First mortgage closed under VI Slice moderate-income homeownership program

Gov. Albert Bryan Jr. announced on May 24, 2023, that the first mortgage had closed under the VI Slice moderate-income homeownership program.

Government House said the program was created in fall 2022 and is administered by the Virgin Islands Economic Development Authority in partnership with the Government of the Virgin Islands and local banks. The first recipient, Jahtaya Regis, secured financing through Capital Mortgage Services of Texas, which has an office on St. Croix.

According to the announcement, the program provides up to $200,000 in gap financing to Virgin Islanders who qualify for a conventional mortgage through a participating bank and meet other program requirements.

Government House said the program includes restrictions requiring the property to be used as a primary residence and limiting its use as a vacation rental or as a property with a rental unit incorporated into the primary residence.

The administration said first-time homebuyers must meet household income requirements, obtain a mortgage commitment letter based on the primary lender's underwriting standards, and provide a minimum earnest money deposit of $5,000. The earnest money requirement may be waived for veterans with a certificate of eligibility or an honorable discharge documented by a DD214.

Applicants also must have been residents of the U.S. Virgin Islands for the three years before signing a sales contract, except for applicants who previously lived in the territory for at least 10 years and returned, or whose birthplace is the U.S. Virgin Islands.

Official source: https://www.vi.gov/governor-bryan-announces-first-mortgage-closing-for-vi-slice-moderate-income-homeownership-program/