The V.I. Office of Disaster Recovery has announced the launch of the “Own a Lot, Build a Home” First-Time Homebuyers Assistance Program. This new initiative is designed to help Virgin Islands residents who own land but lack the necessary financing to construct a home. The initiative provides a zero percent interest forgivable loan to qualified applicants, easing the financial burden of constructing single-family homes on undeveloped properties. The program plans to utilize disaster recovery funding to help Virgin Islands subsidize expenses relating high construction costs.
The VI Consortium reported that the program provides 50 percent of construction costs to first-time homeowners. On St. Croix, the sum is capped at $498,257; $639,400 on St. Thomas, and $1,09,150 on St. John.
To apply for the landowners who have resided in the territory for at least three years must complete the first-time homebuyers program offered by the V.I. Housing Finance Authority and an application through participating lending institutions Banco Popular or Rural Development. Read more about the program in this VI Consortium article and this VI Daily News article.
Purchasing real estate is likely to be the biggest and most complex financial transaction a person will make in their life. A trusted real estate professional is a strong advocate who understands the information and the process. As experts with knowledge of the local market, we are well prepared to guide Buyers through all the practical details and potential obstacles which may occur during the purchase process.
We are your information resource, negotiator, advocate, problem solver, and calendar watcher. Even if you have bought property in the states, buying in the US Virgin Islands can be different.
Buying real estate is unlike buying anything else. It’s complicated. An experienced Realtor is the close professional ally who can make a world of difference for you. If you are considering buying property here on St. Croix, please contact us, and let’s start working together towards reaching your goals!
In the video below we walk you through the 15 steps to buying a home. Let us know if you have any questions!
We are excited to hear about Seaborne Airline’s addition of the new aircraft and overhaul of the existing seaplanes! According to Seaborne’s general manager as reported by WTJX, the new fleet will result in more connectivity and reliability when it comes to inter-island travel and allow Seaborne to expand its operations throughout the Caribbean. The new seaplane will be operating between St. Croix and St. Thomas.
