Minister of Housing and Urban Renewal spoke with reporters on Wednesday about the housing options available to Bahamians.

He said, “in terms of now trying to qualify for a mortgage and that forms part of the closing costs the banks, the mortgagers would want that cost up front. And so immediately then you can see that for the young individual trying to get their first home, for the single mother or father, and of course for the young professional that could be very significant.”

The Minister also spoke about the rent-to-own program as an option for first time home buyers. “We can still put you in your home. We will have you sign a lease to own arrangement, a document, and what that does is it allows you to move into the home for a period of time, and we’re looking at somewhere in the vicinity of upward to two years, where we’d allow you to pay the principle payments and those payments would go directly toward your down payment.”

Last week Minister Bell presented keys to