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MIDB Housing Program

FUNCTIONS & PURPOSE:

The Bank shall have the following functions and purposes:

1) to provide decent houses and suitable living environments for all persons in the Marshall Islands and persons in overcrowded or blighted areas;

2) to eliminate and prevent overcrowded or blighted areas; and

3) generally, to provide safe, sanitary and decent housing for all persons in the Marshall Islands, and in that respect to assist in carrying out the responsibilities of the Cabinet under Article V. Section 1 (3) of the Constitution of the Marshall Islands, to make reasonable and necessary provision to achieve an adequate standard of living for the people of the Marshall Islands

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Housing Guidelines

How to Apply

Eligibility:

  • Eligible recipients of housing loans or other forms of assistance from the Bank shall be citizens of the Marshall Islands.
  • In approving any housing loans under the normal housing program, the Bank shall consider and follow the following criteria and guidelines:

  1. the number of dependents of the application;

  2. applicant’s need for housing;

  3. whether the applicant owns other housing units;

  4. the applicants financial ability to repay the loan; 50% debt- to- income ratio

  5. the applicant’s credit rating at other financial institutionsand businesses;

  6. the applicant’s tenure at the present place of employment and his/her ability to find other employment;

  7. The proposed location for the housing unit.

Rate/Interest/Amount:

Repayment Term:

  • Payment term is set for 20 Years

Interest Rate:

  • Interest rate is set at 7%

Max Amount:

  • Max Amount of Loan is $200,000.00

Requirements:

No disbursement shall be made until and unless all the required documents have been provided and executed by the borrower

  • Landlease Agreement

  • Mortgage of Leasehold

  • HPO Permit
  • RMI EPA Permit
  • Landlease Survey Map
  • Complete Floor Plan
  • Material List
  • Contractor’s contract
  • Scope of work
  • Contractor License
  • Loan Agreement
  • Promissory Note
  • Loan Application
  • Applicant’s check stub
  • Applicant’s Credit Check
  • Applicant’s Verification of Employment
  • Guarantor Form (with guarantor’s signature)
  • Guarantor’s check stub
  • Loan Drawdown
  • Allotment Form

Insurance:

  1. All new loans shall have insurance policies, insuring the improvements at an adequate level for maximum coverage of the Bank’s interests, as the Bank may deem best.
  2. The Bank may require a borrower to take credit life insurance.

Refinance/Restructure:

  1. MIDB Housing Loans are not subject to Re-Finance
  2. Restructure can be granted only

    • To meet Debt-to-Income ratio requirement for USDA-RD/MIDB Housing Programs

    • To address past dues (delinquents) of borrower and past dues from note(s) the borrower guaranteed

    • 30% of principal has been paid

    • To increase borrower’s net pay to meet the minimum $50.00/$25.00 requirement

    • To comply with any legal judgment levied on the borrower

Please visit the MIDB building, 3rd floor Rm.# 311 or call 625-5280. Ask for Waer Samuel, he will be able to assist you with any questions and provide you with any necessary documents needed or fill out our Contact page addressing Waer.  Click on the buttons below to download other necessary documents.
Housing Loan Application
Housing Loan Agreement