The Bahamas Mortgage Corporation was established as an Act of Parliament in 1983 and was founded under The Ministry of Housing. The Bahamas Mortgage Corporation was created for Bahamians that needed assistance in becoming homeowners. The primary functions of the Bahamas Mortgage Corporation are: To stimulate, encourage and promote the ownership of homes to individuals by making available to them the necessary financial funding. To encourage through the application of its financial resources the construction industry in the provision of new or improved accommodation for housing in co-operation with any other person to implement proposals by providing financial funding of housing units and projects. To provide financial assistance to persons enabling them to purchase, build or renovate, as the case may be, their respective residential premises. To make loans to persons engaged in the construction of housing units or projects. To mobilize funds to grant mortgages. To effectively carry out its functions and mandate, The Bahamas Mortgage Corporation may: Lend money for the construction of premises for private residential purposes or of a commercial or industrial nature using the real estate as security. Lend money on mortgage and carry out any other transactions involving mortgages. The Bahamas Mortgage Corporation (BMC) and its support team focuses on the core values of putting our customers first, empowering Bahamians via home ownership and providing quality and professional services.