Financing real estate in the usvi

When we bought our condo we had to put 20% down since right now it's considered a 2nd home....We're looking to purchase a primary residence there soon as well and would be interested in other options as well. Below are ones that were recommended to us when we bought our condo:

Amy Owen
Golden Rule Mortgage
138 E. Bloomingdale Ave.
Brandon, FL 33511
800-991-9922 ext. 232
fax: 813-653-9459 or 643-4254

First Bank (here on St. Croix)
Paula Cumbermack
4 Orange Grove
Christiansted, St. Croix, USVI
340-772-6278
fax: 340-773-6044

Virgin Islands Home Loans
Michael Armendariz
45A King Street
Christiansted, St. Croix, USVI
340-773-8100
fax: 340-773-5361

We went with Amy Owen, had a few issues but I assume we would have with any of the above. Just some surprises, nothing big. Good luck!

Amanda (Wishing they were at the condo instead of the land of icicles in Charlotte!)

Hey Tango10lima,

Brice McLaughlin of First Liberty Mortgage Co (brice@firstlib.com, 340-774-1101) is very knowledgeable about available products and extremely attentive to details. I believe that twenty percent down is the minimum for lenders who finance homes here but Brice will know what your options are. He's in CT so he's on EST...

I used First Liberty as a mortgage broker. While I thought they were very helpful, they provided me with some inaccurate information that, if stated correctly, would have sent me to First Bank for our mortgage.

We only put down 10%, but were required to have PMI.
We closed in May 2004.

If you would like to know any particulars, feel free to email me./

First Bank advertises a 3% down loan that some buyers may qualify for. Contact them for the particulars to see if it would work for you. Other lenders who finance in the islands all seem to require a minimum of 20% down.

Many of the buyers I've worked with in 2005 had good luck with Amy Owen at Golden Rule Mortgage. Her contact info was given in an earlier response.

I have done 95% LTV loans on STT (1-2 family only), and I've taken applications and closed in less than 30 days.

There are not any "zero down" programs here. You need to stay within conforming limits for 95% LTV (varies with number of units, but is no less than $625,500.00), and you will pay PMI on any loan over 80% LTV

Jumbos are max 80% LTV.

You can do some seller carryback, but not likely with nothing down.

The rates here are comparable, with a slight adjustment for the VI, but not the "everything costs more in the islands, mon" adjustment of a point or more that is common from many brokers here.

3% down is for FHA, but the appraisal requirements make it a very tough loan for the properties to qualify for.

Land loans are generous here compared to the States.

I won't get into the same trap as Alexander Marshall (see the board...) and comment on my peers, but if you would like to PM me, I'll be happy to discuss what your real expectations for financing real estate in the VI should be.

Ed- please email me with some information on loan programs you offer. Buyers ask constantly and I do like to have more than one recommendation to offer them.

stcroixhomes@hotmail.com

My husband and I used Amy Owen and we had no problems whatsoever. standard loan application and document requirements. Closed within a reasonable time frame. We did have to put down the 20% however. Avoid PMI if at all possible.