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
the number of dependents of the application;
applicant’s need for housing;
whether the applicant owns other housing units;
the applicants financial ability to repay the loan; 50% debt- to- income ratio
the applicant’s credit rating at other financial institutionsand businesses;
the applicant’s tenure at the present place of employment and his/her ability to find other employment;
The proposed location for the housing unit.
Payment term is set for 20 Years
Interest rate is set at 7%
Max Amount of Loan is $200,000.00
Landlease Agreement
Mortgage of Leasehold
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