Veteran Loan Program

The Virgin Islands Housing Finance Authority provides a Home/Land Mortgage Program for Virgin Islands Veterans. This home and land mortgage program is just one way to thank Virgin Islands veterans who have served their country. This home/land mortgage program will help more Virgin Islanders who are veterans purchase their first homes. Any veteran who has served in the active military, naval air service, National Guard, and Coast Guard and was discharged or released under conditions other than dishonorable discharge will be eligible.

Refinancing options are available to those veterans whose primary residences are at risk of foreclosure. 

Eligible veterans will receive:

  • A fixed rate that is 3% below the Federal Prime rate.
  • Maximum loan amount - $220,000.
  • Payroll deduction payment option is available. 

Home Improvement Loans are available to those veterans whose desires to improve, alter or repair their primary residence. The loan features are:

  • Maximum loan amount - $40,000.
  • A maximum loan term of 10 years with an interest rate of 3% below the Federal Prime rate.
  • Combined loan-to-value ratio must not exceed 100% of the appraised value. 

*Rates are updated in January & July annually

Eligible veteran applicants are entitled to the following benefits:

  • 25% discount on VIHFA application fee.
  • 30% set-aside in all VIHFA new land and home developments.
  • 10% additional discount on the established price of land sold by the Authority. 
  • A fixed interest rate that is three percent below the Federal Prime rate.
  • Zero down payment required.
  • Loan amounts up to $220,000 for homes and $50,000 for land.
  • Payroll deduction payment.

Eligibility Requirements

  • Must be a first time home buyer.
  • Must meet established income requirements.
  • Must be a resident of the Territory for the last three years.
  • Must have the ability to make a minimum earnest money deposit of $500. For qualified veterans, no earnest money deposit is required.
  • Must be pre-qualified for a mortgage loan based on nationally accepted underwriting standards of FHA/VA/Conventional Mortgages.
  • Must attend VIHFA’s Home Buyer’s Education Program and earn a Certificate of Completion.
  • Must occupy the property as your primary residence. 

How to Apply

  1. Complete VIHFA application.
  2. Call for a pre-qualification interview. 
  3. Pay priority fee of $100.00. Veterans pay $75.00.
  4. Enroll in the Homebuyer Education Course.