There are just a few steps required to start on your path to home ownership with Fabulous Homes International Guyana “Home Layaway Program/BOX HAND to your home Program.” Here is an overview of our process to follow. Conditions Apply!
Home Purchase Requirement & Process at Fabulous Homes International Guyana
1. Visit our office and Complete a short Pre-Approval Form below.
We will need the following Information from you, plus the same information from anyone else who will be layaway-to-own with you, to process your Registration.
- Personal Identification (2 forms)
- Proof of address
- Letter from employer(Job Letter) / Recent pay slip
- TIN Certificate
- Financial statements if self employed and 12 months chequing account statements,
- Details on existing loans (including credit union and hire purchase) and credit cards.
- Proof of required equity or down payment
2. Once your Pre-Approval Form is reviewed and additional documentation provided, a preliminary approval will be granted with a home purchase pre-approval price limit. This will include the following items:
A. Pre-Approved price limit (your selected home to be built must be at or below this purchase limit)
B. An individualized plan will be designed outlining a process of six to sixty months (6-60) of incremental down payment deposit requirement to follow until required down payment is attained (you must have a down payment equal to or greater than this amount before your home can be built/Constructed to your specification)
(i) With regards to the Box Hand Program; An individualized plan will be designed outlining a process of thirty six months (36) of incremental down payment deposit of (40k-50k GYDS/250US) Monthly requirement until the required down payment is attained (you must have a down payment equal to or greater than this amount before your home can be built/Constructed to your specification). The success of this program is contingent upon 300 ACTIVE participants making monthly payments of 50,000 GYDS for 36 Months. 300 Families, three bedroom one bath home in varying plans will also be constructed during this time.
(ii) Due to our Obligation to be transparent with each participant, 55 homes will be built every 6 months. On month seven(7) the next batch of 55 homes will commence and complete in month thirteen (13). On Month twenty (20)the next batch of 55 home will commence and complete on month 26 etc. For additional details feel free to visit our local offices.
C. Your home you picked out will be constructed within 5 &1/2 months from the date your down payment have accumulated.
D. They are potentially new communities that the program would have expanded to over a 60 month period, so their is a possibility that you can choose another community in a preferred area.(Currently the only location we have at this moment will be the Springhill @ Lavilleth Community(development begins in Spring of 2017 for 1500 homes) on the Sosedyke highway, Guyana’s First All- Inclusive Green Community) and Friendship on the east bank. We are also building on your land, wherever you have been allocated lot from the ministry of housing Guyana.
3. Sign your Home Layaway Agreement and Home Savings Plan Agreement (if required). These customized agreements explain all of the steps we have included here, your pre approval amount, the specific community and your monthly down payment/home savings plan requirements.
4. Submit your first initial monthly installment deposit of 50,000 GYDS (250US) and the application processing fee of $1000. These must be paid before your home purchase can begin.
Once all of the above steps have been completed and you have built up the required down payment YOUR HOME WILL BE BUILT. Once your home is complete, our team will arrange to finalize the purchase and you will be given a closing and move-in dates and your KEYS to your new home. Additional purchase and financing agreements will be provided to you before the closing date. You must sign and return all additional home purchase and financing paperwork before you can move in to your new home.
Payments will continue to be due every 30 days for 6-10 years until your home purchase has been completed and the mortgage note cancelled. Title to your Own home will be released to you at that time. The exact monthly payment amount and term of your financing agreement will be outlined in your purchase paperwork.
Our goal is to provide you with home loan alternatives that will work with most salaries. Get started by completing the short form below: