This is big news for Virgin Islanders planning to be first-time homeowners! On October 20, 2022, Governor Albert Bryan introduced a new home loan program for moderate income Virgin Islanders. Governor Bryan said this new VI Slice Moderate Income Homeownership Program will help first-time homebuyers secure financing to become homeowners through a partnership between the Government of the Virgin Islands (GVI) and local banks that will be administered through the Virgin Islands Economic Development Authority (VIEDA).
Oriental Bank, FirstBank VI, Bank of St. Croix, Banco Popular, and Merchant’s Bank are part of the program. Governor Bryan emphasized in the announcement that the program is part of his administration’s effort to turn more Virgin Islanders into homeowners.
The program will provide up to $200,000 in gap financing to Virgin Islanders who qualify for a conventional mortgage through any participating bank and meet the other requirements of qualification for the program. According to the VI.gov website, applicants must be first-time homebuyers who meet established household income requirements; attain a commitment letter for a mortgage loan based on underwriting standards of the primary financing lender; be able to make a minimum earnest money deposit of $5,000; and be a resident of the territory for the last three years prior to the signing of a sales contract, with the exception of those applicants who were prior residents of the territory for at least 10 years and have now opted to return, or whose birthplace is the U.S. Virgin Islands.
More information about the program, read the program fact sheet from the official Virgin Islands government website here.
You can also read more on St. Croix Source, VI Consortium, and the VI.gov website.
Photo from VI.gov
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