaster

**Dig It** » 2010-06-07 04:51

Antiguans, please save your money to build your homes! This is the same housing scheme that got America in the financial crisis with Fannie mae and Freddie mae. This government will be putting poor people into more debts, especially, when they default on their mortgages. In these hard economic times, the government is coming up with this bogus housing scheme to trap poor people!

**Ah wha ya** » 2010-06-07 03:45

I am one for low income housing and more particularly for government's intervention to make such housing affordable. However, having seen first hand the quality of construction at Follies, I am very concerned about the quality of the final product and sincerely hope that prospective home owners are not told after a hurricane or earthquake that they 'got what they paid for.'
The construction does not meet national norms or standards and even now should be reviewed by national authorities responsible for engineering and construction.
I hope the minister will not end up with one of those houses like the jeep........... ....hahaha. That's for another time and a different forum

**father** » 2010-06-07 03:16

You forget that when you own a house you have to pay. a) Insurance,b) property Tax, c) APUA. and if you want extras, a) Internet,b) Cable, c) Cooking Gas, d) Bottle water and on and on. Antigua "Low Income". Home. Court bank giving out the Loans.

**The Dunce** » 2010-06-07 02:55

read R.Baptiste comment again.

**yardie** » 2010-06-07 02:45

you sound like a real dunce, if someone is paying rent, for let's say a two bedroom house
if that rent is $700---$900.00 per month don't you think they can pay a note for 35 yrs, not for
argument sake but you are a real %$#@&

**malla** » 2010-06-07 01:45

O.k. so now we have a housing project for low income earners being led by a Colombian construction Company. I am interested to know how many Antigua people are getting work with this. So we have the Chinese putting up street lights(wonder how many Antigua people getting work there) Now the Colombian's doing low income housing( How many Antigua people getting work with this) By the way low income would be someone that does not earn over $3,000.00(EC) monthly as it is that amount that is not included in personal income tax. Can't see how someone in those income brackets can afford to pay back these mortgages and still feed their families pay utilities and all the other monthly bills . What is the motivation for the Colombian's to be doing this project anyway!! We are just digging ourselves in deeper and deeper with the Chinese / Chavez & now Columbia !

**............** » 2010-06-07 01:16

its about time antiguan stop buting politics in everything.if it was upp or alp in power what thy are doing is giving antiguans the chance toown there OWN house which will be there HOME.is there anything wrong with that? can you all let me know. sorry but we antiguan love to live at home with our parents until the die even after we are married we still live home.KMTso grow up and get a home of your own

**Country Man** » 2010-06-07 00:56

No need to get sick. I am an advocate for affordable housing. Forget about the analysis by person named "me" these houses are not affordable, to civil servants who are first time home buyers unless as you say they are independently wealthy. What unfortunate here is that either Caribarena or Minister Baptiste is misleading the public when he says “We are giving persons who don’t have a home in the country, who have been paying rent for all these years, to get an opportunity to own their own home".
I say he devil is in the details. Again Baptiste said arrangements have been made with the banks for a lower interest rate, and to allow buyers to qualify for 30-35 year mortgages. Identify the Bank who have agreed to such financing. My guess no such bank exists. So R. Baptiste don't get upset recognise, we are not all gullible and easily fooled

**PLM** » 2010-06-07 00:38

Another exemplary project completed by the UPP putting Antiguans first and bringing meaningful development to Antigua. Congrats to Bro B and his team. Now, me know me nah qualify cause me mek too much money, but me hope PLM people ah get some ah dem house dey. Dem house look real sweet fe true. If Bird people want house, mek dem g’wan lookka Asian Village.

**Like it is** » 2010-06-07 00:37

The rest of the world is waking up from the worst financial mess the world has ever seen. The cause... low income mortguages! By definition is you are "low income" you can not afford a mortguage. No ammount of government spinn can change the facts. The people who are being "qualified" are being set up for future forclosure.

**Country Man** » 2010-06-07 00:25

LETS DO THE REAL MATH. Two Bedroom House: $190,000.00 Plus $25,000 for land subtotals $215,000
Down Payment of 25% is $53,0000
Mortgage on $162,000 at 7.5% for 20 years is $1,305.00 monthly

Three Bedroom House: $330,000 Plus $25,000 for land subtotals $355,000
Down Payment of 25% is $88,750
Mortgag e on $266,250 at $7.5% for 20 years is $2,145.00 monthly

**R. Baptiste** » 2010-06-07 00:18

“By Me”
Unless you are independently wealthy, or won the lottery, how else can someone become a home owner? People like you make me sick. If you do not own a home (with your mindset) you probably will never own one unless someone leaves it to you. The reason why Banks and Credit unions were created is to give people an opportunity to own things; cars, homes, land, etc. Years ago, people threw “Boxes” and took years to build their homes, and sometimes, never got to see the completed project. Those were the days when people had integrity and knew their neighbors. Now we deposit our money in banks and borrow when we need to. Fortunately, most Antiguans & Barbudians are not as dumb as you are.

“In your feeble mind, it is smarter to rent for 30 years than paying a mortgage an owning your home”

me » 2010-06-06 22:29

Let's SEE---$190,000. 00 at 30years-at 6%--- $342,000.00 pay back, so that's $11,000.00 a yr----Now that's $950.00 a month. Good Price if you want to pay Rent for 30yrs and then own it.
.

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