Dream of owning a home? Are you in a moderate income household? Do you need help in financing a mortgage?
Back in October, we mentioned a collaboration with Governor Albert Bryan Jr, the Office of Disaster Recovery, and the EDA in partnership with local banks and mortgage companies to help residents a new home loan program for moderate income Virgin Islanders. Starting January, the V. I. Economic Development Authority (EDA) has opened the V.I. Slice Moderate-Income Homeownership Program. The VI Slice program aims to help residents who wants to be a homeowner and need some help to make their first home purchase. It is a homeownership assistance program created to provide eligible, moderate-income families with up to $200,000 in gap financing on a down payment, closing costs for buying or rehabilitating a home, or the cost of constructing a home on land the resident owns.
To be eligible for Slice, applicants on St. Croix must have at least an annual income of $43,501; on St. Thomas, $45,000, and on St. John, $47,000. For residents who are interested in the program, we encourage you to visit the new VI Slice website: www.vislice.com, where one can find information on how the program works, its eligibility requirements, and how an applicant can use the program’s funds.
The website also includes a directory of participating local banking institutions and mortgage companies (below are the organizations listed on January 24, please see the www.vislice.com/lenders website as information may change over time).
First Bank https://www.1firstbank.com/vi/en
Bank of St. Croix https://www.bankofstcroix.com/
Schaffer Mortgage Corp https://www.vimortgage.com/
Oriental Bank https://orientalbank.com/en/
First Liberty Mortgage https://www.firstlib.com/
Flagstar Bank https://www.flagstar.com/
Northpoint Mortgage https://www.trynorthpoint.com/
Merchant Commercial Bank
Reported on St. Croix Source