Flashcards in Home Choice Loan (local Authority Mortgage) Deck (14)
What is the Home Choice Loan (Local Authority Mortgage)?
A government-based loan provided by four designated local authorities, available to first-time buyers who are unable to obtain a loan from a commercial lending agency
For who is the Home Choice Loan available?
First-time buyers who are unable to obtain a loan from a commercial lending agency
Describe the loan offered.
It can be up to 92% of the price of a new or second-hand house, or the pricing of building a new home
What is the maximum loan provided?
320000 euro in Dublin, Louth, Kildare, Galway, Meath, Wicklow
250,000 euro in the rest of Ireland
How is the loan repaid?
It is repaid monthly for a period of up to 30 years
How do you qualify for the Home Choice Loan?
You must earn 50,000 or less as a single applicant
Must earn 75,000 or less as a joint applicant
Be in continuous employment for a minimum of two years
Provide evidence you could not obtain sufficient finance from two banks or building societies
Deposit of at least 10% saved
How much do you have to earn as a single applicant to qualify for the Home Choice Loan?
50,000 or less
How much do you have to earn as a joint applicant to qualify for the Home Choice Loan?
75,000 or less
For how long do you have had to been in employment to qualify for the Home Choice Loan?
A minimum of two years
What do you have to provide evidence of in order to qualify for the Home Choice Loan?
Evidence you could not obtain sufficient finance from two banks or building societies
How much of a deposit do you need to have saved in order to qualify for the Home Choice Loan?
Write a note on the Home Choice Loan.
First time buyers unable to obtain a loan
Loan offered can be 92% of the price
Maximum loan depends on location (320,000 or 250,000)
Loan is repaid monthly over a period of 30 years
Qualify - earn over ... - employment - evidence - deposit
Where in Ireland is the maximum loan 320,000 euro?