VIHFA Homebuyer Program REVISED Fact Sheet Aug 2023
An appropriation of $4 million from the Internal Revenue Matching Fund was made to the Homestead and Home Loan Fund at VI Housing Finance Authority to assist prospective homebuyers as outlined below. The First-Time Home Buyers Program provides mortgage assistance to moderate income, first-time home buyers: • to purchase a single-family house, including but not limited to a prefabricated house or manufactured house or any other housing structure that meets the current building code • to construct, improve, alter, repair, or rehabilitate a single-family home including cisterns, foundation slabs or retaining walls including block and/or wire fencing • to acquire land for the purpose of building a single-family home Primary or secondary financing is available to qualified buyers. The primary residence must be a single-family home. All transactions are in the form of a loan not a grant. …
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An appropriation of $4 million from the Internal Revenue Matching Fund was made to the Homestead and Home Loan Fund at VI Housing Finance Authority to assist prospective homebuyers as outlined below. The First-Time Home Buyers Program provides mortgage assistance to moderate income, first-time home buyers: • to purchase a single-family house, including but not limited to a prefabricated house or manufactured house or any other housing structure that meets the current building code • to construct, improve, alter, repair, or rehabilitate a single-family home including cisterns, foundation slabs or retaining walls including block and/or wire fencing • to acquire land for the purpose of building a single-family home Primary or secondary financing is available to qualified buyers. The primary residence must be a single-family home. All transactions are in the form of a loan not a grant. TYPES OF FINANCING AVAILABLE Land (Purchase) • Maximum loan amount $50,000 • Fixed rate with a term of 10 years • Land cannot exceed one half (½) acre Home (Purchase or Construction) • Maximum loan amount of $250,000 • Fixed rate with a term of 30 years Home Improvement • Maximum loan amount of $40,000 • Low fixed rate with a 10-year term V I R G I N I S L A N D S First-Time Home Buyers Program FIRST-TIME HOME BUYERS PROGRAM FACT SHEET 2 ELIGIBILITY OF APPLICANT The Authority’s eligibility criteria include, but are not limited to the determination of: 1. First-Time Home Buyer status - Client must not have legal interest in real estate within the last 3 years. 2. Marital status - If married, both individuals must be on the application for homeownership. 3. Residency status - Must be a resident of the US Virgin Islands for the last three (3) consecutive years as evidenced by tax filings with VI Bureau of Internal Revenue. 4. Household income eligibility - Minimum and maximum household income requirements for all working occupants of the household are considered. For moderate income wage earners, the income requirements are as follows: • Minimum household income as of August 2023 St. Croix $53,101 St. John $79,301 St. Thomas $58,401 • Maximum household income as of August 2023 5. Credit score - Must have a minimum credit score of 620. Individuals who qualify for a Rural Development Loan or a Veterans Administration Loan are not eligible for programs administered through the Homestead and Home Loan Fund. The Virgin Islands Housing Finance Authority shall receive applications for loans not more than $250,000 to any one person or family residing in the same house. CONTACT vihfa.gov (340) 772-4HFA (340) 777-4HFA St. Croix $210,000 St. John $257,250 St. Thomas $219,450