This is WONDERFUL news for Virgin Islanders! Zero-down mortgages can open doors to homeownership for buyers with limited savings and free up cash for expenses.
Earlier this month, Governor Albert Bryan and his administration announced their preparation for a program that utilizes federal dollars for zero-down payment mortgages with the aim of making it easier for Virgin Islanders to own a home. Governor Bryan said the program would be similar to what’s being offered by Bank of America in 21 states according to the VI Consortium. The traditional mortgage requires a 20% down payment of the cost of the home. This is commonly a major hurdle for aspiring homeowners. Governor Bryan will be meeting with banks to discuss this program which will help more Virgin Islands families to become first-time homeowners. Read the full article here.
The Virgin Islands Housing Finance Authority has several programs that can help aspiring homeowners. The VIHFA has assisted many low to moderate Virgin Islands families to become first-time homeowners. Visit their website to learn more.
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