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