Affordable Homes and Mortgages for Nicaraguans
Low-income and self-employed Nicaraguans face two serious obstacles when looking to buy a home: a shortage of affordable housing, and difficulty in obtaining a mortgage.An innovative model is bringing both homeownership and financing within reach of Nicaraguans at the base of the pyramid. The Rent-to-Own Housing Program allows prospective buyers to rent the newly built housing unit they'd like to buy, and to use their track record of monthly rent payments to build a formal credit history and qualify for a mortgage. The Inter-American Development Bank's Opportunities for the Majority Initiative (OMJ) is offering a senior secured loan for up to $5 million to Banco de Finanzas S.A (BDF) Nicaragua to support the pilot rental and mortgage loan program. If successful, IDB will lend another $5 million to scale up the model.
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| Format: | Catalogs & Brochures biblioteca |
| Language: | English |
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Inter-American Development Bank
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| Subjects: | Housing Finance, OMJ, |
| Online Access: | http://dx.doi.org/10.18235/0006000 https://publications.iadb.org/en/affordable-homes-and-mortgages-nicaraguans |
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